6th Jun 2005 09:21
PNC Telecom PLC (the "Company") CHAIRMAN'S STATEMENT Final accounts for the year ended 31 March 2005 FINANCIAL RESULTSThe unaudited financial results for the year ended 31 March 2005 revealed anoperating loss of ‚£458,000. The basic loss per share is 0.95p. CHAIRMAN'S STATEMENTFurther to Joseph Case and Leo Knifton replacing the Board of PNC Telecom wehave now concluded our review of the accounts.We are pleased to announce that the Company is now on a more sound footing. Joseph Case is now operating a wholesale, distribution and trade financebusiness in the telecoms field for the Company and at present is receiving noremuneration. The net profit from 1 April 2005 to 13 May 2005 was ‚£24,000. With regard to the announcement made on 29 April 2005 regarding the liabilityfor the leases of some ‚£428,750 this your Board has now negotiated with a newtenant and expects the actual cost to be minimal (approximately ‚£20,000).As stated in previous announcements your Board is seeking to recover fundswhich it considers to be misappropriated by some members of the previous Board. ‚£62,300 has been recovered from Jeremy Thomas and the Company is currentlyissuing proceedings for a further ‚£66,378 against him. The Company is alsopursuing claims for ‚£432,622 against certain past directors.The Directors now believe that the Company is in good shape to trade for theyear 2005/06.The Annual General Meeting has been convened for 4 July 2005 at 11 am atFinsgate, 5-7 Cranwood Street, London, EC1V 9EE.L E V KNIFTONChairmanTel: 0207 251 3762 PNC Telecom PLC Profit & Loss Account for the year ended 31 March 2005 Unaudited Audited year year ended ended 31 March 31 March 2005 2004 Note '000 ‚£'000 Turnover - - Administration Expenses (458) (710) ____ ____ Operating Loss (458) (710) Profit on Disposal of Investments - 268 Other interest receivable and similar income - 22 ____ ____ Loss on ordinary activities before taxation (458) (420) Tax credit on loss on ordinary activities - - ____ ____ Loss on ordinary activities after taxation (458) (420) Dividends - - ____ ____ Retained loss for the period ‚£(458) ‚£(420) Earnings per ordinary share - basic 2 (0.95p) (0.87p) There were no recognised gains or losses other than those recognised in theprofit and loss account above. PNC TELECOM PLC Balance Sheet as at 31 March 2005 Unaudited Audited As at As at 31 March 31 March 2005 2004 Note ‚£'000 ‚£'000 CURRENT ASSETS Debtors 45 - Cash at bank and in hand 259 744 ____ ____ 304 744Creditors: amounts falling due within one year (146) (128) ____ ____ Net current assets 158 616 ____ ____ NET ASSETS ‚£158 ‚£616 CAPITAL AND RESERVES Called up share capital 3 2,404 2,404 Share premium account 48,033 48,033 Profit & loss account (50,279) (49,821) ____ ____ Equity Shareholders' Funds ‚£158 ‚£616 PNC TELECOM PLC Cash Flow Statement for the year ended 31 March 2005 Unaudited Audited year Year ended ended 31 March 31 March 2005 2004 Note ‚£'000 ‚£'000 Cash (outflow) from operating activities 4 (492) (3,479) Returns on investments and servicing of finance 7 22 Taxation - 42 Capital expenditure: proceeds from salthe the sale of tangible fixed assets and investments - 4,962 Financing: Hire purchase - (629) Loan repayment - (150) ____ ____ Cash increase/(decrease) in the period ‚£(485) ‚£768 Reconciliation of net cash flow to movement in net funds Unaudited Audited year Year ended ended 31 March 31 March 2005 2004 Note ‚£'000 ‚£'000 Increase/(decrease) in cash in the period (485) 768 Cash outflow from decrease in debt and lease finance - 779 Net funds/(debt) at start of the period 744 (803) ____ ____ Net funds at end of period ‚£259 ‚£744 PNC TELECOM PLC Reconciliation of movement in Shareholders' Funds for the year ended 31 March 2005 Unaudited Audited year ended Year ended 31 March 31 March 2005 2004 Note ‚£'000 ‚£'000 Retained loss for the period (458) (420) Opening shareholders' funds 616 1,036 ____ ____ Closing shareholders' funds ‚£158 ‚£616 PNC TELECOM PLC NOTES TO THE INTERIM REPORT 1. Accounting PoliciesBasis of preparationThe interim report has been prepared using accounting policies consistent withthose set out in the Company's Annual Report and Accounts for the year ended 31March 2004.The financial statements and the Annual Report and Accounts for the year ended31 March 2004 were prepared on a going concern basis.The interim report for the year ended 31 March 2005 was approved by the Boardon 1 June 2005.2. Loss per Share Unaudited Year year ended ended 31 March 31 March 2005 2004 Pence Pence Earnings per ordinary share - basic (0.95) (0.87p) ____ ____ Loss per ordinary share is based on the Group's loss for the financial periodof ‚£458,000 (March 2004 - ‚£420,000 ).The weighted average number of shares used in the calculation is - basic anddiluted 48,084,000 (March 2004 - basic and diluted 48,084,000 )3. Called up Share CapitalFollowing a capital reorganisation in January 2005 the issued share capital asat 31 March 2005 was 48,084,000 ordinary shares of 0.1p. each and 48,084,000deferred shares of 4.99 each. There has been no allotment since. PNC TELECOM PLC NOTES TO THE INTERIM REPORT continued 4. Reconciliation of operating loss to net cash outflow from operatingactivities Unaudited Unaudited year ended Year ended 31 March 31 March 2005 2004 ‚£'000 ‚£'000 Operating loss (458) (442) Stock - 614 Debtors (45) 4,810 Creditors 11 (7,823) Provisions for liabilities - (545) Loss on disposal of fixed assets - (93) ____ ____ Net cash inflow/(outflow) from operating activities ‚£(492) ‚£(3,479) 5. The information for the year ended 31 March 2004 has been extractedfrom the audited accounts for that period which have been delivered to theRegistrar of Companies and received a qualified audit opinion. The unauditedresults for the year ended 31 March 2005 have been prepared on a basisconsistent with the accounting policies disclosed in the Company's 2004accounts and do not constitute statutory accounts within the meaning of Section240 of the Companies Act 1985. 6. Copies of this interim statement are available from the Company atits registered office at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.ENDPNC TELECOM PLCRelated Shares:
Tricor