UAE Oil Services PLC Interim Results

Data : 21/10/2019 @ 15:00
Fonte : UK Regulatory (RNS & others)
Titolo : Uae Oil Services Plc (UOS)
Quotazione : 550.0  0.0 (0.00%) @ 01:00
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UAE Oil Services PLC Interim Results

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RNS Number : 5865Q

UAE Oil Services PLC

21 October 2019

UAE Oil Services Plc

("UAE Oil" or the "Company")

Interim Results for the six-month period ended 30 June 2019

UAE Oil announces for the six-month period ended 30 June 2019, extracts of which have been included below. The interim results will be available to view on the Company's website in due course at the following link: http://www.uaeoilservices.com/content/investors/annual-reports.asp

Enquiries:

 
 UAE Oil Services                      www.uaeoilservices.com 
  Stephen Smedley                       info@uaeoilservices.com 
  Nils Trulsvik (Chairman) 
 WH Ireland (Broker) 
  James Joyce / James Sinclair-Ford    ++44 (0) 20 7220 1666 
 Walbrook PR (PR advisers)             Tel: +44 (0) 20 7933 8790 or 
  Paul McManus / Nick Rome              uae@walbrookpr.com 
 

UAE OIL SERVICES PLC

CHAIRMAN'S STATEMENT

FOR THE PERIODED 30 JUNE 2019

I have pleasure in presenting the condensed unaudited interim financial statements of UAE Oil Services Plc (the "Company" or "UAE Oil Services") for the six-month period ended 30 June 2019.

UAE Oil was incorporated in the Isle of Man on 3 January 2018 and was admitted to the Standard Segment of the Official List of the London Stock Exchange on 25 April 2018. The Company was formed for the purpose of making acquisitions in the oil and gas support services and infrastructure sector in the Middle East and North Africa, with an initial focus in the UAE.

During the financial period, the Company reported a net loss of GBP271,454 (0.54p per share). As at 30 June 2019, the Company had cash at bank balance of GBP11,816.

On 17 August 2018 the Company announced its intention to acquire the OBN Group of Companies and then admitting its enlarged securities to trading on the Standard segment of the London Stock Exchange. As at 30 June 2019, this acquisition and admission to London Stock Exchange had not taken place, neither has it done so up to the date of this statement. However, the work required to complete the acquisition is ongoing and an update will be made in due course.

On 24 June 2019 the Company announced that it had signed a loan facility agreement with Blue Rock Investments LLC for a principal amount of GBP100,000, as at 30 June 2019 the Company had not drawn down from this facility.

I look forward to the year ahead with gratitude to our shareholders, for their continued support.

Nils Trulsvik

Executive Chairman

11 October 2019

UAE OIL SERVICES PLC

DIRECTOR'S STATEMENT

FOR THE PERIODED 30 JUNE 2019

The main expense for the Company is its legal and professional costs. The management intends to monitor and control this to be cost efficient and minimise its net loss before a suitable acquisition.

The Board looks forward to providing further updates to shareholders in due course and actively reviewed a number of potential acquisition opportunities across the sector.

Responsibility Statement

The Directors are responsible for preparing the Condensed interim Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with International Accounting Standard 34 on Interim Financial Reporting (IAS 34) as adopted by the European Union.

The Directors confirm that, to the best of their knowledge, the condensed interim financial statements have been prepared in accordance with IAS 34 as adopted by the European Union. The interim report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

-- an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, 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 first six months and any material changes in the related-party transactions described in the last annual report.

Stephen Smedley

Chief Financial Officer

11 October 2019

UAE OIL SERVICES PLC

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIODED 30 JUNE 2019

 
                                                    Period ended   Period ended 
                                                    30 June 2019        30 June 
                                                                           2018 
                                            Note     (Unaudited)    (Unaudited) 
                                                             GBP            GBP 
 
 Loss for the financial period               4         (271,454)      (531,559) 
 
 
 Total comprehensive income attributable 
  to the equity owner                                  (271,454)      (531,559) 
 
 
 Loss per share                              5            (0.54)         (1.06) 
 Basic and diluted loss per share            5            (0.54)         (1.06) 
 
 

UAE OIL SERVICES PLC

CONDENSED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2019

 
                                 Note                                      31 December 
                                                       30 June 2019               2018 
                                                        (Unaudited)          (Audited) 
                                                                GBP                GBP 
 Assets 
 Current assets 
 Cash and cash equivalents                                   11,816            346,486 
 Other debtors                                                7,398                  - 
 
 Total Assets                                                19,214            346,486 
                                                      =============       ============ 
 
 Equity and liabilities 
 Accruals and deferred income                                70,400            126,218 
 Reserves                                               (1,051,186)          (779,732) 
 Share capital                    6                       1,000,000          1,000,000 
 
 Total equity and liabilities                                19,214            346,486 
                                                      =============       ============ 
 
 

UAE OIL SERVICES PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIODED 30 JUNE 2019

 
                                         Share     Reserves       Total 
                                       Capital 
(Unaudited)                                GBP          GBP         GBP 
 
On incorporation                           100            -         100 
Further share issue                    999,900            -     999,900 
Results for the period                            (531,556)   (531,556) 
 
Balance as at 30 June 2018           1,000,000    (531,556)     468,444 
                              ----------------  -----------  ---------- 
 
 
Balance at 1 January 2019            1,000,000    (779,732)     220,268 
Result for the period                        -    (271,454)   (271,454) 
 
Balance at 30 June 2019              1,000,000  (1,051,186)    (51,186) 
                              ================  ===========  ========== 
 
 
 
 
 

The share capital comprises the ordinary issued share capital of the Company.

Issued share capital was 1,000,000 shares of GBP1.

UAE OIL SERVICES PLC

CONDENSED STATEMENT OF CASH FLOWS

FOR THE PERIODED 30 JUNE 2019

 
                                                     Period ended         Period ended 
                                                     30 June 2019         30 June 2018 
                                                      (Unaudited)          (Unaudited) 
                                                              GBP                  GBP 
 Cash flow from operating activities 
 Loss for the period                                    (271,454)            (531,559) 
 Increase/(Decrease) in trade 
  creditors                                              (56,118)              199,615 
 Increase in other debtors                                (7,398)                    - 
                                                   --------------       -------------- 
 Net cash deficit from operating 
  activities                                            (334,970)            (331,994) 
                                                   --------------       -------------- 
 
 Cash flow from financing activities 
 Proceeds from the issue of 
  share capital                                                 -            1,000,000 
                                                                        -------------- 
 Net cash flows from financing 
  activities                                                    -            1,000,000 
 
 Net decrease in cash & cash 
  equivalents                                           (334,970)              668,056 
                                                   ==============       ============== 
 
 Cash and equivalent at start                             346,786                    - 
  of the period 
 
 Cash and equivalent at end 
  of the period                                            11,816              668,056 
                                                   ==============       ============== 
 

UAE OIL SERVICES PLC

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE PERIODED 30 JUNE 2019

   1.   General Information 

The Company was incorporated in the Isle of Man on 3 January 2018 as a company with limited liability under the Isle of Man Companies Act 2006, and with the name UAE Oil Services Limited. The Company did not trade during the period under review. The registered office of the Company is the First Floor, Millennium House, Victoria Road, Douglas, Isle of Man, IM2 4RW and the nature of operations is to act as a special purpose acquisition company.

   2.   Accounting Policies 

Basis of preparation

The financial information of the Company has been prepared on the historical cost convention except as disclosed in the notes to the financial information and in accordance with International Financial Reporting Standards ("IFRS").

Certain changes to IFRS will be applicable for the Company's financial information in future periods. To the extent that these have not been adopted early in the preparation of the financial information, they will not affect the Company's reported profit or equity but they may affect disclosures.

The Directors have considered those standards and interpretations, which have not yet been applied in the financial information but are relevant to the Company's operations, that are in issue but not yet effective and do not consider that any will have a material impact on the future results of the Company.

Numerous other minor amendments to standards have been made as a result of the International Accounting Standards Board's annual improvement project.

The financial information of the Company is presented in Pound Sterling.

Comparative figures

The comparative figures presented in the financial information covers the period from incorporation to 30 June 2018.

Going concern

As at the date of signing the accounts, the company has made use of the loan facility provided by Blue Rock Investments LLC.

The Directors have reviewed the Company's ongoing activities and have a reasonable expectation that the Company has adequate resources to continue operating for the foreseeable future, this has been received in the form of written assurances from the majority shareholders that additional funding will be provided should this become necessary.

For this reason, the going concern basis has been adopted in preparing the Interim Financial Statements.

   3.   Business Segments and Seasonal Trading 

UAE Oil Services does not have any separate reportable operating segments. All business is also currently carried out from the Isle of Man and thus, there are no geographical segments.

UAE Oil Services does not experience seasonal fluctuations in its trading.

   4.   Loss for the financial year 
 
                                        Period ended    Period ended 
                                        30 June 2019    30 June 2018 
                                         (Unaudited)     (Unaudited) 
                                                 GBP             GBP 
 
 Professional fees, compliance & 
  setup up costs                           (271,454)       (531,559) 
                                           (271,454)       (531,559) 
 
   5.   Loss per share 

The calculation for loss per share (basic and diluted) for the relevant period is based on the profit after income tax attributable to equity holder for the period from incorporation on 3 January 2018 to 30 June 2019 and is as follows:

 
                                               Period ended    Period ended 
                                               30 June 2019    30 June 2018 
                                                (Unaudited)     (Unaudited) 
                                                        GBP             GBP 
 
 Loss attributable to equity holders              (271,454)       (531,559) 
 
 Weighted average number of shares                  500,000         500,000 
 
 Loss per share                                      (0.54)          (1.06) 
                                         ==================  ============== 
 
 
 
 
                                                 Period ended   Period ended 
                                                      30 June        30 June 
                                                         2019           2018 
                                                  (Unaudited)    (Unaudited) 
                                                          GBP            GBP 
 
 Loss attributable to equity holders                (271,454)      (531,559) 
 
 Weighted average number of shares                    500,000        500,000 
 Options, warrants and other securities                     -              - 
 
 Diluted loss per share                                (0.54)         (1.06) 
                                            =================  ============= 
 
 
 
   6.   Share capital 

There were no share capital movements in the period ended 30 June 2019.

In the period ended 31 December 2018, the company issued 1,000,000 ordinary shares at GBP1,00 par value.

   7.   Directors' Emoluments 

During the period to 30 June 2019 there were no staff costs as no staff were employed by the Company, other than the directors. Aggregate directors' fees for the period were GBP26,400 (2018: GBP26,400).

   8.   Related Party Transactions 

The directors are considered to be key management and their emoluments are disclosed in note 7. During the period, the Company did not enter into any material transactions with related parties.

 
                                          Period ended   Period ended 
                                          30 June 2019    31 December 
                                                                 2018 
                                           (Unaudited)      (Audited) 
                                                   GBP            GBP 
 
 Amount due to directors                         8,800              - 
 Amounts due to Redwood Accountancy 
  Ltd                                              600          1,680 
                                        --------------  ------------- 
 

During the period, Redwood Accountancy Ltd provided accountancy services to the company. Stephen Smedley is a director of Redwood Accountancy Ltd.

   9.   Taxation 

No tax is applicable to the Company for the period ended 30 June 2019. As a consequence, no tax charge arises and no deferred tax asset has been recognised in respect of losses.

10. Copies of the interim report

Copies of the interim report are available on the Company's website at www.uaeoilservices.com and from the Company's registered office UAE Oil Services Plc, First Floor, Millennium House, Victoria Road, Douglas, Isle of Man, IM2 4RW.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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