21st Apr 2006 17:23
Cordillera Resources PLC21 April 2006 CORDILLERA RESOURCES PLC Results for the period 26 August 2004 to 31 October 2005 Chairman's statement The year has seen slower progress for Cordillera Resources Plc ("the Company")than the Board anticipated as a number of projects had been examined before thedecision was made to enter into an agreement with Continental Petroleum Ltd ("Continental") a UK Company with interests in two large concessions in WesternSiberia. Due diligence had commenced on the concessions before the acquisition agreementwith Continental was signed and it was hoped that the final agreement andaccompanying circular would have been despatched by now. Procedural delays inRussia have held up the finalising of the due diligence process, although theDirectors have been assured that the matters giving rise to the delays have nowbeen resolved. In the meantime, we understand that commencement of development work onContinental's concessions is imminent. The Board is confident that 2006 will be an exciting time for the Company andwish its proposed new management every success over the coming year. Colin Orr-EwingChairman21 April 2006 Profit and loss accountfor the period ended 31 October 2005 2005 £'000 Administrative expenses (164) Operating loss (164) Interest receivable 36 Loss on ordinary activities before taxation (128) Taxation on loss on ordinary activities - Retained Loss for the financial year (128) Loss per share expressed in pence per share- Basic (0.09)p- Diluted (0.09)p There are no recognised gains or losses other than the loss for the period asshown above. The operations are considered to be continuing. Balance sheetas at 31 October 2005 2005 £'000 Current assets Debtors 8Cash at bank 1,382 1,390 Creditors - falling due within one year (11) Net current assets 1,379 Net assets 1,379 Capital and reservesCalled up share capital 420Share premium account 1,087)Profit and loss account (128) Total Equity shareholders' funds 1,379 Cash flow statementfor the period ended 31 October 2005 2005 £'000 Net cash outflow from operating activities (161) Return on InvestmentsInterest received 36 Cash outflow before financing (125) FinancingIssue of ordinary share capital 1,507 Increase in cash in the period 1,382 Statement of accounting policiesfor the period ended 31 October 2005 The principal accounting policies are summarised below. They have all beenapplied consistently throughout the period. Basis of accounting The accounts have been prepared under the historical cost convention and inaccordance with applicable United Kingdom accounting standards. Turnover The Company had no turnover during the period. Foreign currencies Transactions denominated in foreign currencies are translated into sterling atcontracted rates or, where no contract exists, at average monthly rates.Monetary assets and liabilities denominated in foreign currencies which are heldat the year-end are translated into sterling at year-end exchange rates.Exchange differences on monetary items are taken to the Profit and Loss Account. Investments Fixed asset investments are stated at cost less any provision for impairment.Trade investments are stated at the lower of cost or mid-market valuation.Associate investments are shown at cost adjusted for the group's portion of theresults for the period. Taxation Corporation tax payable is provided on taxable profits at the current rate. Deferred tax Deferred tax is provided on a full provision basis on all timing differenceswhich have arisen but not reversed at the balance sheet date. Options No charge to profit is made in respect of the options over the Company's sharesheld by Directors and others. Going concern The financial statements have been prepared on a going concern basis. Annual General Meeting The Board of Directors of the Company announces that all resolutions proposed tothe shareholders at the Annual General Meeting of the Company held on 24thFebruary 2006 were passed. Availability of report and accounts The report and accounts are being posted to shareholders and copies areavailable from the Company's registered office at 55-56 St James Street, LondonSW1A 1LA This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Celsius Res