28th Jun 2011 17:37
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.INTERIM REPORTFOR THE 6 MONTH PERIOD ENDED30 APRIL 2011
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
CHAIRMAN'S STATEMENTFOR THE 6 MONTH PERIOD 30 APRIL 2011
REVIEW OF THE BUSINESS
Turnover in the first half of the year fell to £132,463 as compared with £149,227 for the same period last year. This has resulted in a loss of £84,968 after tax, as against a loss of £79,269 for the same period.
Trading has continued to be demanding and difficult as reflected in the disappointing interim results. The company is resolved to eliminate the trading losses. The directors are seeking new opportunities for the development and expansion of the company and shareholders will be kept up to date at such time as matters progress.
Desmond L BloomChairman
28 June 2011
(1)
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
PROFIT AND LOSS ACCOUNTFOR THE 6 MONTH PERIOD ENDED 30 APRIL 2011
| Unaudited | Unaudited | Audited | |||||||||||||
| 6 Months | 6 Months | Year to | |||||||||||||
| 30 April | 30 April | 31 October | |||||||||||||
| 2011 | 2010 | 2010 | |||||||||||||
| £ | £ | £ | |||||||||||||
| TURNOVER | 132,463 | 149,227 | 360,032 | ||||||||||||
| Cost of Sales | (64,790) | (74,505) | (165,028) | ||||||||||||
| Gross Profit | 67,673 | 74,722 | 195,004 | ||||||||||||
| Other Operating Expenses | (157,730) | (164,055) | (307,828) | ||||||||||||
| Other Operating Income | 3,049 | 3,005 | _ | ||||||||||||
| OPERATING LOSS | (87,008) | (86,328) | (112,824) | ||||||||||||
| Investment Income | 2,040 | 2,789 | 5,278 | ||||||||||||
| LOSS ON ORDINARY | |||||||||||||||
| ACTIVITIES BEFORE TAXATION | (84,968) | (83,539) | (107,546) | ||||||||||||
| Taxation | _ | 4,270 | 9,654 | ||||||||||||
| LOSS ON ORDINARY | |||||||||||||||
| ACTIVITIES AFTER TAXATION | (84,968) | (79,269) | (97,892) | ||||||||||||
| LOSS PER ORDINARY SHARE OF 50p | (84.9)p | (79.2)p | (97.9)p |
All operations are continuing.
(2)
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
BALANCE SHEETAS AT 30 APRIL 2011
| Unaudited | Unaudited | Audited | |||||||||||||
| 6 Months | 6 Months | Year to | |||||||||||||
| 30 April | 30 April | 31 October | |||||||||||||
| 2011 | 2010 | 2010 | |||||||||||||
| FIXED ASSETS | £ | £ | £ | ||||||||||||
| Tangible Assets | 57,882 | 63,195 | 60,475 | ||||||||||||
| CURRENT ASSETS | |||||||||||||||
| Stocks | 221,983 | 246,933 | 231,111 | ||||||||||||
| Debtors | 77,381 | 66,564 | 117,451 | ||||||||||||
| Investment | 4,099 | 4,099 | 4,099 | ||||||||||||
| Cash at Bank and in Hand | 298,627 | 408,991 | 340,920 | ||||||||||||
| 602,090 | 726,587 | 693,581 | |||||||||||||
| CREDITORS: | |||||||||||||||
| Amounts falling due within one year | (51,765) | (77,479) | (60,837) | ||||||||||||
| NET CURRENT ASSETS | 550,325 | 649,108 | 632,744 | ||||||||||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 608,207 | 712,303 | 693,219 | ||||||||||||
| PROVISION FOR LIABILITIES AND CHARGES | (586) | (1,092) | (631) | ||||||||||||
| NET ASSETS | 607,621 | 711,211 | 692,588 | ||||||||||||
| CAPITAL AND RESERVES | |||||||||||||||
| Called up Share Capital | 50,000 | 50,000 | 50,000 | ||||||||||||
| Revaluation Reserve | 22,128 | 22,128 | 22,128 | ||||||||||||
| Profit and Loss Account | 535,493 | 639,083 | 620,460 | ||||||||||||
| SHAREHOLDERS' FUNDS | 607,621 | 711,211 | 692,588 |
Approved and authorised for issue by the board on 28 June 2011
A. LilleyDirector
(3)
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
CASH FLOW STATEMENTFOR THE 6 MONTH PERIOD ENDED 30 APRIL 2011
| Unaudited | Unaudited | Audited | |||||||||||||
| 6 Months | 6 Months | Year to | |||||||||||||
| 30 April | 30 April | 31 October | |||||||||||||
| 2011 | 2010 | 2010 | |||||||||||||
| £ | £ | £ | |||||||||||||
| Operating Loss | (87,008) | (86,328) | (112,824) | ||||||||||||
| Depreciation of Tangible Assets | 2,744 | 4,007 | 6,726 | ||||||||||||
| Profit on Disposal of Tangible Assets | (48) | - | - | ||||||||||||
| Decrease/Increase in Stocks | 9,128 | (8,927) | 6,894 | ||||||||||||
| Decrease in Debtors | 30,476 | 112,125 | 66,163 | ||||||||||||
| (Decrease) in Creditors | (9,072) | (10,819) | (22,792) | ||||||||||||
| NET CASH OUTFLOW/INFLOW FROM | |||||||||||||||
| OPERATING ACTIVITIES | (53,780) | 10,058 | (55,833) | ||||||||||||
| RETURN ON INVESTMENT AND SERVICING OF FINANCE | |||||||||||||||
| Interest Received | 1,954 | 2,707 | 5,037 | ||||||||||||
| Dividends Received | 86 | 82 | 241 | ||||||||||||
| 2,040 | 2,789 | 5,278 | |||||||||||||
| TAXATION | |||||||||||||||
| Interest on Corporation Tax | (61) | - | - | ||||||||||||
| Corporation Tax paid | 9,610 | - | (4,669) | ||||||||||||
| 9,549 | - | (4,669) | |||||||||||||
| CAPITAL EXPENDITURE | |||||||||||||||
| Purchase of Fixed Assets | (380) | (1,396) | (1,396) | ||||||||||||
| Sale of Fixed Assets | 278 | 726 | 726 | ||||||||||||
| (102) | (670) | (670) | |||||||||||||
| EQUITY DIVIDENDS PAID | - | (25,000) | (25,000) | ||||||||||||
| (DECREASE) IN CASH IN PERIOD | (42,293) | (12,823) | (80,894) | ||||||||||||
| RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET FUNDS | |||||||||||||||
| (Decrease) in Cash | (42,293) | (12,823) | (80,894) | ||||||||||||
| Net funds at 1 November 2010 | 340,920 | 421,814 | 421,814 | ||||||||||||
| Net funds at 30 April 2011 | 298,627 | 408,991 | 340,920 |
(4)
C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.
INTERIM REPORTFOR THE 6 MONTH PERIOD ENDED 30 APRIL 2011
Notes
1. The interim results to 30 April 2011, which are unaudited, have been prepared in accordance with the accounting policies which will be adopted in the Company's next annual financial statements, which are the same as those policies used in the preparation of the financial statements for the year ended 31 October 2010, unless the company becomes a group in which case IFRS accounting will be adopted.
The interim results do not constitute statutory financial statements as defined in section 435 of the Companies Act 2006.
Comparative figures for the year ended 31 October 2010 are an abridged version of the Company's full financial statements, which carry an unqualified audit report, do not contain a statement made under section 498(2) or (3) of the Companies Act 2006 and have been delivered to the Registrar of Companies.
2. The credit/charge to taxation relates to UK direct taxation.
3 Movement in shareholders funds
| Unaudited | Unaudited | Audited | |||||||||||||
| 6 Months to | 6 Months to | Year to | |||||||||||||
| 30 April | 30 April | 31 October | |||||||||||||
| 2011 | 2010 | 2010 | |||||||||||||
| £ | £ | £ | |||||||||||||
| Loss for the year | (84,968) | (79,269) | (97,892) | ||||||||||||
| Final Dividends | |||||||||||||||
| 25p per share | - | (25,000) | (25,000) | ||||||||||||
| Net Movement in | |||||||||||||||
| shareholders' funds | (84,968) | (104,269) | (122,892) | ||||||||||||
| Shareholders' funds: | |||||||||||||||
| At 1 November 2010 | 692,589 | 815,480 | 815,481 | ||||||||||||
| At 30 April 2011 | 607,621 | 711,211 | 692,589 |
No dividends were approved by the annual general meeting held on 10 March 2011(10 March 2010).
(5)
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