28th Jun 2006 07:00
Flightstore Group PLC28 June 2006 Flightstore Group Plc ("Flightstore" or "the company") Preliminary statement of results for the year ended 31 December 2005 The Board of Flightstore Group Plc ("Flightstore" or "the company") announcespreliminary results for the year ended 31 December 2005. Results Turnover for the year ending 31 December 2005 amounted to £5,255 (2005 -£1,341). Retained loss for the year was £332,406 (2005 loss £1,020,122). Losses per share were 0.35p (2005 loss 1.12p) Group Strategy and future plans As stated in the Chairman's Statement accompanying the results for last year,the executive management responsible for implementing the plan to develop abusiness that used specialist proprietary software to allow airline passengersto transact business within the terrestrial world while in flight, failed toachieve the financial and operational objectives that were set at the time ofthe flotation. Accordingly, the Board terminated the service contracts of allof the company's executive directors and employees and has settled all externalliabilities with the exception of modest ongoing professional and regulatorycosts necessary to retain Flightstore's listing on AIM. Shareholders voted in favour of the company's change in investment strategy on 2December 2005. Since then the Board have examined a number of potential reversecandidates but none to date have been capable of being brought to a successfulconclusion. The Board in conjunction with City Financial Associates, thecompany's NOMAD and broker, are continuing to actively search for an appropriatereverse candidate. Under AIM rules Flightstore has until 1 December 2006 inwhich to successfully acquire a business if it is to avoid its shares beingautomatically suspended. The Board will continue to use its best endeavours tocomplete a transaction before that date David SebireChairman28 June 2005 Flightstore Group plcConsolidated profit and loss accountFor the period ended 31 December 2005 Note 2005 2004 Audited Audited £ £ Turnover 5,255 1,341 Cost of Sales 6,801 (79,825) ________ ________ Gross profit/(loss) 12,056 (78,484) Administrative expenses (377,395) (973,118) ________ ________ Operating loss (365,739) (1,051,602) Interest receivable 10,651 31,480 ________ ________ Loss on ordinary activities before taxation (355,088) (1,020,122) Tax on loss on ordinary activities 22,682 - ________ ________ Retained loss for the year 4 (332,406) (1,020,122) ======== ======== Earnings per share Basic and fully diluted 3 (0.35)p (1.12)p ====== ====== The Group has no recognised gains or losses during the current and previous yearother than the above results. All of the results above arose from continuingoperations during the current and previous year. Flightstore Group plcConsolidated balance sheetAs at 31 December 2005 Note 2005 2004 Audited Audited £ £ £ £Fixed assetsTangible assets - 12,731 _______ _______ - 12,731 Current assetsDebtors 4,994 56,311Cash at bank and in hand 94,782 605,724 _______ _______ 99,776 662,035 Creditors:Amounts falling duewithin one year (47,169) (316,871) _______ _______Net current assets 52,607 345,164 _______ _______ Total net assets 52,607 357,895 ====== ====== Capital and reservesCalled up share capital 1,003,764 1,003,764Share premium account 1,435,717 1,408,599Merger reserve 2,272,123 2,272,123Investment in own shares (100,000) (100,000)Profit and loss account (4,558,997) (4,226,591) _______ _______ Equity shareholders' funds 4 52,607 357,895 ====== ====== Flightstore Group plcConsolidated cash flow statementFor the year ended 31 December 2005 Note 2005 2004 Audited Audited £ £ Net cash outflow from operating activities 5 (571,393) (1,182,453) Returns on investment and servicing of finance 10,651 31,480 Taxation 22,682 - Capital expenditure and financial investment - (8,793) _______ _______ Cash outflow before financing (583,060) (1,159,766) Financing 27,118 - _______ _______ Decrease in cash in the year (510,942) (1,159,766) _______ _______ Reconciliation of net cash flow tomovement in net debt £ £ Decrease in cash in the year (510,942) (1,159,766) Net funds at 1 January 2005 605,724 1,765,490 ______ ______ Net funds at 31 December 2005 94,782 605,724 _______ _______ Flightstore Group plcNotes to the financial statements (continued)For the year ended 31 December 2005 1. The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 31 December 2005 and 2004. The financial information for the year ended 31 December 2005 has been prepared using accounting policies which are consistent with those adopted in the audited accounts for the year ended 31 December 2004. The financial information for the year ended 31 December 2004 is derived from the statutory accounts of Flightstore Group Plc for that year which have been delivered to the Registrar of Companies. The auditors have reported on the 2004 accounts; in their report a disclaimer was made with regard to the going concern basis and the limitation in evidence available to support this. The auditors have reported on the 2005 accounts and a disclaimer was also made with regard to the going concern basis and the limitation in evidence available to support this. The statutory accounts for the year ended 31 December 2005 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The financial information set out in this announcement was approved by the Board of Directors on 21 June 2005. 2. The Directors do not recommend the payment of a dividend. 3. The calculation of earnings per share is calculated on 90,876,460, ordinary shares (2004: 90,876,460) being the weighted average number of shares in issue during the year and on the profit after tax. The calculation of the diluted earnings per share is also calculated on 90,876,460 ordinary shares (2004: 90,876,460) since the diluted earnings per share cannot be lower than the basic earnings per share when a loss is incurred. In compliance with Financial Reporting Standard 14: Earnings per share, the weighted average number of ordinary shares in issue is calculated net of the number of own shares held within the group by FG Employee Trustee Company Limited, being 9,500,000 ordinary shares as at 31 December 2005. 4. Reconciliation of movement in shareholders' funds Group Group Audited Audited 2005 2004 £ £ Loss for the year (332,406) (1,020,122) Increase in share premium account 27,118 - ________ _________ Net reduction in shareholders' funds (305,288) 1,020,122 Opening shareholders' funds 357,895 1,378,017 ________ _________ Closing shareholders' funds 52,607 357,895 ________ _________ 5. Reconciliation of operating loss to net cash flow from operating activities 2005 2004 Audited Audited £ £ Operating loss (365,739) (1,051,602) Depreciation 12,731 12,271 Decrease in debtors 51,317 10,847 Decrease in creditors (269,704) (153,969) ________ ________ Net cash outflow from operating activities (571,393) (1,182,453) ________ _________ Copies of this announcement are available for collection from the Company'sbroker, CFA, at Pountney Hill House, 6 Laurence Pountney Hill, London, EC4R 0BL. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
FLG.L