Final Results for the year ended 30 June 2013

31 December 2013

Concha (AIM: CHA), the AIM quoted investment company focussed on investing in media, communications and technology companies, announces its audited final results for the year ended 30 June 2013.

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Enquiries:

Concha plc
Chris Akers, Executive Chairman
chris.akers@srgplc.com
   
Strand Hanson Limited (Nominated Adviser and Joint Broker)
James Harris
Andrew Emmott
Richie Balmer
Tel: 020 7409 3494
   
PeterHouse Corporate Finance (Joint Broker)
Jon Levinson
Lucy Williams
Tel: 020 7926 0935

 

OPERATIONS AND FINANCE REVIEW

Operational Review
As at 30 June 2013, Concha´s investment portfolio consisted of a 40% equity holding in an unquoted investment, Moshen Limited ("Moshen"), a specialist developer and distributor for digital applications focusing on the sports, games and entertainment sectors, which it acquired in April 2013.  On 23 August 2013, the Board of Moshen suspended its Chief Executive Officer, pending an investigation in to a number of apparent financial irregularities pertaining to an undisclosed material contract which pre-dated Concha´s investment.  On 6 September 2013, a firm of insolvency practitioners was appointed to Moshen in order to assess the potential recovery of value for Concha, Moshen and its creditors and shareholders.  Having been subsequently informed by the administrator that any security over the assets of Moshen in connection with the advance of loans to the Moshen business at the time of the original investment would be disregarded, Concha has brought an action against certain legal advisers for professional negligence and the failure to validly register a security interest associated with the loans in a timely manner.  As a consequence of the above, full provision of £0.72m has been made against the cost of both the equity investment and loan amounts advanced to the Moshen business.

On 13 March 2012, Concha entered into a loan facility agreement with Churchill Media Limited ("CML") for the sum of £0.75m.  On 13 March 2013, the terms of the loan were amended, such that, the loan fell due for payment on or before the 30 September 2013.  The loan bears interest at the rate of 6% above LIBOR and is secured against the assets of CML, which comprise investments in a number of TMT and media businesses.  At the 30 June 2013 the outstanding balance of the loan totalled £0.75m plus accrued interest of £0.06m. However, as a result of CML failing to repay the outstanding balance and accrued interest relating to this loan by 30 September 2013, a provision of £0.81m has been made in these financial statements against amounts owed by CML.

Financial Review
The Company´s financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.

The loss before tax of £1.85m (2012: £0.81m) includes exceptional items of £1.54m, relating to the loss on investment in Moshen and the full impairment on the loan advance to CML. 

At 30 June 2013, Concha´s investment portfolio was valued at £0.013m, all of which related to unquoted investments.  Cash at bank amounted to £0.084m as at 30 June 2013 and the Company had no debt.

The Board is not recommending the payment of a final dividend to shareholders (2012: £Nil). 

The Company´s shares traded in the range 0.27p to 0.30p during the year ended 30 June 2013.  The closing share price of the Company was 0.30p as at 30 June 2013. 

Outlook
The failure of the Moshen business and the CML investment has had a significant impact on the Company´s ability to continue with its current strategy.  In the near term Concha will seek to conclude matters in relation to both the loan advanced to CML and the action against its advisers in respect of the failure to register a valid security interest in the loan advances made to Moshen. 

Russell Backhouse
Director
30 December 2013

DIRECTORS´ REPORT
Concha PLC is a public company incorporated in England and Wales, and quoted on AIM.

PRINCIPAL ACTIVITIES
The principal activity of the Group is an "investment vehicle".

BUSINESS REVIEW AND FUTURE DEVELOPMENTS
The Group trading loss for the year, after taxation and minority interests, was £1.85 million (2012: £0.81 million).

Information on future developments is included in the Operations and Finance Review.

The directors are precluded from declaring a dividend for the year (2012: £Nil).

KEY PERFORMANCE INDICATORS
In the opinion of the directors there are no key performance indicators whose disclosure is necessary for an understanding of the development, performance or position of the business.

DIRECTORS
The following directors have held office during the year.

Mark Battles (resigned 28 December 2012)
Marcus Yeoman (resigned 26 December 2013)
Chris Akers (appointed 31 December 2012)
Russell Backhouse  (appointed 22 May 2013)


DIRECTORS´ INTERESTS IN SHARES
Directors´ interests in the shares of the Company, including family interests, were as follows:

  At 30 June 2013 At 30 June 2012
Directors Number of
Shares
Percentage
(%)
Number of
Shares
Percentage
(%)
 
Mark Battles* - - 83,333,333 2.68
Marcus Yeoman** 8,833,333 1.48 88,333,334 2.84

* Mark Battles (resigned 28 December 2012)
** Marcus Yeoman (Resigned 26 December 2013)

CREDITOR PAYMENT POLICY
The Group´s policy is to agree terms of transactions, including payment terms and to ensure that, in the absence of dispute, all suppliers are dealt with in accordance with its standard payment practice whereby all outstanding trade accounts are settled within the term agreed with the supplier at the time of the supply or otherwise 30 days from receipt of the relevant invoice.  The number of days outstanding between receipt of invoices and date of payment calculated by reference to the amount owed to trade creditors at the year end as a proportion of the amounts invoiced by suppliers during the year, was 58 days (2012: 42 days).

POLITICAL AND CHARITABLE CONTRIBUTIONS
No donations for political or charitable purposes have been made by the Group or the Company during the year (2012: £Nil). 

EMPLOYEES

The Group continues to give full and fair consideration to applications for employment made by disabled persons, having regard to their respective aptitudes and abilities.  The policy includes, where practicable, the continued employment of those who may become disabled during their employment and the provision of training and career development and promotion, where appropriate.  The Group has continued its policy of employee involvement by making information available to employees on matters of concern to them.

SUBSTANTIAL SHAREHOLDINGS
As at 19th December 2013, the Company has been notified of the following interests of 3% or more in the issued ordinary share capital of the Company:

Shareholder Number of
Shares
Percentage of issued share capital (%)
Andrew Black 100,000,000 12.86%
Euroblue Investments Limited 100,000,000 12.86%
HSBC Global Custody Nominee (UK) Limited 50,571,429 6.50%
XCAP Nominees Limited 39,381,243 5.06%
TD Direct Investing Nominees (Europe) Limited 38,946,066 5.01%
Barclayshare Nominees Limited 30,589,799 3.93%
JIM Nominees Limited 28,597,210 3.68%
KAS Nominees Limited 27,113,332 3.49%
HSDL Nominees Limited 25,199,119 3.24%

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
The directors who were in office on the date of approval of these financial statements have confirmed that, as far as they are aware, there is no relevant audit information of which the auditors are unaware.  Each of the directors have confirmed that they have taken all steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

DIRECTORS´ INDEMNITY INSURANCE
Directors´ and Officers´ liability insurance is held by the Group.

POST BALANCE SHEET EVENTS
On 7 August 2013, 182,499,999 0.1p Ordinary shares were issued for a cash consideration of £638,750.  In conjunction with the placing of Ordinary shares, the Company issued 45,624,999 warrants, representing 1 warrant for every 4 shares issued, exercisable at a price of 0.35p per share and with an exercise period of 5 years from the date of issue. 

On 8th August 2013, the company acquired a 30% holding in The Works, The Complete Design Facility Limited ("The Works"), a leading specialist media design agency focusing on the sports sector, dealing with branding, motion and events for a cash consideration of £400,000. 

On 6 September 2013, a firm of insolvency practitioners was appointed to Moshen, a business in which the Company held a 40% equity interest. 

On 27 December 2013, 50,000,000 0.1p Ordinary shares were issued for a cash consideration of £100,000.  In conjunction with the placing of Ordinary shares, the Company issued 50,000,000 warrants, representing 1 warrant for every share issued, exercisable at the issue price of 0.25p per share and with an exercise period of 5 years from the date of issue.  On the same day the Company issued a put and call option over a further 50,000,000 0.1p Ordinary shares exercisable on or before the 14 February 2014.  In the event of exercise, the Company will issue a further 50,000,000 warrants, on the same terms as those set out above.

On 26 December 2013, Marcus Yeoman resigned as a director of the Company.

Other than the above and those set out in the notes to these financial statements, at the date these financial statements were approved, being 30 December 2013, the Directors were not aware of any other significant post balance sheet events.

By order of the Board
Russell Backhouse
Director

CORPORATE GOVERNANCE STATEMENT
The policy of the Board is to manage the affairs of the Company in accordance with the principles underlying the UK Corporate Governance Code.

The Board of Directors is accountable to shareholders for the good corporate governance of the Group.  The principles of corporate governance and a code of best practice are set out in the Combined Code.  Under the rules of AIM market the Group is not required to comply in full with the Code nor to state where it derogates from it.  The Board considers that the size and nature of the Group does not warrant compliance with all the Code´s requirements.  This statement sets out how the principles of the Code are applied to Concha PLC.

BOARD STRUCTURE
During the year the Board comprised two executive directors and one non-executive director. 

There are no matters specifically reserved to the Board for its decision, although board meetings are held on a regular basis and effectively no decision of any consequence is made other than by the directors.  All directors participate in the key areas of decision-making, including the appointment of new directors.

The Board is responsible to shareholders for the proper management of the Group.  A statement of directors´ responsibilities in respect of the accounts is set out  below. 

To enable the Board to discharge its duties, all directors have full and timely access to all relevant information. 

There is no agreed formal procedure for the directors to take independent professional advice at the Company´s expense. 

All directors submit themselves for re-election at the Annual General Meeting at regular intervals.  There were no specific terms of appointment for the non-executive director.

The following committees, which have written terms of reference, deal with specific aspects of the Group´s affairs.

AUDIT COMMITTEE
The Audit Committee comprises of Chris Akers (Chairman of the committee) and Russell Backhouse.  Meetings can also be attended by the external auditors.

The remit of the Committee is to review:

  • the appointment and performance of the external auditors
  • the independence of the auditors
  • remuneration for both audit and non-audit work and nature and scope of the audit with the external auditors
  • the interim or final financial report and accounts
  • the external auditors management letter and management´s responses
  • the systems of risk management and internal controls
  • operating, financial and accounting policies and practices, and
  • to make related recommendations to the Board
The Audit Committee meets once a year.

REMUNERATION COMMITTEE
The Remuneration Committee comprises Chris Akers (Chairman of the committee), and Russell Backhouse and is responsible for making recommendations to the Board on the Company´s framework of Executive remuneration and its cost.  The Committee determines the contract terms, remuneration and other benefits for the directors.

NOMINATION COMMITTEE
There is no separate Nomination Committee at the moment due to the size of the Board.  All directors are subject to re-election at regular intervals.

INTERNAL CONTROL 
The Board acknowledges its responsibility for establishing and monitoring the Company´s systems of internal control.  Although no system of internal control can provide absolute assurance against material misstatement or loss, the Company´s systems are designed to provide the directors with reasonable assurance that problems are identified on a timely basis and dealt with appropriately.

The Group maintains a comprehensive process of financial reporting.  The annual budget is reviewed and approved before being formally adopted.  Other key procedures that have been established and which are designed to provide effective control are as follows:

  • management structure - where the Board meets regularly to discuss all issues affecting the Company; and
  • investment appraisal - the Company has a clearly defined framework for investment appraisal and approval is required by the Board where appropriate.

The Board regularly reviews the effectiveness of the systems of internal control and considers the major business risks and the control environment.  No significant control deficiencies have come to light during the period and no weakness in internal financial control have resulted in any material losses, contingencies or uncertainties which would require disclosure as recommended by the guidance for directors on reporting on internal financial control.

The Board considers that in light of the control environment described above, there is no current requirement for a separate internal audit function.

RELATIONS WITH SHAREHOLDERS
The chairman is the Company´s principal spokesperson with investors, fund managers, the press and other interested parties.  At the Annual General Meeting (AGM), private investors are given the opportunity to question the Board.

This report and its financial statements will be presented to the shareholders for their approval at the AGM.  The notice of the AGM will be distributed to shareholders together with the Annual Report.

GOING CONCERN
The directors have prepared cash flow projections for the 12 months to 31 December 2014.  Having taken into account all known costs and the post balance sheet fund raise referred to above, they are of the opinion that there is sufficient headroom, having incorporated preliminary costs in association with any acquisition, to continue as a going concern for the foreseeable future. 

DIRECTORS´ REMUNERATION REPORT

Remuneration Committee
The members of the committee are Chris Akers and Russell Backhouse.  Details of the remuneration of each director are set out below.  Executive remuneration packages are prudently designed to attract, motivate and retain directors of high calibre, who are needed to drive and maintain the Group´s position as a market leader and to reward them for enhancing value to the shareholder.

Remuneration Policy
Details of individual remuneration of directors for the year ended 30 June 2013 are set out below.

Warrants
A summary of warrants granted to the directors is set out below and reflected in note 12 to the financial statements.

    Granted      
At
1.7.2012
during
year
Exercised during year At
30.6.2013
Exercise
Price
  No No No No Pence
Marcus Yeoman* 8,333,333 - - 8,333,333 0.30
Marcus Yeoman*   - 9,905,140   - 9,905,140 0.35
Mark Battles** 8,333,333 -   - 8,333,333 0.30
Chris Akers*** - 49,525,698 - 49,525,698 0.35
Russell Backhouse**** - 15,317,227 - 15,317,227 0.35
           
  16,666,666 74,748,065 - 91,414,731  
           

* - resigned 26 December 2013
** - resigned 28 December 2012 
*** - appointed 31 December 2012 
**** - appointed 22 May 2013

Pension arrangements
There are no pension arrangements in the Group. 

Directors´ contracts
It is the Company´s policy that the executive director should have a contract with an indefinite term providing for a maximum of six months´ notice.  In the event of early termination, the directors´ contracts provide for compensation, where appropriate, up to a maximum of basic salary for the notice period.

Non-executive directors
The fees of the non-executive director is determined by the Board as a whole having regard to the commitment of time required and the level of fees in similar companies. 

Directors´ emoluments

  2013 2012
Salary Fees Total Salary Fees Total
  £´000 £´000 £´000 £´000 £´000 £´000
Marcus Yeoman - 24 24 - 22 22
Mark Battles - - - - 28 28
Chris Akers 30 15 45 - - -
Russell Backhouse - 4 4 - - -
  30 43 73 - 50 50

APPROVAL
This report was approved by the Board of Directors and authorised for issue on 30 December 2013.

STATEMENT OF DIRECTORS´ RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

UK Company law requires the directors to prepare Group and Company Financial Statements for each financial year.  Under that law the directors are required to prepare Group financial statements in accordance with International Financial Reporting Standards ("IFRS") as adopted by the EU and have elected to prepare the company financial statements in accordance with International Financial Reporting Standards ("IFRS")  as adopted by the EU.

The Group financial statements are required by law and IFRS adopted by the EU to present fairly the financial position and performance of the group; the Companies Act 2006 provides in relation to such financial statements that references in the relevant part of that Act to financial statements giving a true and fair view are references to their achieving a fair presentation.

The Company financial statements are required by law to give a true and fair view of the state of affairs of the company. 

In preparing each of the group and company financial statements, the directors are required to:

  • select suitable accounting policies and then apply them consistently;
  • make judgements and estimates that are reasonable and prudent;
  • state whether they have been prepared in accordance with IFRSs adopted by the EU;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the company will continue in business.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006.  They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also responsible for the maintenance and integrity of the Concha PLC website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

INDEPENDENT AUDITOR´S REPORT TO THE MEMBERS OF CONCHA PLC

We have audited the financial statements of Concha PLC for the year ended 30 June 2013 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Parent Company Statement of Financial Position, the Consolidated and Parent Company Statements of Cash Flows, the Consolidated and Parent Company Statements of Changes in Equity and the related notes 1 to 15.  The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

This report is made solely to the Company´s members, as a body, in accordance with sections Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the Company´s members those matters we are required to state to them in an auditor´s report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company´s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors
As explained more fully in the Directors´ Responsibilities Statement set out above the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.  Our responsibility is to audit the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland).  Those standards require us to comply with the Auditing Practices Board´s Ethical Standards for Auditors.

Scope of the audit
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.  This includes an assessment of: whether the accounting policies are appropriate to the group´s and the parent company´s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements.  In addition, we read all the financial and non-financial information in the Directors´ report to identify material inconsistencies with the audited financial statements.  If we become aware of any apparent material misstatements or inconsistencies we consider the implication for our report. 

Opinion on financial statements
In our opinion:

  • the financial statements give a true and fair view of the state of the Group´s and of the Parent Company´s affairs as at 30 June 2013 and of the Group´s loss for the year then ended;
  • the financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union; and
  • the financial statements have been prepared in accordance with the requirements of the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation.

Opinion on other matters prescribed by the Companies Act 2006
In our opinion:

  • the part of the Directors´ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006; and
  • the information given in the Directors´ Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you if, in our opinion:

  • adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the Parent Company financial statements and the part of the Directors´ Remuneration Report to be audited are not in agreement with the accounting records and returns; or
  • certain disclosures of directors´ remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.

Ian Cliffe (Senior Statutory Auditor)
for and on behalf of haysmacintyre Statutory Auditors

26 Red Lion Square
London
WC1R 4AG

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2013

  Note 2013 2012
    £000´s £000´s
       
Revenue 1 - 479
Cost of sales   - (317)
GROSS PROFIT   - 162
       
Selling and marketing expenses   - (55)
General and administrative expenses   (345) (746)
Depreciation   - (6)
Amortisation   - (17)
LOSS FROM OPERATIONS BEFORE      
EXCEPTIONAL ITEMS 2 (345) (662)
       
Exceptional costs 3 (1,536) (142)
Investment income 5 36 11
Loss on disposal of property, plant and equipment   (5) (16)
LOSS BEFORE TAX   (1,850) (809)
       
Tax 6 - -
RETAINED LOSS AFTER TAX FOR THE YEAR   (1,850) (809)
       
RETAINED LOSS ATTRIBUTABLE TO      
Owners of the company   (1,850) (809)
LOSS FOR THE YEAR   (1,850) (809)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:      
Owners of the company   (1,850) (809)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR   (1,850) (809)
Loss per share      
Basic and diluted 8 - -

The Company´s loss for the year ended 30 June 2013 was £1.83 million (2012: £0.81 million loss).  The Company is exempt from publishing its own income statement under section 408 of the Companies Act 2006.

 

CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION

AT 30 JUNE 2013

    2013 2012
    Group Company Group Company
  Notes £000´s £000´s £000´s £000´s
ASSETS          
           
Non-current assets          
Property, plant and equipment 9 - - 5 -
Investments 10 13 13 - 2
    13 13 5 2
           
CURRENT ASSETS          
Trade and other receivables 11 112 112 762 750
Cash and cash equivalents   86 84 289 268
    198 196 1,051 1,018
           
TOTAL ASSETS   211 209 1,056 1,020
EQUITY AND LIABILTIES          
           
EQUITY          
Share capital 13 595 595 311 311
Deferred share capital 13 1,795 1,795 1,795 1,795
Share premium reserve   14,413 14,413 13,706 13,706
Warrant reserve   131 131 - -
Foreign exchange reserve   - - (73) -
Retained loss   (16,792) (16,786) (14,942) (14,955)
TOTAL EQUITY   142 148 797 857
           
CURRENT LIABILITIES          
Trade and other payables 12 69 61 259 163
TOTAL EQUITY AND LIABILITIES   211 209 1,056 1,020

The financial statements were approved and authorised for issue by the Board of Directors on 30 December 2013, and were signed below on its behalf by:-

Russell Backhouse
Director

 

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2013

    Deferred Share Foreign          
  Share Share Premium Exchange Warrant Retained   Minority Total
  Capital Capital Account Reserve Reserve Loss Total Interest Equity
  £000´s £000´s £000´s £000´s £000´s £000´s £000´s £000´s £000´s
CONSOLIDATED                  
Balance at 1 July 2012 311 1,795 13,706 (73) - (14,942) 797 - 797
Loss for the year - - - - - (1,777) (1,777) - (1,777)
Exchange difference arising on                  
Translation of overseas operations - - - 73 - (73) - - -
Total comprehensive income for                  
2013 - - - 73 - (1,850) (1,777) - (1,777)
                   
Share capital issued 284 - 707 - - - 991 - 991
Share based payments - - - - 131 - 131 - 131
Balance at 30 June 2013 595 1,795 14,413 - 131 (16,792) 142 - 142
COMPANY                  
Balance at 1 July 2012 311 1,795 13,706 - - (14,955) 857    
Loss for the year - - - - - (1,831) (1,831)    
Total comprehensive income for                  
2013 - - - - - (1,831) (1,831)    
                   
Share capital issued 284 - 707 - - - 991    
Share based payments - - - - 131 - 131    
Balance at 30 June 2013 595 1,795 14,413 - 131 (16,786) 148    

 

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2012

    Deferred Share Share-based Foreign          
  Share Share Premium payment Exchange Warrant Retained   Minority Total
  Capital Capital Account Reserve Reserve Reserve Loss Total Interest Equity
  £000´s £000´s £000´s £000´s £000´s £000´s £000´s £000´s £000´s £000´s
CONSOLIDATED                    
Balance at 1 July 2011 221 1,795 13,526 2,057 (54) 238 (16,428) 1,355 - 1,355
Loss for the year - - - - - - (809) (809) - (809)
Exchange difference arising on                    
Translation of overseas operations - - - - (19) - - (19) - (19)
Total comprehensive income for                    
2012 - - - - (19) - (809) (828) - 527
                     
Share capital issued 90 - 180 - - - - 270 - 270
Reversal of lapsed options and                    
warrants - - - (2,057) - (238) 2,295 - - -
Balance at 30 June 2012 311 1,795 13,706 - (73) - (14,942) 797 - 797
COMPANY                    
Balance at 1 July 2011 221 1,795 13,526 2,057 - 238 (16,644) 1,193    
Loss for the year - - - - - - (606) (606)    
Total comprehensive income for                    
2012 - - - - - - (606) (606)    
                     
Share capital issued 90 - 180 - - - - 270    
Reversal of lapsed options and                    
warrants - - - (2,057) - (238) 2,295 -    
Balance at 30 June 2012 311 1,795 13,706 - - - (14,955) 857    

 

CONSOLIDATED AND COMPANY CASH FLOW STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

  2013 2012
  Group Company Group Company
  £000´s £000´s £000´s £000´s
         
Loss for the year (1,850) (1,829) (809) (607)
Investment income (36) (70) (11) (11)
Depreciation - - 6 -
Amortisation - - 17 -
Loss/(profit) on disposal of tangible and intangible assets 5 - (250) (266)
Share based payment 131 131 - -
Exceptional items 1,407 1,404 - -
Operating cash flows before movements in        
working capital (343) (364) (1,047) (884)
         
Decrease in inventories - - 183 -
Decrease in receivables 14 2 188 107
(Decrease)/increase in payables (68) 20 41 89
Net cash flow from operating activities (54) 22 (635) (688)
Investment income 36 - 11 11
Net cash flow from operating activities (18) 22 (624) (677)
Cash flow from investing activities        
Purchase of intangible assets - - (14) -
Purchase of tangible assets - - (27) -
Sale of investments - - - 1
Sale of intangible assets - - 761 761
Purchase of investments (299) (299) - -
Net cash flow from investing activities (299) (299) 720 762
Cash flow from financing activities        
Net proceeds from issue of share capital 991 991 270 270
Loans advanced (534) (534) (736) (736)
Net cash outflow from financing        
Activities 457 457 (466) (466)
Net cash outflow for the year (203) (184) (370) (381)
         
Foreign exchange differences on translation - - (19) -
Cash and cash equivalents at start of period 289 268 678 649
Cash and cash equivalents at the end of the        
Period 86 84 289 268

 

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