Display current post to on Home Page

I have a plugin developed for me that is supposed to show the current post on the home page up to the More shortcode. It is displaying the whole post instead.

Here’s the relevant code:

add_shortcode( 'most-recent-post', 'show_most_recent_post' );
function show_most_recent_post() {

	$re_post = '';

	if ( is_feed() )	return '[most-recent-post]';

	//The Query
	query_posts('posts_per_page=1');
	//The Loop
	if ( have_posts() ) : while ( have_posts() ) : the_post();
		$re_post .= '<h2>' . the_title('', '', false) . '</h2><br />';
		$content = get_the_content();
		$content = apply_filters('the_content', $content);
		$content = str_replace(']]>', ']]>', $content);
		$re_post .= $content;

I have checked the Function Reference and the code appears to be right but it doesn’t work. Can anyone see anything obvious?

Thanks,
Peter