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DJ Welney Plc Final Results for Year Ended 30 June 2019

 
TIDMWENP 
 
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY WELNEY TO 
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION 
(EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT 
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW 
CONSIDERED TO BE IN THE PUBLIC DOMAIN. 
 
                                  Welney Plc 
 
                          ("Welney" or the "Company") 
 
            Audited Annual Results for the year ended 30 June 2019 
 
Welney Plc Plc (NEX: WENP) is pleased to report its audited annual results for 
the twelve months ended 30 June 2019. 
 
Chairman's Statement 
 
The Board is pleased to present the results for Welney plc for the year ended 
30 June 2019. 
 
During the year I have continued to look to keep the Company's operating costs 
to a minimum whilst we continued to review several different proposals to take 
the Company forward. 
 
I am pleased to announce that a proposal has been approved by the Board which 
allows for a GBP50,000 fund raise, prior to expenses and has agreed with its 
creditors to pay them 7.50% in cash and a further issue of equity in relation 
to full settlement of any claim against the Company. This process will enable 
the Company to move forward with a significant reduction in its current levels 
of debt. A notice containing all the specific details will be released shortly, 
which will include further details on the Company's proposed share 
consolidation, fund raise and proposed changes in the board of the Company. 
 
With the Company having no material value and approximately GBP380,000 in 
creditors/debts as at 30 April 2020, the Company has taken the decision to put 
forward the Proposals to Shareholders. The Proposals will also facilitate the 
agreement under the informal creditors' arrangement, outlined in the 
introduction above. The Proposals are intended to give the Company a future. 
 
The Company was approached by investors and, after review, the Board has 
decided that the Proposals are in the best interests for Shareholders as a 
whole. Under the Proposals, the overheads of the Company will be reduced and 
the proposed Board changes, Subscription and other refinancing described in a 
Circular due to be posted on 2 June 2020 to all shareholders will give the 
Company a new direction. 
 
Darren Edmonston 
 
Chairman 
 
Welney Plc 
 
1 June 2020 
 
The Directors of Welney Plc accept responsibility for this announcement. 
 
WELNEY PLC 
 
STATEMENT OF PROFIT AND LOSS ACCOUNT 
 
FOR THE YEAR ENDED 30 JUNE 2019 
 
                                                            2019                       2018 
 
                                                               GBP                          GBP 
 
 Administrative expenses                                 (57,616)                    (62,026) 
 
 Operating loss                                          (57,616)                    (62,026) 
 
 Interest payable and similar                             (7,743)                     (8,833) 
 charges 
 
 Fair Value Loss                                          (1,080)                       (239) 
 
 Loss on ordinary activities                             (66,439)                    (71,098) 
 before taxation 
 
 Tax on loss on ordinary                                       -                          - 
 activities 
 
 Loss for the year                                       (66,439)                    (71,098) 
 
Basic and diluted loss per share                       (0.004)p                   (0.004)p 
 
 
WELNEY PLC 
 
STATEMENT OF BALANCE SHEET 
 
FOR THE YEAR ENDED 30 JUNE 2019 
 
 
Restated 
 
                                                 2019                                2018 
 
                                  GBP                   GBP               GBP                     GBP 
 
Fixed assets 
 
Investments                                       1,248                                 2,328 
 
Current assets 
 
Debtors                       6,214                               9,358 
 
Cash at bank and in              -                                   - 
hand 
 
                             6,214                               9,358 
 
Creditors: amounts           (64,641)                                (49,290) 
falling due within 
one year 
 
Net current                                      (58,427)                           (39,932) 
liabilities 
lliabilities/ 
(assets) 
 
Total assets less                                (57,179)                           (37,604) 
current liabilities 
 
Creditors: amounts                                (277,032)                           (230,169) 
falling due after 
more than one year 
 
                                                (334,211)                            (267,773) 
 
Capital and reserves 
 
Called up share                               1,545,511                             1,545,511 
capital 
 
Share premium                                 1,562,336                             1,562,336 
account 
 
Loan note holders                                     -                                10,714 
reserve 
 
Profit and loss                                 (3,442,058)                         (3,386,334) 
account 
 
Shareholders' funds                               (334,211)                           (267,773) 
 
 
WELNEY PLC 
 
STATEMENT OF CHANGES IN EQUITY 
 
FOR THE YEAR ENDED 30 JUNE 2019 
 
Share capital                                                      2019          2018 
 
                                                                      GBP             GBP 
 
Allotted, called up and fully paid 
 
1,545,511,000 Ordinary shares                                 1,545,511     1,545,511 
of 0.1p each 
 
 
 
 
Statement of movements on 
reserves 
 
                                                       Share       Other         Profit 
                                                     premium    reserves       and loss 
                                                     account (see below)        account 
 
                                                           GBP           GBP              GBP 
 
Balance at 1 July 2018                             1,562,336      10,714     (3,386,333) 
 
Loss for the year                                          -           -        (66,439) 
 
Reclassification of equity 
reserve 
 to 
 
to the retained earnings                                        (10,714)          10,714 
 
Balance at 30 June 2019                            1,562,336           -     (3,442,058) 
 
 
COMPANY CONTACT DETAILS: 
Darren Edmonston 
Tel: + 44 1279 635511 
 
AQUIS EXCHANGE CORPORATE ADVISER: 
Alexander David Securities Limited 
David Scott - Corporate Finance 
James Dewhurst - Institutional Sales 
Telephone: +44 (0) 20 7448 9820 
http://www.ad-securities.com 
 
49 Queen Victoria Street, London EC4N 4SA 
 
 
 
END 
 

(END) Dow Jones Newswires

June 02, 2020 11:00 ET (15:00 GMT)