4th Feb 2011 18:06
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED
31 OCTOBER 2010
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
MANAGEMENTS' COMMENTARY
FOR THE YEAR ENDED 31 OCTOBER 2010
REVIEW OF THE BUSINESS AND ANALYSIS OF KEY PERFORMANCE INDICATORS
The company has had a disappointing year with turnover falling from £621,907 in the previous year to £360,032 this year, due mainly to the new buying procedural changes made by one of the company's largest customers.
The full years' pre tax loss was £107,546 and after tax was £97,892. At the half year in April 2010 we reported a loss of £79,269 after tax and £83,539 before tax. Whilst the second half of the year has seen a reducing rate of loss as compared with the first half of the year, trading conditions remain extremely challenging.
By order of the Board
A J LilleyManaging Director4 February, 2011
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
UNAUDITED PROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED 31 OCTOBER 2010
| Unaudited | Audited | ||||
| Year to | Year to | ||||
| 31 October | 31 October | ||||
| 2010 | 2009 | ||||
| £ | £ | ||||
| TURNOVER | 360,032 | 621,907 | |||
| Cost of Sales | (165,028) | (298,978) | |||
| _______ | _______ | ||||
| Gross Profit | 195,004 | 322,929 | |||
| Other Operating Expenses | (307,828) | (318,635) | |||
| _______ | _______ | ||||
| OPERATING (LOSS)/PROFIT | (112,824) | 4,294 | |||
| Investment Income | 5,278 | 13,473 | |||
| _______ | ______ | ||||
| (LOSS)/PROFIT ON ORDINARY | |||||
| ACTIVITIES BEFORE TAXATION | (107,546) | 17,767 | |||
| Taxation | 9,654 | ( 4,349) | |||
| _______ | _______ | ||||
| (LOSS)/PROFIT ON ORDINARY | |||||
| ACTIVITIES AFTER TAXATION | (97,892) | 13,418 | |||
| (LOSS)/EARNINGS PER SHARE - BASIC AND FULLY DILUTED | (97.9)p | 13.4p | |||
All activities are continuing.
No separate statement of total recognised gains and losses is presented as all such gains and losses have been dealt with in the profit and loss account.
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
UNAUDITED BALANCE SHEETAS AT 31 OCTOBER 2010
| Unaudited | Audited | ||||
| As at | As at | ||||
| 31 October | 31 October | ||||
| 2010 | 2009 | ||||
| FIXED ASSETS | £ | £ | |||
| Tangible Assets | 60,475 | 66,531 | |||
| ______ | ______ | ||||
| CURRENT ASSETS | |||||
| Stocks | 231,111 | 238,005 | |||
| Debtors | 117,451 | 174,020 | |||
| Investment | 4,099 | 4,099 | |||
| Cash at Bank and in Hand | 340,920 | 421,814 | |||
| _______ | _______ | ||||
| 693,581 | 837,938 | ||||
| CREDITORS: | |||||
| Amounts falling due within one year | (60,837) | (88,298) | |||
| _______ | _______ | ||||
| NET CURRENT ASSETS | 632,744 | 749,640 | |||
| _______ | _______ | ||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 693,219 | 816,171 | |||
| PROVISION FOR LIABILITIES AND CHARGES | (631) | (691) | |||
| _______ | _______ | ||||
| NET ASSETS | 692,588 | 815,480 | |||
| CAPITAL AND RESERVES | |||||
| Called up Share Capital | 50,000 | 50,000 | |||
| Revaluation Reserve | 22,128 | 22,128 | |||
| Profit and Loss Account | 620,460 | 743,352 | |||
| _______ | _______ | ||||
| SHAREHOLDERS' FUNDS | 692,588 | 815,480 | |||
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
UNAUDITED CASH FLOW STATEMENTFOR THE YEAR ENDED 31 OCTOBER 2010
| Unaudited | Audited | ||||
| Year to | Year to | ||||
| 31 October | 31 October | ||||
| 2010 | 2009 | ||||
| £ | £ | ||||
| Operating (loss)/profit | (112,824) | 4,294 | |||
| Depreciation of tangible assets | 6,726 | 8,283 | |||
| Decrease in Stocks | 6,894 | 7,109 | |||
| Decrease/(Increase) in debtors | 66,163 | (50,940) | |||
| (Decrease)/Increase in creditors | (22,792) | 12,848 | |||
| Insurance Claim | - | 9,273 | |||
| _______ | ______ | ||||
| Net cash outflow from operating activities | (55,833) | (9,133) | |||
| Returns on investments and servicing of finance | |||||
| Interest received | 5,037 | 3,968 | |||
| Dividends | 241 | 232 | |||
| ______ | ______ | ||||
| 5,278 | 4,200 | ||||
| ===== | ===== | ||||
| Taxation | |||||
| Corporation tax (paid)/received | (4,669) | 2,720 | |||
| ===== | ===== | ||||
| Capital Expenditure | |||||
| Purchase of fixed assets | (1,396) | (445) | |||
| Sale of fixed assets | 726 | - | |||
| _______ | ______ | ||||
| (670) | (445) | ||||
| Equity dividends paid | (25,000) | (25,000) | |||
| Decrease in cash in period | (80,894) | (27,658) | |||
| Reconciliation of net cashflow to movement in net funds | |||||
| Decrease in cash | (80,894) | (27,658) | |||
| Net funds at 1 November 2009 | 421,814 | 449,472 | |||
| _______ | _______ | ||||
| Net funds at 31 October 2010 | 340,920 | 421,814 | |||
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
PRELIMINARY RESULTSFOR THE YEAR ENDED 31 OCTOBER 2010
Notes
1. The above results for the years ended 31 October 2010 and 2009 do not constitute statutory financial statements within the meaning of section 435 of the Companies Act 2006.
The financial information for the year ended 31 October 2009 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors' report on these accounts was unqualified and did not contain statements under section 498 (2) and (3) of the Companies Act 2006.
The statutory accounts for the year ended 31 October 2010 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the company's Annual General Meeting.
This preliminary announcement has been prepared on the basis of accounting policies set out in the 2010 accounts. All accounting policies have been applied consistently during the current and prior years.
This announcement was approved and authorised for issue by the Board on 4 February 2011.
The directors do not propose to recommend a dividend in respect of the year to 31 October 2010.
During the year, dividends of £25,000 (2009 - £25,000) were paid in respect of 2009 (2009 - in respect of 2008).
2. During the year shareholders' equity decreased by £122,892 (2009 -£11,582 decrease) represented by the loss for the year of £97,892 (2009 - £13,418 profit) and dividends paid of £25,000 (2009 - £25,000).
Copyright Business Wire 2011
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