18 December 2014
The directors of Microskin Plc (the "Company") are pleased to announce the audited accounts for the year ended 30 June 2014.
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 30 JUNE 2014
I am pleased to present the results of the Group results for Microskin Plc and its subsidiaries (together the "Group) for the period for the 12 Months to 30 June 2014
This12-month period has been one of development and consolidation for all of our operations. Microskin Plc is an international company that has been in operation for nine years, during which time it has developed its base product "Microskin", conducted clinical trials, created support systems that enable the establishment of licensed clinics across the world, fine-tuned its packaging for both clinic and retail distribution and engaged with several potential global distribution partners. The future for the company is very bright indeed and it is about to enter a period of rapid growth and expansion.
The focus of the Microskin Group Plc over the next 12 months will be to continue with its international growth by expanding its footprint to every continent globally. Recent significant investment from a spread of new investors will be the turning point and allow this growth plan to expand rapidly.
Barry Amor
Executive Chairman
MICROSKIN PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2014
| Note | Year ended 30 June 2014 $ | Period 11 December 2012 to 30 June 2013 $ | |
| Revenue | 2 | 229,119 | 122,867 |
| Cost of sales | (48,359) | (13,561) | |
| Gross Profit | 180,760 | 109,306 | |
| Other income | 2 | 244,370 | 330,213 |
| Administrative expense | (728,526) | (390,195) | |
| Marketing expenses | (2,512) | (33,739) | |
| Occupancy expenses | (66,222) | (22,947) | |
| Finance costs | (48,589) | (28,423) | |
| Bad debt expense | (250,000) | - | |
| Loss before income tax | 3 | (670,719) | (35,785) |
| Income tax benefit | 5 | 53,057 | 37,555 |
| (Loss)/Profit for the year | (617,662) | 1,770 | |
| Other comprehensive income: | |||
| Exchange differences on translating foreign controlled entities | 14,424 | 2,222 | |
| Total comprehensive income for the year | (603,238) | 3,992 | |
| Basic & diluted earnings/(loss) per share (in cents) | 8 | (0.07) | 0.00 |
All of the activities of the Group are classed as continuing.
All of the total comprehensive income for the period is attributable to the owners of the Group.
MICROSKIN PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| Note | 30 June 2014 $ | 30 June 2013 $ | ||||
| ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash and cash equivalents | 10 | 1,606 | 1,081 | |||
| Trade and other receivables | 11 | 145,971 | 357,657 | |||
| Inventories | 12 | 56,099 | 63,564 | |||
| Current tax receivable | 2,586 | 7,052 | ||||
| Other assets | 13 | 14,540 | 14,277 | |||
| TOTAL CURRENT ASSETS | 220,802 | 443,631 | ||||
| NON-CURRENT ASSETS | ||||||
| Property, plant and equipment | 14 | 64,118 | 86,659 | |||
| Intangible assets | 15 | 263,980 | 254,413 | |||
| TOTAL NON-CURRENT ASSETS | 328,098 | 341,072 | ||||
| TOTAL ASSETS | 548,900 | 784,703 | ||||
| LIABILITIES | ||||||
| CURRENT LIABILITIES | ||||||
| Trade and other payables | 16 | 650,216 | 809,782 | |||
| Borrowings | 17 | 605,567 | 76,491 | |||
| Provisions | 18 | 50,919 | 43,498 | |||
| TOTAL CURRENT LIABILITIES | 1,306,702 | 929,771 | ||||
| NON-CURRENT LIABILITIES | ||||||
| Borrowings | 17 | 34,719 | 44,215 | |||
| TOTAL NON-CURRENT LIABILITIES | 34,719 | 44,215 | ||||
| TOTAL LIABILITIES | 1,341,421 | 973,986 | ||||
| NET LIABILITIES | (792,521) | (189,283) | ||||
| EQUITY | ||||||
| Issued capital | 19 | 13,122,223 | 13,122,223 | |||
| Reserves | 20 | (11,355,518) | (11,369,942) | |||
| Accumulated losses | (2,559,226) | (1,941,564) | ||||
| TOTAL EQUITY | (792,521) | (189,283) | ||||
