31st Mar 2005 17:51
Netcentric Systems PLC31 March 2005 NETCENTRIC SYSTEMS PLC 31 March 2005 CHAIRMAN'S STATEMENT RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2004 The Company recorded a loss after tax of £178,000. (£289,000 loss 2003). Such losses are essentially Central Costs of £146,000. The equivalent costs in2003 were £154,000. Additionally the directors have decided for prudency to provide in full againstthe carrying value of unrealised investments in the sum of £32,000. We have looked at a number of "reverse" acquisitions and investments for theCompany during the year, all of which have not been pursued for sound commercialreasons and we will continue to look for such a suitable proposition. PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2004 2004 2003 £'000 £'000TURNOVERContinuing operations - 11Discontinued operations 5 - -------- --------TOTAL TURNOVER 5 11 Cost of sales - - -------- -------- GROSS PROFIT 5 11 Net operating expensesContinuing operations (150) (214)Discontinued operations (7) - -------- -------- OPERATING LOSSContinuing operations (150) (203)Discontinued operations (2) - TOTAL OPERATING LOSS (152) (203) Interest income 4 33Loss on disposal of investments - (119)Provision for investment write-downs (30) - -------- -------- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (178) (289) Taxation - - -------- -------- LOSS FOR THE YEAR (178) (289) -------- -------- LOSS PER SHARE - BASIC 0.13p 0.21p -------- -------- - DILUTED 0.13p 0.21p -------- -------- STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSESFOR THE YEAR ENDED 30 SEPTEMBER 2004 2004 2003 £'000 £'000 Loss for the financial year (178) (289) Revaluation of investment (12) 12 -------- --------Total gains and losses recognised in thefinancial statements since the last annualreport (190) (277) -------- -------- BALANCE SHEET - AT 30 SEPTEMBER 2004 2004 2003 £'000 £'000 FIXED ASSETS Investments - 42 -------- -------- - 42 CURRENT ASSETSDebtors 38 26Cash at bank 162 310 -------- -------- 336CREDITORS: amounts falling duewithin one year (49) (37) -------- --------NET CURRENT ASSETS 151 299 -------- --------NET ASSETS 151 341 -------- -------- Represented by: CAPITAL AND RESERVESCalled up share capital 699 699Reserves (548) (358) -------- --------SHAREHOLDERS' FUNDS 151 341 -------- -------- CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2004 2004 2003 £'000 £'000 OPERATING ACTIVITIESNet cash (outflow)/inflow from operatingactivities (152) 214 -------- --------NET CASH (OUTFLOW)/INFLOW FROM OPERATINGACTIVITIES (152) 214 RETURNS ON INVESTMENTS AND SERVICING OF FINANCEInterest received 4 18 -------- -------- 4 18 CAPITAL EXPENDITURE AND FINANCIAL INVESTMENTSale of investments - 42 -------- -------- - 42 -------- --------(DECREASE)/INCREASE INCASH IN THE YEAR (148) 274 -------- -------- 2. SEGMENTAL ANALYSIS BY CLASS OF BUSINESS Turnover Loss before taxation Operating net assets 2004 2003 2004 2003 2004 2003 £'000 £'000 £'000 £'000 £'000 £'000 Investing activities - - (30) (132) - 42Rental activities 5 11 (2) (3) - -Central costs - - (146) (154) (11) (11) -------- -------- -------- -------- -------- -------- 5 11 (178) (289) (11) 31 -------- -------- -------- --------Cash at bank 162 310 -------- --------Net assets 151 341 -------- -------- 3. SEGMENTAL ANALYSIS BY GEOGRAPHICAL AREA The whole of the Company's turnover and loss before taxation arise within the United Kingdom. Similarly, all net assets are in the United Kingdom with the exception of the investment held at 30 September 2004 in Harrell Hospitality Group Inc., a company based in the United States of America, of £Nil (2003: £42,000). 4. LEASING INCOME The aggregate rentals receivable in the year in respect of operating leases is £5,000 (2003: £11,000). 5. RELATED PARTY TRANSACTIONS S A Komlosy and J J May, directors of the Company, were also directors of London and Boston Investments plc during the year ended 30 September 2004. London & Boston Investments plc held 68,386,092 shares in Netcentric Systems plc (48.94%) at 30 September 2004 and 30 September 2003. During the year the Company incurred management fees relating to services provided by London & Boston Investments plc of £25,000 (2003: £39,333). During the year the company also recharged expenses to London & Boston Investments plc, which totalled £20,428 (2003: £507). The balance due to London & Boston Investments plc at 30 September 2004 was £nil (2003: £nil). Further to the above transactions the Company also made a loan to London & Boston Investments plc. Interest is charged at 6% per annum. At 30 September 2004 the balance of this loan was £28,040 (2003: £nil). 6. LOSS PER ORDINARY SHARE The calculation of loss per ordinary share is based upon a loss after taxation of £178,000 (2003: £289,000) and on 139,734,602 ordinary shares being the weighted number of ordinary shares in issue during the year (2003: 139,734,602). Share options and warrants do not have a dilutive effect. 7. REPORT AND ACCOUNTS The financial information set out above does not constitute statutory accounts within the meeting of Section 6 and Schedule 1 of the Isle of Man Companies Act 1982. Statutory financial statements for the financial year ended 30 September 2004 will be delivered to the Register of Companies. The report and accounts will be posted to the shareholders shortly and will be available from 133 Ebury Street, London, SW1W 9QU This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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