11th Feb 2009 07:00
C. A. SPERATI (THE SPECIAL AGENCY) P.L.C.
PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE 12 MONTH PERIOD ENDED
31 OCTOBER 2008
C. A. SPERATI (THE SPECIAL AGENCY) P.L.C.
MANAGEMENTS' COMMENTARY
FOR THE 12 MONTH PERIOD ENDED 30 OCTOBER 2008
REVIEW OF THE BUSINESS
Turnover has fallen by 16% compared with the same period last year. Margins have decreased, resulting in a loss before tax of £18,017 against £37,116 profit in the previous year.
The small but promising increase in turnover seen during the first half of the year was not maintained owing to the very difficult trading conditions in the second half of the year. These difficult conditions show little sign of improving and indeed are aggravated by the increased cost of imports resulting from sterling weakness.
Your directors are recommending that the dividend be maintained at 25p per share as the company has a strong balance sheet with ample liquidity.
By order of the board
A. LilleyManaging Director10 February 2009
| C. A. SPERATI (THE SPECIAL AGENCY) P.L.C. | ||||||
| UNAUDITED PROFIT AND LOSS ACCOUNT | ||||||
| FOR THE PERIOD ENDED 31 OCTOBER 2008 | ||||||
| Year to 31 October 2008 | Year to 31 October 2007 | |||||
| £ | £ | |||||
| TURNOVER | 678,446 | 808,172 | ||||
| Cost of Sales | (340,773 | ) | (388,380 | ) | ||
| Gross Profit | 337,673 | 419,792 | ||||
| Other Operating Expenses | (384,839 | ) | (416,656 | ) | ||
| Other Operating Income | 8,732 | 13,193 | ||||
| OPERATING LOSS/PROFIT | (38,434 | ) | 16,329 | |||
| Investment Income | 20,417 | 20,787 | ||||
| LOSS/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION | (18,017 | ) | 37,116 | |||
| Taxation | 1,179 | (5,826 | ) | |||
| LOSS/PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION | (16,838 | ) | 31,290 | |||
| LOSS/EARNINGS PER ORDINARY SHARE OF 50p | (16.8 | p) | 31.3 | p | ||
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 SHEET |
| AS AT 31 OCTOBER 2008 |
|
| ||||||
| As at 31 October 2008 | As at 31 October 2007 | |||||
| £ | £ | |||||
| FIXED ASSETS | ||||||
| Tangible Assets | 74,369 | 84,012 | ||||
| CURRENT ASSETS | ||||||
| Stocks | 245,114 | 275,884 | ||||
| Debtors | 125,800 | 166,311 | ||||
| Investment | 4,099 | 4,099 | ||||
| Cash at Bank and in Hand | 449,472 | 446,453 | ||||
| 824,485 | 892,747 | |||||
| CREDITORS: | ||||||
| Amounts falling due within one year | (70,781 | ) | (106,303 | ) | ||
| NET CURRENT ASSETS | 753,704 | 786,444 | ||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 828,073 | 870,456 | ||||
| PROVISION FOR LIABILITIES AND CHARGES | (1,011 | ) | (1,556 | ) | ||
| NET ASSETS | 827,062 | 868,900 | ||||
| CAPITAL AND RESERVES | ||||||
| Called up Share Capital | 50,000 | 50,000 | ||||
| Revaluation Reserve | 22,128 | 22,128 | ||||
| Profit and Loss Account | 754,934 | 796,772 | ||||
| SHAREHOLDERS' FUNDS | 827,062 | 868,900 | ||||
| C. A. SPERATI (THE SPECIAL AGENCY) P.L.C. |
| UNAUDITED CASH FLOW STATEMENT |
| FOR THE PERIOD ENDED 31 OCTOBER 2008 |
| Year to 31 October 2008 | Year to 31 October 2007 | |||||
| £ | £ | |||||
| Operating (loss)/profit | (38,434 | ) | 16,329 | |||
| Depreciation of tangible assets | 10,389 | 9,390 | ||||
| Decrease/(Increase) in Stock | 30,770 | (39,524 | ) | |||
| Decrease in debtors | 43,231 | 1,249 | ||||
| (Increase)/Decrease in creditors | (29,963 | ) | 747 | |||
| Loss on sale of fixed assets | - | 3,072 | ||||
| Net cash inflow/(outflow) from operating activities | 15,993 | (8,737 | ) | |||
| Returns on investments and servicing of finance | ||||||
| Interest received | 20,191 | 20,686 | ||||
| Dividends | 226 | 101 | ||||
| 20,417 | 20,787 | |||||
| Taxation | ||||||
| Corporation tax paid | (7,645 | ) | (7,380 | ) | ||
| Capital Expenditure | ||||||
| Purchase of fixed assets | (746 | ) | (30,061 | ) | ||
| Sale of fixed assets | - | 3,400 | ||||
|
| ||||||
| (746 | ) | (26,661 | ) | |||
| Equity dividends paid | (25,000 | ) | (25,000 | ) | ||
| Increase/(Decrease) in cash in period | 3,019 | (46,991 | ) | |||
| Reconciliation of net cashflow to movement in net funds | ||||||
| Increase/(Decrease) in cash | 3,019 | (46,991 | ) | |||
| Net funds at 1 November 2007 | 446,453 | 493,444 | ||||
| Net funds at 31 October 2008 | 449,472 | 446,453 | ||||
| C. A. SPERATI (THE SPECIAL AGENCY) P.L.C. |
| PRELIMINARY RESULTS |
| FOR THE 12 MONTH PERIOD ENDED 31 OCTOBER 2008 |
| Notes |
| 1. | The above results for the years ended 31 October 2008 and 2007 do not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985. | |
| The financial information for the year ended 31 October 2007 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 237 (2) and (3) of the Companies Act 1985. | ||
| The statutory accounts for the year ended 31 October 2008 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 2008 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 10 February 2009. | ||
| 2. | The Directors propose to recommend a dividend of 25p per share for the year to 31 October 2008 payable to shareholders listed on the Register on 17 April 2009. Dividend payment date is 14 May 2009. | |
| In accordance with FRS21, dividends are accounted for in the period in which they are paid and approved by the shareholders. Accordingly the final dividend proposed in respect of the year ended 31 October 2008 has not been included as a liability as at 31 October 2008. | ||
| During the year, dividends of £25,000 (2007 - £25,000) were paid. | ||
| 3. | During the year shareholders' equity decreased by £41,838 (2007 - £6,290 increase) represented by the loss for the year of £16,838 (2007 - £31,290 profit) add dividends paid of £25,000 (2007 - £25,000). |
Copyright Business Wire 2009
Related Shares:
TEA.L