DRAGANFLY INVESTMENTS LIMITED Draganfly Investments Limited ('Draganfly' or the 'Company')
Directors' report and audited financial statements for the year ended 30 April 2015
Chairman's Statement
In November 2014 the Company underwent a capital reorganisation ra1smg gross proceeds of
£360,000 by way of a subscription. The additional funding has provided the Company with liquidity and scope to develop any investment opportunities that may arise. In order to maximise returns for shareholders we have now completed the distribution in specie of our entire shareholding in Atlantic Healthcare plc ('Atlantic') to our existing investors prior to the subscription process. The listed shareholdings remain unchanged during the year.
The Board are looking into possible investment opportunities and hope to be in a position to update our shareholders in the coming months.
Edward Bayman Chairman
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Copies of the annual report and accounts for the year ended 30 April 2015 will be available to v download from the Company's website www.draganflyinvestments.com.
For further information please contact:
Edward Bayman +44(0) 1534 787 898
Dennis Edmonds +44(0) 7796 338 372
Ed Frisby I Emily Watts
FinnCap (Nominated Adviser) +44(0)20 7220 0500
Directors' Report
Principal activity
The principal activity of the company was as an investment trading and holding company. The company is registered and managed in Jersey.
Review of the business and future developments
The original investment brief is to run a small and focused portfolio of investments. The balance sheet total has decreased from £695,718 (net assets of 0.55p per share) on 30 April 2014, to £125,585 (net assets of 0.36p per share) on 30 April 2015. For the year ended 30 April 2015 the company made a loss of £250,914 (2014 - loss of £ 126,371), which includes a realised net gain on investments of £nil (2014 - gain of £22,920) and an unrealised loss on the company's investments of £3,326 (2014 - loss of £61,634) of which £3,326 has arisen from the quoted investments.
The key performance indicator used to monitor the progress of the business is net assets per share.
At 30 April 2015, the company held two investnents, one fewer than at 30 April 2014.
On 26 November 2014 the company raised £360,000 by way of a subscription, and undertook a capital restructuring, further details are set out in the notes.
The board is always alert to fresh investment opportunities but does not anticipate materially increasing the number of holdings at this stage. The board believes the current environment for small companies and pre-IPO investments remains very encouraging.
Dividends
During the year the company made a distribution in specie to shareholders of its holdings m Atlantic Healthcare Pie, the fair value of the holding being £679,219.
The directors are unable to recommend payment of a final dividend.
Profit and loss account
for the year ended 30 April 2015
Realised and unrealised change in Fair
Continuing Operations
Year End 30/4/15 Year End 30/4/14
£ £
Value of investments Income
Administrativ e expenses
(3,326)
53
(3,273)
(247,641)
(38,714)
8
(38,706)
(87,665)
Operating loss
Taxation
Loss on ordinary activities
(250,914) (126,371)
(250,914) (126,371)
There are no recognised gains or losses other than those included in the profit and loss account. There is no requirement to present a note of historical cost profits and losses.
Loss per share (pence)
Basic Diluted
1.14 1.01
1.14 1.01
Balance sheet
as at 30 April 2015
30/04/15
£ £ £
30/04/14
£
Fixed assets
Investments 13,492 696,037
Current assets | ||
Debtors | 7,388 | 8,858 |
Cash at bank and in hand | 122,653 | 6,499 |
130,041 | 15,357 |
Creditors: amount falling due
within one year (17,948) (15,676)
Net current assets/(liabilities) 1 12,093 (319)
Total assets less current liabilities | 125,585 | 695,718 |
Net assets | 125,585 | 695,718 |
Capital and reserves | ||
Stated capital | 3,596,573 | |
Called up share capital | 1,256,270 | |
Share premium account | 1,980,303 | |
Profit and loss account | (3,470,988) | (2,540,855) |
Equity shareholders' funds
125,585 695,718
Cash flow statement
for the year ended 30 April 2015
Cash flow statement
Year ended 30/04/15
£
Year ended 30/04/14
£
Net cash outflow from operating activities Capital expenditure and financial investment Proceeds from issue of share capital
(243,846) (108,356)
104,685
360,000
Increase I (decrease) in cash in the year 116,154 (3,671)
Reconciliation of net cash flow to movement in net funds
Increase I (decrease) in cash in the year | 116,154 | (3,671) |
Net funds at 1May 2014 | 6,499 | 10, 1 70 |
Net funds at 30 April 2015 | 122,653 | 6,499 |
Reconciliation of operating loss to net cash outflow from operating activities Operating loss | (250,914) | (126,371) |
Realised profit on sale of investments | (22,920) | |
Unrealised loss on revaluation of investments | 3,326 | 61,634 |
Decrease/(increase) in debtors | 1,470 | (3,451) |
Increase/( decrease) in creditors | 2,2 72 | (17,248) |
Net cash outflow from operating activities | (243,846) | (108,356) |
Notes to the financial statements for the year ended 30 April 2015
Accounting policies
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of fixed asset investments, and in accordance with applicable United Kingdom accounting standards.
Going concern basis of accounting
The company's business activities, together with the factors likely to affect its future development and financial position are set out in the Chairman's Statement, the review of the business on page 4 and in the risk management disclosures on pages 4 and 5 and in note 10.
The company has sufficient liquid funds to manage its financial risks and to ensure it can meet its obligations as they fall due.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a minimum period of at least 12 months from the date of approval of the financial statements. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Foreign currencies
The company's accounts are presented in sterling which is its functional currency. Transactions in foreign currencies are recorded at the rate of exchange prevailing at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated at the rate of exchange prevailing at the balance sheet date. All exchange differences are charged or credited to the profit and loss account.
Taxation
The company is eligible to pay Jersey tax at the standard rate of 0% and consequently , no provision for taxation, either current or deferred, has been made in these financial statements.
Financial instruments
Financial assets and liabilities are recognised in the balance sheet when the company has become party to the contractual provisions of the instrument.
Investments
The company manages its investments with a view to profiting from the receipt of dividends and changes in fair value of investments. Therefore all quoted investments and unquoted equity investments are designated at fair value through profit or loss and carried in the balance sheet at fair value. All investments are initially recognised at the fair value of the consideration given plus acquisition costs
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