TIDMORNT
RNS Number : 2275W
Orient Telecoms PLC
09 December 2019
ORIENT TELECOMS PLC
INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2019
Director's statements
I have pleasure in presenting the interim financial statements
of Orient Telecoms plc (the "Group") for the period from 1 April
2019 to 30 September 2019.
During the financial period, the Company reported a net loss of
GBP32,990 (GBP0.003 loss per share).
Since the listing of the company, we have been extensively
working on the marketing and sales related activities in the
region.
The good news is that, we have started to seal the potential
opportunities starting mid-2019 and so far we have achieved
satisfactory results as forecasted. Thus far company has
successfully signed more than 15 deals including some of the very
high-profile customers in Malaysia.
We are continuously working to establish the Orient Telecoms
brand and our business consultants are successfully able to create
the awareness in the target market. As a part of not only creating
brand awareness but also to attract more subject matter experts
from the industry, the company had organised a number of Technology
Seminars on disrupting technologies. These events helped the
company to gain more attention of the target audiences from various
business sectors.
The objective for 2020 will not only be the higher revenues and
profits, but also to increase the partnerships in region and look
for regional business opportunities. This is to plot a path forward
for the company to achieve its initial vision of becoming the
regional virtual telco without investing into building the physical
network infrastructure.
The company shall continue to invest on its marketing and
awareness initiative to ensure the forecasted results are achieved.
On 25(th) October 2019, Mr. Mark Pincock resigned as company
director.
Responsibility Statement
The Directors are responsible for preparing the 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 European
Union.
The Directors confirm that, to the best of their knowledge, the
interim financial statements have been prepared in accordance with
IAS 34 as adopted by the European Union. The interim financial
statements include 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 interim
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.
Sayed Mustafa Ali
9 December 2019
CONDENSED CONSOLIDATED STATEMENT OF COMPREHESIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2019
6 months period 6 months period
ended 30 September ended 30 September
2019 2018
Notes GBP GBP
(Unaudited) (Unaudited)
INCOME 4 266,445 39,867
COST OF SALES (87,293) -
--------------------------- ---------------------------
GROSS PROFIT 179,152 39,867
Other operating expenses (212,142) (164,065)
--------------------------- ---------------------------
OPERATING LOSS/LOSS BEFORE TAXATION (32,990) (124,198)
Income tax expense - -
--------------------------- ---------------------------
LOSS FOR THE PERIOD ATTRIBUTABLE TO
EQUITY HOLDERS OF THE COMPANY (32,990) (124,198)
OTHER COMPREHENSIVE INCOME
Items that will or may be reclassified
to profit or loss:
Translation of foreign operation 7,439 -
--------------------------- ---------------------------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (25,551) (124,198)
Basic and diluted loss per share (LIR) 5 (0.003) (0.012)
--------------------------- ===========================
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2019
As at As at 31 March
30 September 2019
2019
Notes GBP GBP
(Unaudited) (Audited)
CURRENT ASSETS
Bank 6 397,474 529,278
Trade and other receivables 7 94,296 230,011
---------------- ----------------------
491,770 759,289
---------------- ----------------------
CURRENT LIABILITIES
Trade and other payables 8 118,551 360,519
---------------- ----------------------
118,551 360,519
----------------------
NET ASSETS 373,219 398,770
================ ======================
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY
Share capital 9 1,000,000 1,000,000
Translation reserve (4,282) (11,721)
Accumulated losses (622,499) (589,509)
---------------- ----------------------
TOTAL EQUITY 373,219 398,770
================ ----------------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 SEPTEMBER 2019
6 months period 6 months period
ended 30 September ended 30 September
2019 2018
Notes GBP GBP
(Unaudited) (Unaudited)
Cash flow from operating activities
Operating loss (32,990) (124,198)
--------------------- ---------------------------
Changes in working capital
Trade receivables (78,137) (109,538)
Other receivables 213,852 (500,000)
Trade and other payables (241,644) 93,377
--------------------- ---------------------------
(105,929) (516,161)
---------------------------
Net cash flow used in operating activities (138,919) (640,359)
--------------------- ---------------------------
Net decrease in cash and cash equivalents (138,919) (640,359)
Cash and cash equivalents at beginning
of period 529,278 751,387
Effect of exchange rate fluctuations on
cash held 7,115 -
--------------------- ---------------------------
Cash and cash equivalents at end of period 397,474 111,028
===================== ---------------------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Period from 1 April 2019 to 30 September 2019 (unaudited)
Share capital Translation Accumulated Total
reserve losses
GBP GBP GBP GBP
As at 1 April 2019 1,000,000 (11,721) (589,509) 398,770
Loss for the period - - (32,990) (32,990)
Translation of foreign
operation - - 7,439
7,439
Total comprehensive loss
for the period - 7,439 (32,990) (25,551)
------------------ --------------- ----------------- ----------------
As at 30 September 2019 1,000,000 (4,282) (622,499) 373,219
================== =============== ================= ================
Period from 1 April 2018 to 30 September 2018 (unaudited)
Share capital Accumulated Total
losses
GBP GBP GBP
As at 1 April 2018 1,000,000 (356,783) 643,217
Loss for the period - (124,198) (124,198)
------------------ ------------- ------------
Total comprehensive loss for the
period - (124,198) (124,198)
------------
As at 30 September 2018 1,000,000 (480,981) 519,019
================== ============= ============
Period from 1 April 2018 to 31 March 2019 (audited)
Share capital Translation Accumulated Total
reserve losses
GBP GBP GBP GBP
As at 1 April 2018 1,000,000 - (376,529) 623,471
Loss for the period - - (212,980) (212,980)
Translation of foreign
operation - (11,721) - (11,721)
Total comprehensive loss
for the year - (11,721) (212,980) (224,701)
------------------ ---------------- ----------------- ----------------
As at 31 March 2019 1,000,000 (11,721) (589,509) (398,770)
================== ---------------- ----------------- ----------------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHSED TO 30 SEPTEMBER 2019
1. GENERAL INFORMATION
The Company was incorporated in England and Wales on 26 February
2016, as a public company limited by shares under the Act. The
principal legislation under which the Company operates is the Act.
The registered office of the Company is at the offices of London
Registrar, Suite A, 6 Honduras St, London EC1Y 0TH United
Kingdom.
The Company was admitted to the Official List (by way of a
Standard Listing) and to trading on the London Stock Exchange's
main market for listed securities on 25 October, 2017.
2. ACCOUNTING POLICIES
Basis of preparation
The condensed financial information for the period ended 30
September 2019 and 30 September 2018 have been prepared in
accordance with IAS 34, Interim Financial Reporting. The condensed
financial information is unaudited and does not constitute
statutory financial statements. The comparative interim financial
information covers the period from 1 April 2018 to 30 September
2018.
The principal accounting policies used in preparing the interim
financial statements are the same as those applied in the Company's
financial statements as at and for the year ended 31 March 2019,
which have been prepared in accordance with International Financial
Reporting Standards as adopted by the European Union ("IFRS")
issued by the International Accounting Standards Board ("IASB"),
including related interpretations issued by the International
Financial Reporting Interpretations Committee ("IFRIC"). The
auditors' report on those accounts was unqualified and
unmodified.
The condensed financial information is presented in British
Pound Sterling ("GBP").
The interim financial statements for the six months ended 30
September 2019 was approved by the Directors on 9 December
2019.
Going concern
These interim financial statements have been prepared on a going
concern basis.
The Board's review of the accounts, budgets and financial plan
leads the directors to believe that the Company has sufficient
resources to continue operation for the foreseeable future. The
financial accounts are therefore prepared on a going concern
basis.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of unaudited interim financial statements
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenses for the
current and its corresponding financial period under review. Actual
results may differ from these estimates.
In preparing the unaudited interim financial statements, the
significant judgements made by the management in applying the
Company's accounting policies and the sources of estimates
uncertainty were consistent as those applied to the 2019 Audited
Financial Statements.
There were no changes in estimates of amounts of the Company
that may have a material effect on financial period ended 30
September 2019.
4. REVENUE
Revenue represents the fair value of the consideration received
or receivables for communication services. Revenue is recognised
when it is probable that the economic benefits associated with a
transaction will flow to the Company and the amount of revenue and
associated costs can be measured reliably and over the period to
which the charges relate.
The Company receives payment for services from channel partner
who onwardly sell to end users. The channel partner is treated as
the principal in that transaction because the channel partner has
the primary responsibility for providing the services to the end
user; the channel partner is free to establish its own prices with
or without bundling with other goods or services which are not
supplied by the Company; and the channel partner bears the credit
risk for the amount receivable from the end user. The Company
therefore recognises revenue based on the transactions with the
channel partner and not the end user.
All revenue derived from Malaysia. Revenue excludes value added
tax and other sales taxes.
5. LOSS PER SHARE
Basic loss per ordinary share is calculated by dividing the loss
attributable to equity holders of the company by the weighted
average number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. There are currently no
dilutive potential ordinary shares.
Loss per share attributed to ordinary shareholders
6 months period 6 months period
ended 30 September ended 30 September
2019 2018
Loss for the period (GBP) (32,990) (124,198)
Weighted average number of shares
(Unit) 10,000,000 10,000,000
Basic and diluted loss per share
(GBP) (0.003) (0.012)
6. BANK
Cash and Cash equivalents are denominated in the following
currencies:
As at As at
30 September 2019 31 March 2019
GBP GBP
Great Britain Pound 18,120 18,975
Singapore Dollar 19,514 19,514
United States Dollar Malaysia
Ringgit 26,667 26,667
333,173 464,122
397,474 529,278
7. TRADE AND OTHER RECEIVABLES
As at As at
30 September 31 March 2019
2019
GBP GBP
Trade receivables 94,296 16,159
Deposit - 938
Other receivables - 212,914
------------- -----------------
94,296 230,011
------------- -----------------
8. TRADE AND OTHER PAYABLES
As at As at
30 September 31 March 2019
2019
GBP GBP
Amount due to related companies 89,674 302,588
Accruals 28,877 55,431
Other payables - 2,500
------------- -----------------
118,551 360,519
------------- -----------------
9. SHARE CAPITAL
Ordinary shares of LIR1 each
As at As at
30 September 2019 31 March 2019
GBP GBP
Paid up:
10,000,000 ordinary shares at LIR0.10
each 1,000,000 1,000,000
At 31 March 2019 and 30 September 2019, the total issued
ordinary share of the Company were 10,000,000.
10. SEASONAL OR CYCLICAL FACTORS
There are no seasonal factors that materially affect the Group's
operation.
11. RELATED PARTY TRANSACTIONS
In 2017 the company entered into an agreement with a third party
which provides consultancy service agreement in relation to the
listing exercise of the Company. Orient Management Services Limited
is jointly owned by Mark Pincock and Sayed Mustafa Ali, directors
of the Company.
As at As at
30 September 2019 31 March 2019
GBP GBP
Related Party
Orient Managed Services Limited (44,391) (44,391)
The amount due to related party is interest-free and they are
payable on demand.
6 months period ended 6 months period
30 September 2019 ended
30 September 2018
GBP GBP
Transaction with Orient Telecoms
Sdn Bhd
- Commission income - 39,867
At 30 September At 31 March
2019 2019
Amount due from/(to) Orient Telecoms
Sdn Bhd
- Amount due from related party - 212,914
- Amount due to related party (45,283) (258,197)
(45,283) (45,283)
Sayed Mustafa Ali is a director of both, the Company and Orient
Telecoms Sdn Bhd
12. SUBSEQUENT EVENT
There were no subsequent events after the reporting period.
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of this information may apply. For further information, please
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END
IR FKLFBKLFZFBV
(END) Dow Jones Newswires
December 09, 2019 07:06 ET (12:06 GMT)
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