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2 October 2003
Statement of the Board:
These accounts relate to a period prior to the disposal of the company's principal asset, the Chimwadzulu mine. The company is currently in the process of evaluating new mineral assets and funds are being secured to cover administrative expenses during the interim period.
Consolidated Profit and Loss Account
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|
6 Months ended
30 Jun 2003
Unaudited
GBP
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6 Months ended
30 Jun 2002
Unaudited
GBP
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| Turnover |
10,790
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15,266
|
| Cost of sales |
9,555
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52,517
|
| . |
|
|
| GROSS PROFIT/LOSS |
1,235
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(37,251)
|
| . |
|
|
Administrative & establishment
expenses |
20,076
|
52,713
|
|
----------
|
----------
|
| OPERATING LOSS |
(18,841)
|
(89,964)
|
| . |
|
|
| Interest receivable |
--
|
222
|
|
----------
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----------
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|
(18,841)
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(89,742)
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| Loss on sale of investment |
--
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6,719
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Loss on ordinary activities before
taxation |
(18,841)
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(96,461)
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| Taxation |
--
|
--
|
Loss on ordinary activities after
taxation |
(18,841)
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(96,461)
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| Equity minority interests |
--
|
--
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| Loss for the period |
(18,841)
|
(96,461)
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| Basic loss per share |
(0.04)p
|
(0.20)p
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| Diluted loss per share |
(0.04)p
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(0.20)p
|
|
The company has no recognised gains or losses other than the loss for the periods
|
No dividends were proposed.
AGRICOLA RESOURCES PLC
QUARTERLY REPORT TO 30 JUNE 2003
Notes
1. The financial information for the period ended 30 June 2003 has not been audited and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.
2. Basic loss per share and diluted loss per share have been calculated using the weighted average number of shares of 52,528,137.
3. The company has disposed its interest in investments in mining and mineral assets in Malawi.
INDEPENDENT REVIEW REPORT TO AGRICOLA RESOURCES PLC
INTRODUCTION
We have been instructed by the company to review the financial information for the six months ended 30 June 2003 which comprises summarised profit and loss account and associated notes. We have read the other information contained in the quarterly report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information.
DIRECTORS' RESPONSIBILITIES
The quarterly report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the quarterly report in accordance with the OFEX Rule Book which require that the accounting policies and presentation applied to the quarterly figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed.
REVIEW WORK PERFORMED
We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information.
REVIEW CONCLUSION
On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2003.
Wilson Wright & Co
Chartered Accountants
71 Kingsway
London, WC2B 6ST
The directors of Agricola Resources Plc accept responsibility for this announcement.
Contact :
Bob Young
Agricola Resources plc
Tel: 01353 648 931
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