TIDMDKE

RNS Number : 8793C

Dukemount Capital PLC

16 June 2023

Dukemount Capital Plc

("Dukemount" or "the Company")

Interim Results for the six months ended 31 October 2022

Dukemount Capital Plc (LSE: DKE) is pleased to announce its unaudited interim results for the six months ended 31 October 2022 ("the Interim Report").

For further information, please visit www.dukemountcapitalplc.com or contact:

Dukemount Capital Plc : Email info@dukemountplc.com

CEO: Paul Gazzard

Non-Exec Director Geoffery Dart

Broker Enquiries:

Peterhouse Capital Limited Tel: +44 (0) 207 469 0930

Lucy Williams/Duncan Vasey

Summary

   --    Completed sale of two RTB 11kV energy generation sites 
   --    Received further funding and existing funding restructured 

Operational Developments

On 5 October 2022, the Company announced that HSKB Limited ("HSKB"), in which it held a 50% interest, had completed the sale of two special purpose companies containing an 11kV gas peaking facility, ready to build, with full planning permission and grid access for an aggregate sale price of GBP350,000. The proceeds of the sale have been used to repay a portion of the sums owing to the lenders as detailed in the announcement of 15 September 2021.

Further to the disposal of the gas peaking facilities, the lenders agreed to advance net proceeds of GBP50,000 in aggregate in addition to restructuring their existing funding arrangement. The maturity date for the existing debt plus the further advance is to be 24 months from the date of the Advance (being 10 October 2024). The proceeds of the further advance have been used to settle accrued liabilities of the Company.

The board has taken steps to ensure that the financial position and prospects of the Company are maintained to facilitate a future reverse takeover transaction. To that end, the board has confirmed that the directors have released the Company from all accrued but unpaid emoluments; Chesterfield Capital Limited have confirmed that the outstanding balance of GBP500,000 due to Chesterfield Capital Limited will be converted at a price of 0.65p. Such subscription to settle all balances due from the Company and to be settled by the issuance of shares at the earlier of (a) the approval of a prospectus, (b) the direction of the board of the Company and (c) 31 December 2023.

The restructuring and further advance debt is convertible at the nominal value of 0.1p of the ordinary shares of the Company. The further advance is subject to a 5% implementation fee. The Company has settled a 9.5% extension fee of GBP74,575 to the Noteholders in the form of ordinary shares at the nominal value. Accordingly the Company issued 74,575,000 ordinary shares in the Company on 12 October 2022 and 28,132,190 ordinary shares on 28 October 2022.

Paul Gazzard commented:

"It has been a tough few months for DKE as we have taken some hard decisions to dispose of assets no longer able to achieve our required regulatory goals. However we look forward to continuing to pursue alternative routes to secure a deal for the Company that can bring value for shareholders. We look forward to updating the market with more developments soon as they are delivered."

Interim Management Report

I hereby present the Interim Report for the six months ended 31 October 2022. During the period the Group made a loss of GBP97,108 (six months to 31 October 2021: loss of GBP227,218). These losses have been contained in the period to a minimum as the board has taken steps to ensure the financial position and prospects of the Company are maintained to facilitate a future reverse takeover transaction .

Outlook

With the support of its funders and professional advisers Dukemount is optimistic a transaction can be secured to further its prospects and deliver value to shareholders.

I would like to take the opportunity to thank our shareholders for their patience and support and the Dukemount team for their continuing efforts in driving this business forward.

Paul Gazzard

On behalf of the Board

15th June 2023

Responsibility Statement

We confirm that to the best of our knowledge:

-- the Interim Report has been prepared in accordance with International Accounting Standards 34, Interim Financial Reporting, as adopted by the EU;

-- gives a true and fair view of the assets, liabilities, financial position and loss of the Group;

-- the Interim Report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

-- the Interim Report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information required on related party transactions.

The Interim Report was approved by the Board of Directors and the above responsibility statement was signed on its behalf by:

Paul Gazzard

Director

15 June 2023

Consolidated Statement of Comprehensive Income

For the six months ended 31 October 2022

 
                                    Note      Group         Group          Group 
                                             Unaudited     Unaudited       Audited 
                                            31 Oct 2022   31 Oct 2021   30 April 2022 
                                                GBP           GBP            GBP 
 Continuing operations 
 Other operating income                               -             -               - 
 Cost of sales                                        -             -               - 
 
 
 Gross Profit/(Loss)                                  -             -               - 
 
 Other income                                                       -           5,033 
 Administrative expenses                       (97,108)     (227,218)       (185,775) 
 Impairment of goodwill                               -             -       (125,101) 
 Impairment of receivables                            -             -       (578,779) 
                                          -------------  ------------  -------------- 
 
 
 Operating loss                                (97,108)     (227,218)       (884,622) 
                                          -------------  ------------  -------------- 
 
 Interest received                                    -             -               - 
 Finance charges                                      -             -       (242,773) 
 
 Loss before taxation                          (97,108)     (227,218)     (1,127,395) 
 
 Income tax                                           -             -               - 
                                          -------------  ------------  -------------- 
 
 Loss for the year attributable 
  to equity owners                             (97,108)     (227,218)     (1,127,395) 
                                          -------------  ------------  -------------- 
 
 
 Total comprehensive income 
  for the year attributable 
  to the equity owners                         (97,108)     (227,218)     (1,127,395) 
                                          -------------  ------------  -------------- 
 
 Total comprehensive income 
  for the year attributable 
  to: 
 Owners of Dukemount Capital 
  Plc                                          (97,108)     (227,218)     (1,176,088) 
 Non-controlling interests                            -             -          48,693 
                                          -------------  ------------  -------------- 
                                               (97,108)     (227,218)     (1,127,395) 
                                          -------------  ------------  -------------- 
 
 
 Earnings per share attributable 
  to equity owners 
 
 Basic and diluted (pence)           4        (0.00019)     (0.00046)        (0.0022) 
 
 

Consolidated Statement of Financial Position

At 31October 2022

 
                                                    Group         Group         Group 
                                       Note     Unaudited     Unaudited       Audited 
                                                   31 Oct        31 Oct      30 April 
                                                     2022          2021          2022 
                                                      GBP           GBP           GBP 
 ASSETS 
 
 Non current assets: 
 Intangible assets                                      -             -       350,000 
                                             ------------  ------------  ------------ 
                                                                      -       350,000 
 Current assets: 
 Trade and other receivables         5             17,299       938,836        38,164 
 Cash and cash equivalents                         28,714        40,864        19,214 
 Total Current assets                              46,013       979,700        57,378 
                                             ------------  ------------  ------------ 
 
 Total assets                                      46,013       979,700       407,378 
                                             ------------  ------------  ------------ 
 
 LIABILITIES 
 Current liabilities: 
 Trade and other payables            6          1,619,121     1,799,753     1,986,086 
 
 Total Current liabilities                      1,619,121     1,799,753     1,986,086 
                                             ------------  ------------  ------------ 
 
 Total liabilities                              1,619,121     1,799,753     1,986,086 
                                             ------------  ------------  ------------ 
 
 NET ASSETS                                   (1,573,108)     (820,053)   (1,578,708) 
                                             ------------  ------------  ------------ 
 
 Capital and reserve attributable 
  to the equity holders of the 
  Parent 
 Share capital                                    616,243       513,535       513,535 
 Share premium                                  1,249,305     1,107,783     1,249,305 
 Share based payments reserve                       2,960         2,960         2,960 
 Retained earnings                            (3,441,616)   (2,444,331)   (3,344,508) 
                                             ------------  ------------  ------------ 
 TOTAL EQUITY                                 (1,573,108)     (820,053)   (1,578,708) 
                                             ------------  ------------  ------------ 
 
 

Consolidated Statement of Changes in Equity

For the six months ended 31 October 2022

 
                              Share       Share      Share      Retained         Total            Non         Total 
                            capital     premium      based        losses                  controlling        equity 
                                                   payment                                  interests 
                                                   reserve 
                                GBP         GBP        GBP           GBP           GBP                          GBP 
 
 Balance as at 1 
  May 2021                  481,283   1,115,035      2,960   (2,217,113)     (617,835)              -     (617,835) 
------------------------  ---------  ----------  ---------  ------------  ------------  -------------  ------------ 
 Loss for the period              -           -          -     (227,218)     (227,218)              -     (227,218) 
                          ---------  ----------  ---------  ------------  ------------  -------------  ------------ 
 Total comprehensive 
  income for the period           -           -          -     (227,218)     (227,218)              -     (227,218) 
                          ---------  ----------  ---------  ------------  ------------  -------------  ------------ 
 Issue of ordinary 
  shares                     32,252     134,270          -             -       166,522              -       166,522 
 Total transactions 
  with owners                32,252     134,270          -             -       166,522              -       166,522 
------------------------  ---------  ----------  ---------  ------------ 
 Balance at 31 October 
  2021                      513,535   1,249,305      2,960   (2,444,331)     (678,531)              -     (678,531) 
------------------------  ---------  ----------  ---------  ------------  ------------  -------------  ------------ 
 Loss for the period              -           -          -     (929,543)     (929,543)         29,366     (900,177) 
                          ---------  ----------  ---------  ------------  ------------  -------------  ------------ 
 Total comprehensive 
  income for the period           -           -          -     (929,543)     (929,543)         29,366     (900,177) 
                          ---------  ----------  ---------  ------------  ------------  -------------  ------------ 
 Issue of ordinary                                                                   -              - 
  shares                          -           -          -             -                                          - 
                          ---------  ----------  ---------  ------------  ------------  -------------  ------------ 
 Total transactions                                                                  -              - 
  with owners                     -           -          -             -                                          - 
 Balance as at 30 
  April 2022                513,535   1,249,305      2,960   (3,373,874)   (1,608,074)         29,366   (1,578,708) 
 Loss for the period              -           -          -      (97,108)      (97,108)              -      (97,108) 
 Total comprehensive 
  income for the period           -           -          -      (97,108)      (97,108)              -      (97,108) 
                          ---------  ----------  ---------  ------------  ------------  -------------  ------------ 
 Issue of ordinary 
  shares                    102,708           -          -             -       102,708              -       102,708 
 Total transactions 
  with owners               102,708           -          -             -       102,708              -       102,708 
------------------------  ---------  ----------  ---------  ------------  ------------  -------------  ------------ 
 Balance at 31 October 
  2022                      616,243   1,249,305      2,960   (3,470,982)   (1,602,474)         29,366   (1,573,108) 
------------------------  ---------  ----------  ---------  ------------  ------------  -------------  ------------ 
 

Consolidated Statement of Cashflows

For the six months ended 31 October 2022

 
                                                Group        Group         Group 
                                            Unaudited    Unaudited       Audited 
                                             6 months     6 months          Year 
                                                ended        ended         ended 
                                               31 Oct       31 Oct      30 April 
                                                 2022         2021          2022 
                                                  GBP          GBP           GBP 
 
 Operating activities 
 Loss before taxation                        (97,108)    (227,218)   (1,127,395) 
 Shares issued in lieu of expenses             74,575            -        30,727 
 Impairment of goodwill                             -            -       125,101 
 Impairment of receivables                          -            -       578,779 
 (Increase)/decrease in trade and other 
  receivables                                  20,865     (33,214)      (40,627) 
 (Decrease) / increase in trade and 
  other payables                             (38,372)    (419,055)     (232,722) 
                                          -----------  -----------  ------------ 
 Net cash used in operating activities         40,040    (679,487)     (666,137) 
                                          -----------  -----------  ------------ 
 
 Cash Flows from Investing Activities 
 
 Investment in JV                             350,000    (329,306)     (339,306) 
                                          -----------  -----------  ------------ 
 
 Net Cash generated from Investing 
  Activities                                  350,000    (329,306)     (339,306) 
                                          -----------  -----------  ------------ 
 
 Cash Flows from Financing Activities 
 Loans received                                50,000    1,000,000     1,000,000 
 Loans repaid                               (350,000)            -             - 
 Shares issued in lieu of expenses                  -       25,000             - 
 Net Cash generated from Financing 
  Activities                                (300,000)    1,025,000     1,000,000 
                                          -----------  -----------  ------------ 
 
 Increase/(Decrease) in cash and cash 
  equivalents in period/ year                   9,960       16,207       (5,443) 
 Cash and cash equivalents at beginning 
  of period / year                             19,214       24,657        24,657 
 
 Cash and cash equivalents at end 
  of period / year                             29,174       40,864        19,214 
                                          -----------  -----------  ------------ 
 
 

Notes to the Interim Report

For the six months ended 31 October 2022

   1.            GENERAL INFORMATION 

Dukemount Capital Plc (the "Company") is a company domiciled in England. The interim report for the six months ended 31 October 2022 comprises the results of the Company and its subsidiaries (together referred to as the "Group").

   2.            BASIS OF PREPARATION 

The condensed consolidated interim financial statements have been prepared under the historical cost convention and on a going concern basis and in accordance with International Financial Reporting Standards, International Accounting Standards and IFRIC interpretations endorsed for use in the United Kingdom ("IFRS"). The condensed consolidated interim financial statements contained in this document do not constitute statutory accounts. In the opinion of the directors, the condensed consolidated interim financial statements for this period fairly presents the financial position, result of operations and cash flows for this period. The Board of Directors approved this Interim Financial Report on 15 June 2023.

Statement of compliance

The Interim Report includes the consolidated interim financial statements which have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting'. The condensed interim financial statements should be read in conjunction with the annual financial statements for the period ended 30 April 2022, which have been prepared in accordance with IFRS endorsed for use in the United Kingdom.

Accounting policies

The condensed consolidated interim financial statements for the period ended 31 October 2021 have not been audited or reviewed in accordance with the International Standard on Review Engagements 2410 issued by the Auditing Practices Board. The figures were prepared using applicable accounting policies and practices consistent with those adopted in the statutory annual financial statements for the year ended 30 April 2022. There have been no new accounting policies adopted since 30 April 2022.

Going concern

The Group has assessed its ability to continue as a going concern. The Directors, having made due and careful enquiry, are of the opinion that the Group will have access to adequate working capital to meet its obligations for the period of at least twelve months from the date when the condensed interim financial statements are authorised for issue. The Directors therefore have made an informed judgement, at the time of approving these condensed interim financial statements, that there is a reasonable expectation that the Group, having secured agreement with certain creditors, existing investors and its broker on a package of financing measures, has adequate resources to continue in operational existence for the foreseeable future. Going forward, the Group will require further funds. The success of securing these has been identified as a material uncertainty which may cast significant doubt over the going concern assessment. Whilst acknowledging this material uncertainty, based upon the expectation of completing a successful fundraising in the near future, and the continued support of it investors and broker, the Directors consider it appropriate to continue to prepare these condensed interim financial statements for the period ended 31 October 2022 on a going concern basis.

   3.            RISKS AND UNCERTAINTIES 

The Board continually assesses and monitors the key risks of the business. The key risks that could affect the Group's short and medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2022 audited financial statements, a copy of which is available on the Company's website: http://www.dukemountcapitalplc.com .

   4.            EARNINGS PER SHARE 

The basic loss per share is derived by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue.

 
                                         Group Unaudited   Group Unaudited         Group 
                                             31 Oct 2022       31 Oct 2021       Audited 
                                                                                30 April 
                                                                                    2022 
                                                     GBP               GBP           GBP 
 Loss for the period                            (97,108)         (227,218)   (1,127,395) 
 Weighted average number of shares 
  - expressed in thousands                       521,695           496,352       504,873 
 Basic earnings per share - expressed 
  in pence                                     (0.00019)         (0.00046)      (0.0022) 
 
   5              TRADE AND OTHER RECEIVABLES 
 
                                     Group Unaudited   Group Unaudited       Group 
                                         31 Oct 2022       31 Oct 2021     Audited 
                                                                          30 April 
                                                                              2020 
                                                 GBP               GBP         GBP 
 Trade and other receivables                  17,299           377,620      38,164 
 Amounts recoverable on contracts                  -           561,216           - 
                                    ----------------  ----------------  ---------- 
                                              17,299           938,836      38,164 
                                    ================  ================  ========== 
 
   6.            TRADE AND OTHER PAYABLES 
 
                             Group Unaudited   Group Unaudited           Group 
                                 31 Oct 2022       31 Oct 2021         Audited 
                                                                  30April 2022 
                                         GBP               GBP             GBP 
 Trade and other payables            721,273         1,681,253         806,296 
 Other creditors                     819,914                 -       1,101,250 
 Accruals                             77,934           118,500          78,540 
 
                                   1,619,121         1,799,753       1,986,086 
                            ================  ================  ============== 
 
   7.            APPROVAL OF INTERIM FINANCIAL STATEMENTS 

The Condensed interim financial statements were approved by the Board of Directors on 12 June 2023. A copy can be obtained on the Company's website at www.dukemountcapitalplc.com

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June 16, 2023 02:00 ET (06:00 GMT)

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