Final Results - Part II

Consolidated income statement for the year ended 31 December 2007

       

2007

 

2006

   

Notes

 

£

 

£

             

Continuing operations

           
             

Revenues

 

4b, 6

 

1,575,055

 

642,755

             

Cost of sales

     

(693,868)

 

(572,998)

             

Gross profit

     

881,187)

 

69,757

             

Administrative expenses

     

(1,096,184)

 

(991,040)

             

Operating loss

     

(214,997)

 

(921,283)

             

Financial income

     

92,143)

 

103,432)

       

)

   
             

Loss before taxation

 

10

 

(122,854)

 

(817,851)

             

Taxation

     

(111,512)

 

89,554)

Loss for the year from continuing operations

     

(234,366)

 

(728,297)

Discontinued operations

           

Profit/(loss) for the year from discontinued operations

     

6,426

 

(51,061)

Loss after taxation

     

(227,940)

 

(779,358)

Attributable to:

           

Equity holders of the parent company

     

(148,949)

 

(668,674)

Minority interest

     

(78,991)

 

(110,684)

             
       

(227,940)

 

(779,358)

             

Continuing operations

           

Basic and diluted loss per share

 

12

 

(0.136)p

 

(0.572)p

             

Discontinued operations

           

Basic and diluted earnings/(loss) per share

 

12

 

0.003)p

 

(0.029)p

Continuing and discontinued operations


Basic and diluted loss per share

12

 

(0.133)p

 

(0.601)p

Consolidated statement of recognised income and expense

     

2007

 

2006

 

Notes

 

£

 

£

           
           

Revaluation (losses)/gains on available-for-sale investments taken to equity

   

(1,484,094)

 

124,697)

           

Tax on items taken directly to equity

   

482,518)

 

(37,410)

           

Net (expense)/income recognised directly in equity

   

(1,001,576)

 

87,287)

           

Transferred to profit or loss on sale of available-for-sale investments

   

(487,500)

 

-)

           

Tax on items transferred from equity

   

146,250)

 

-)

           
     

(1,342,826)

 

87,287

           

Loss for the year

   

(227,940)

 

(779,358)

           
           

Total recognised income and expense for the year

   

(1,570,766)

 

(692,071)

           
           

Attributable to equity holders of the parent

   

(1,491,775)

 

(581,387)

           

Attributable to minority interests

   

(78,991)

 

(110,684)

           
     

(1,570,766)

 

(692,071)

There are no movements to be recognised through the parent company statement of total recognised income and expense.

Consolidated balance sheet as at 31 December 2007

 

2007

 

2006

 

£

 

£

Non current assets

     

Goodwill

59,954

 

59,954

Plant and equipment

13,618

 

13,618

Deferred tax asset

16,181

 

-

       

Total non-current assets

89,753

 

73,572

       

Current assets

     

Available-for-sale investments

2,713,942

 

4,463,036

Trade and other receivables

123,558

 

91,155

Cash and cash equivalents

1,787,500

 

2,242,149

       

Total current assets

4,625,000

 

6,796,340

       

Total assets

4,714,753

 

6,869,912

       

Current liabilities

     

Trade and other payables

284,292

 

291,091

Bank overdraft

104,800

 

83,127

       

Total current liabilities

389,092

 

374,218

       

Non-current liabilities

     

Deferred taxation

306,537

 

807,612

       

Total non-current liabilities

306,537

 

807,612

       

Total liabilities

695,629

 

1,181,830

       

Net assets

4,019,124

 

5,688,082

       

Equity

     

Share capital

1,112,378

 

1,112,373

Share premium account

292,179

 

292,139

Capital redemption reserve

182,512

 

182,512

Merger reserve

325,584

 

325,584

Fair value reserve

1,191,144

 

2,533,970

Retained earnings

713,955

 

961,141

       

Equity attributable to shareholders’ of the parent company

3,817,752

 

5,407,719

       

Minority interest

201,372

 

280,363

       

Total Equity

4,019,124

 

5,688,082

Consolidated cash flow statement for the year ended 31 December 2007

   

2007

 

2006

   

£

 

£

         

Cash flow from operating activities

       
         

Loss before tax on continuing operations

 

(214,997)

 

(921,283)

Profit/(loss) before tax on discontinued operations

 

6,426)

 

(51,061)

   

(208,571)

 

(972,344)

         

Adjustments for:

       

Share based payment charges

 

13,000)

 

30,500)

Depreciation

 

-)

 

27,218)

         

Operating cash flow before working capital movements

 

(195,571)

 

(914,626)

Net purchases of available-for-sale investments

 

(222,500)

 

(74,998)

(Increase)/decrease in receivables

 

(32,403)

 

41,687)

(Decrease)/Increase in payables

 

(6,799)

 

90,369)

         

Operating cash flow

 

(457,273)

 

(857,568)

         

Financial income

)

92,143)

 

103,432)

         

Net cash used in operating activities

 

(365,130)

 

(754,136)

         
         

Financing activities

       
         

Issue of equity capital

 

45)

 

38)

Dividends paid

 

(111,237)

 

(111,237)

         

Net cash used in financing activities

 

(111,192)

 

(111,199)

         
         
         

Net change in cash and cash equivalents

 

(476,322)

 

(865,335)

         

Cash and cash equivalents and bank overdraft at the beginning of the year

 

2,159,022)

 

3,024,357)

         

Cash and cash equivalents and bank overdraft at the end of the year

 

1,682,700)

 

2,159,022)

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