29th Feb 2012 16:24
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE 12 MONTH YEAR ENDED
31 OCTOBER 2011
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
CHAIRMAN'S STATEMENT
FOR THE 12 MONTH PERIOD ENDED 31 OCTOBER 2011
Due to continuing losses and other matters, the Managing Director Aubrey Lilley was dismissed. He has been replaced by Ian Granger who has many years of trade experience and who is widely respected in the industry. Ian has been tasked with eliminating the losses and returning the buttons business to profitability.
The Directors are actively seeking ways to expand and diversify, and I am optimistic that progress will be made during 2012.
In view of the losses sustained during the year, the Directors decided that it would be prudent to pass the dividend.
The exceptional losses incurred are as a result of the write down in value of the stock and is therefore not expected to recur.
By order of the Board
D L Bloom Chairman
29 February, 2012
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
UNAUDITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2011
| Unaudited | Audited | |||||
| Year to | Year to | |||||
| 31 October | 31 October | |||||
| 2011 | 2010 | |||||
| £ | £ | |||||
| TURNOVER | 260,101 | 360,032 | ||||
| Cost of Sales | (139,352) | (165,028) | ||||
| Cost of Sales - exceptional (see note 3) | (144,721) | - | ||||
| _______ | _______ | |||||
| Gross Loss/Profit | (23,972) | 195,004 | ||||
| Other Operating Expenses | (346,723) | (307,828) | ||||
| _______ | _______ | |||||
| OPERATING LOSS | (370,695) | (112,824) | ||||
| Investment Income | 3,558 | 5,278 | ||||
| _______ | ______ | |||||
| LOSS ON ORDINARY | ||||||
| ACTIVITIES BEFORE TAXATION | (367,137) | (107,546) | ||||
| Taxation | 394 | 9,654 | ||||
| _______ | _______ | |||||
| LOSS ON ORDINARY | ||||||
| ACTIVITIES AFTER TAXATION | (366,743) | (97,892) | ||||
| LOSS PER SHARE - BASIC AND FULLY DILUTED | (366.7)p | (97.9)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.
| Unaudited | Audited | |||||||
| As at | As at | |||||||
| 31 October | 31 October | |||||||
| 2011 | 2010 | |||||||
| FIXED ASSETS | £ | £ | ||||||
| Tangible Assets | 54,001 | 60,475 | ||||||
| ______ | ______ | |||||||
| CURRENT ASSETS | ||||||||
| Stocks | 72,951 | 231,111 | ||||||
| Debtors | 55,466 | 117,451 | ||||||
| Investment | 4,099 | 4,099 | ||||||
| Cash at Bank and in Hand | 204,237 | 340,920 | ||||||
| _______ | _______ | |||||||
| 336,753 | 693,581 | |||||||
| CREDITORS: | ||||||||
| Amounts falling due within one year | (64,672) | (60,837) | ||||||
| _______ | _______ | |||||||
| NET CURRENT ASSETS | 272,081 | 632,744 | ||||||
| _______ | _______ | |||||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 326,082 | 693,219 | ||||||
| PROVISION FOR LIABILITIES AND CHARGES | (237) | (631) | ||||||
| _______ | _______ | |||||||
| NET ASSETS | 325,845 | 692,588 | ||||||
| CAPITAL AND RESERVES | ||||||||
| Called up Share Capital | 50,000 | 50,000 | ||||||
| Revaluation Reserve | 22,128 | 22,128 | ||||||
| Profit and Loss Account | 253,717 | 620,460 | ||||||
| _______ | _______ | |||||||
| SHAREHOLDERS' FUNDS | 325,845 | 692,588 | ||||||
|
| Unaudited | Audited | |||
| Year to | Year to | ||||
| 31 October | 31 October | ||||
| 2011 | 2010 | ||||
| £ | £ | ||||
| Operating loss | (370,695) | (112,824) | |||
| Depreciation of tangible assets | 6,488 | 6,726 | |||
| Loss on disposal of fixed assets | 297 | - | |||
| Decrease in Stocks | 158,160 | 6,894 | |||
| Decrease/(Increase) in debtors | 52,391 | 66,163 | |||
| (Decrease)/Increase in creditors | 3,835 | (22,792) | |||
| _______ | ______ | ||||
| Net cash outflow from operating activities | (149,524) | (55,833) | |||
| Returns on investments and servicing of finance | |||||
| Interest received | 3,286 | 5,037 | |||
| Dividends | 256 | 241 | |||
| _____ | _____ | ||||
| 3,542 | 5,278 | ||||
| ===== | ===== | ||||
| Taxation | |||||
| Corporation tax received/ (paid) | 9,610 | (4,669) | |||
| ===== | ===== | ||||
| Capital Expenditure | |||||
| Purchase of fixed assets | (787) | (1,396) | |||
| Sale of fixed assets | 476 | 726 | |||
| _______ | ______ | ||||
| (311) | (670) | ||||
| Equity dividends paid | - | (25,000) | |||
| Decrease in cash in period | (136,683) | (80,894) | |||
| Reconciliation of net cash flow to movement in net funds | |||||
| Decrease in cash | (136,683) | (80,894) | |||
| Net funds at 1 November 2010 | 340,920 | 421,814 | |||
| _______ | _______ | ||||
| Net funds at 31 October 2011 | 204,237 | 340,920 | |||
Notes
1. The above results for the years ended 31 October 2011 and 2010 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 2010 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 2011 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 2011 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 29 February 2012.
The directors do not propose to recommend a dividend in respect of the year to 31 October 2011.
During the year, dividends of £NIL (2010 - £25,000) were paid in respect of 2010 (2010 - in respect of 2009).
2. During the year shareholders' equity decreased by £366,743 (2010 - £122,892 decrease) represented by the loss for the year of £366,743 (2010 - £97,892 loss) and dividends paid of £NIL (2010 - £25,000).
3. Exceptional item - The exceptional loss is as a result of the Directors approach to appraisal and evaluation of the stock. The Directors believe that the newly adopted approach gives a more accurate assessment of the stock value. The resultant write down in the value of the stock is not expected to recur.
Copyright Business Wire 2012
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