Half-year Report
RSA Insurance Group Limited
684.20p
16:54 28/05/21
Ross Group Plc Half Yearly Financial Report 30th June 2022 For a more printer friendly version please click here http://www.rns-pdf.londonstockexchange.com/rns/4152B_1-2022-9-30.pdf LEI: 213800PIS2QRIKPZB546 ROSS GROUP PLC |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2022 Financial Summary (6 months to 30 June 2022)
Chairman's Statement It is once again my pleasure to report to you on both the business activities and the financial interim results of the Ross Group PLC ("Group") for the six month period ended 30th June 2022.
Business Outlook
Sincerely,
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED
Notes to the Interim Report (1) The financial information contained in these statements for the six months ended 30 June 2022 and 30 June 2021 is unaudited and does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. These statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK. The interim financial statements have been prepared on the basis of the accounting policies set out in the audited statutory accounts for the year ended 31 December 2021. The comparative information at 30 June 2021 has been restated as detailed in note 11. (2) Reconciliation of Operating (Loss) / Profit to Net Cash Flows From Operating Activities
(3) No ordinary interim dividend is proposed for 2022 (2021 - £Nil). (4) The comparative cash flow for the year ended 31 December 2021 has been extracted from the audited accounts. The cash flows for the six months ended 30 June 2021 and 30 June 2022 are unaudited. (5) Reconciliation of Movements In Equity
On 14 June 2022 the company made an announcement to the London Stock Exchange confirming the issue of 9,087,000 shares equivalent to 4% of its existing shareholding at a fixed price of 1.79 pence per new ordinary share. (6) Non Current Assets
(7) Current Assets
Interest is charged on the Directors loan at a commercial rate. (8) Current Liabilities
(9) Non Current Liabilities
(10) On 27 September 2018 two convertible loan debentures were issued for £4,010,000 and £2,062,172 with a coupon rate of 5%. The loan notes are convertible into Ordinary shares of the parent entity in three years after the date of issue. At the Annual General Meeting on 31 December 2020 it was agreed to extend the conversion period to 26 September 2022. At the Annual General Meeting on 31 December 2021 it was agreed to extend the conversion period to 26 September 2025. The convertible loan debenture will give right to a percentage of the issued share capital of the parent company at the date of conversion. Each tranche of £1 million debenture owed by the long term holders correspond to 4.925% of the issued share capital at the date of conversion, resulting in a fixed percentage of the issued share capital of the company to be allotted to the loan holders regardless of the value / amount of the share capital of the company.
The other loans have been advanced to the company from One World Limited. The funding was provided for a three year period, and interest is charged on these loans at 6%. (11) The Group has restated the condensed consolidated income statement, condensed consolidated statement of financial position, and condensed consolidated statement of changes in equity for 30 June 2021. This is due errors in the accounting treatment for convertible loan debentures, foreign exchange translation and recognition of a Group asset which was not owned by the Group. This has been considered as a prior year error and has been corrected in accordance with IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors).Further details on the impact of the restatement were included in the financial statements for the year ended 31 December 2021. (12) As no revenue has been generated throughout the group in this period nor the prior period, the Chief Operating Decision Maker believes the information already disclosed in the interim financial statements is adequate to fulfill the requirements of IFRS8 segmental reporting. This will be reconsidered at the year end and in future periods as the group begins to trade. (13) The Interim Report will be sent by mail to all registered shareholders and copies will be available from the Company's registered office at 71-75 Shelton Street, London, WC2H 9JQ. A downloadable copy will also be posted on the Company's website www.ross-group.co.uk Responsibility statement: The Directors confirm that, to the best of their knowledge: - a) the condensed set of financial statements has been prepared in accordance with International Financial Reporting Standards (IFRS) and IAS 34 'Interim Financial Reporting'; b) the financial statements give a true and fair view of the assets, liabilities, financial position and loss of the group: c) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and d) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). On behalf of the Board B Pettitt Chief Executive Officer Ross Group plc Registered Office 71 - 75 Shelton Street London WC2H 9JQ Contact - S Mehta, Non Executive Director Tel. - 07973 848349 Email - [email protected] Website - www.ross-group.co.uk | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.