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Half Yearly Report

30th Sep 2010 16:36

RNS Number : 6467T
Bidtimes PLC
30 September 2010
 



30 September 2010

 

 

BIDTIMES PLC

("Bidtimes" or "the Company")

 

Interim Results for six months ended 30 June 2010

 

 

Chairman's statement

 

I am pleased to present the interim results of the Company for the six month period ended 30 June 2010 in which the Company continued to pursue its stated investment strategy, albeit with a limited budget, in order to build value for its shareholders.

 

During the period under review, the Company continued to focus on identifying and assessing investment opportunities in the energy sector, particularly the alternative energy sector. The Company is continuing to assess an opportunity in the clean energy sector which was highlighted in the Company's last annual report, as the Directors believe that considerable opportunities with the potential to create shareholder value exist within this industry.

 

Very limited exploration work has been carried out on the exploration licence over the Kyber Pass project, the Company's joint venture interest in South Australia. The Company continues to review the data generated from this work, in order to assess whether further investment is warranted.

 

During the six month period, the Company made a loss of £26,421 after taxation, compared with a loss of £101,358 in the ten months ended 31 December 2009.

 

 

 

Anthony Brennan

Executive Chairman

30 September 2010

 

Enquiries:

 

Simon Clements

+44 (0) 20 7628 2200

David Worlidge

Merchant Securities Limited

Julian Moore

+44 (0) 778 782 5269

Non-Executive Director, Bidtimes Plc

Income Statement

for the six months ended 30 June 2010

 

 

 

 

 

 

Note

Six months

ended

30 June

2010

(unaudited)

£

Six months

ended

31 August

2009

(unaudited)

£

Ten Months

ended

31 December

2009

(audited)

£

Revenue

-

-

-

Administrative expenses

Other administration expenses

(26,482)

(61,794)

(101,486)

Operating loss

(26,482)

(61,794)

(101,486)

Loss on ordinary activities before taxation and finance costs

 

(26,482)

 

(61,794)

 

(101,486)

Finance income

69

216

332

Finance costs

(8)

-

(204)

Loss before taxation

(26,421)

(61,578)

(101,358)

Taxation

-

-

-

Loss after taxation

(26,421)

(61,578)

(101,358)

Attributable to:

Equity shareholders of the Company

(26,421)

(61,578)

(101,358)

Loss transferred to reserves

(26,421)

(61,578)

(101,358)

Basic loss per share (pence)

5

(0.03)

(0.06)

(0.10)

 

All activities relate to continuing operations

 

Balance Sheet

as at 30 June 2010

 

 

 

 

 

Note

As at

30 June

2010

(unaudited)

£

As at

31 August

2009

(unaudited)

£

As at

31 December 2009

(audited)

£

Non-current assets

Investments

153,470

-

-

Current assets

Trade and other receivables

7,087

3,575

1,519

Cash and cash equivalents

165,183

258,353

219,318

172,270

261,928

220,837

Total assets

325,740

261,928

220,837

Current liabilities

Trade and other payables

(172,019)

(42,006)

(40,695)

Total liabilities

(172,019)

(42,006)

(40,695)

Net assets

153,721

219,922

180,142

Shareholders funds

Issued capital

1,268,676

1,268,676

1,268,676

Share premium account

714,948

714,948

714,948

Retained earnings

(1,829,903)

(1,763,702)

(1,803,482)

Total equity

8

153,721

219,922

180,142

 

Cash Flow Statement

for the six months ended 30 June 2010

 

 

 

 

 

Note

Six months

ended

30 June

2010

(unaudited)

£

Six months

ended

31 August

2009

(unaudited)

£

Ten Months

ended

31 December 2009

(audited)

£

Cash inflow/(outflow) from operating activities

9

99,274

(61,760)

(100,707)

Cash (outflow)/inflow from investing activities

Finance income received

69

216

332

Commitment to investments

(153,470)

-

-

Net cash (outflow)/inflow from investing activities

(153,401)

216

332

Cash outflow from financing activities

Finance cost paid

(8)

-

(204)

Net cash outflow from financing activities

(8)

-

(204)

Net decrease in cash and cash equivalents

(54,135)

(61,544)

(100,579)

Cash and cash equivalents at beginning of period

219,318

319,897

319,897

Cash and cash equivalents at end of period

10

165,183

258,353

219,318

 

 

Other primary statements the six months ended 30 June 2010

Statement of total recognised gains and losses

 

 

 

 

 

Note

Six months ended

30 June

2010

(unaudited)

£

Six months ended

31 August

2009

(unaudited)

£

Ten months

ended

31 December 2009

(audited)

£

Loss for the financial period

(26,421)

(61,578)

(101,358)

Total losses recognised for the period

(26,421)

(61,578)

(101,358)

Attributable to:

Equity Shareholders of the company

(26,421)

(61,578)

(101,358)

 

 

Notes to the interim results

for the six months ended 30 June 2010

 

 

1. Accounting policies

The interim financial statements have been prepared in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union. The principal accounting policies of Bidtimes for the interim financial statements have remained unchanged from those set out in Bidtimes' 2009 annual report and financial statements, which have been prepared in accordance with IFRS as adopted by the European Union.

 

 

2. Basis of preparation

The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The figures for the ten month period ended 31 December 2009, have been extracted from the statutory financial statements, prepared under IFRS, which have been filed with the Registrar of Companies. The auditors report on those financial statements was unqualified, did not contain an emphasis of matter paragraph and did not contain a statement under Section 498 of the Companies Act 2006.

 

 

3. Dividends

No dividend is proposed for the six months ended 30 June 2010.

 

 

4. Taxation

On the grounds that year to date losses have been made there is no taxation charged to the profit and loss account in this period.

 

 

5. Loss per share

The calculation of the basic loss per share is based on the loss on ordinary activities after tax and on the weighted average number of shares in issue during the period. The impact of the share options is anti-dilutive. The loss and weighted average number of shares used in the calculations are set out below

 

Loss

£

Weighted average

number of

shares

Loss per share

(pence)

Basic Loss per share

6 months ended 30 June 2010

(26,421)

97,373,523

(0.03)

6 months ended 31 August 2009

(61,578)

97,373,523

(0.06)

10 months ended 31 December 2009

(101,358)

97,373,523

(0.10)

 

 

 

6. Investments

This represents costs incurred on investigating and pursuing certain investment opportunities.

 

7. Trade and other payables

Included in trade creditors is an unsecured interest-free loan of £138,571 advanced to the Company by a third party to fund the costs of investigating and pursuing an acquisition opportunity in the clean energy sector. In the event that the Company is unable to conclude the acquisition, the loan will be waived.

 

8. Reconciliation of movements in shareholders' funds

 

Six months ended

30 June

2010

(unaudited)

£

Six months ended

31 August

2009

(unaudited)

£

Ten months

ended

31 December 2009

(audited)

£

Loss on ordinary activities

(26,421)

(61,578)

(101,358)

Net decrease in shareholders' funds

 

(26,421)

 

(61,578)

 

(101,358)

Shareholders' funds brought forward

180,142

281,500

281,500

Shareholders' funds at the end of the period

 

153,721

 

219,922

 

180,142

 

 

9. Reconciliation of operating loss with net cash flow from operating activities

 

Six months ended

30 June

2010

(unaudited)

£

Six months ended

31 August

2009

(unaudited)

£

Ten months

ended

31 December 2009

(audited)

£

Operating loss

(26,482)

(61,794)

(101,486)

(Increase)/decrease in debtors

(5,568)

(619)

1,437

Increase/(decrease) in creditors

131,324

653

(658)

Net cash inflow/(outflow) from operating activities

 

99,274

 

(61,760)

 

(100,707)

 

 

10. Analysis of changes in cash and cash equivalents and net funds

 

As at

1 January

2010

(audited)

£

Cash

Flow

£

 

 

Non-Cash

Movement

£

As at

30 June

2010

(unaudited)

£

Cash at bank and in hand

219,318

(54,135)

-

165,183

Cash and cash equivalents

219,318

(54,135)

-

165,183

 

 

11. Copies of the Interim Results are available for download from the Company's website at www.bidtimes.com

or by request from the Company's registered office, Meriden House, 6 Great Cornbow, Halesowen, West

Midlands B63 3AB.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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