Half-yearly Report

22nd Jun 2012 15:05

C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.

INTERIM REPORT

FOR THE 6 MONTH PERIOD ENDED

30 APRIL 2012

CHAIRMAN'S STATEMENT

FOR THE 6 MONTH PERIOD 30 APRIL 2012

REVIEW OF THE BUSINESS

Turnover in the first half of the year fell to £112,475 as compared with £132,463 for the same period last year.

This has resulted in a loss of £114,256 after tax, as against a loss of £84,968 for the same period.

Trading has continued to be demanding and difficult and this has been reflected in the interim results. There has been a big drive to increase sales over the last six months, as well as a focus on improving service and price from our suppliers. A number of new clients have placed orders during this period which is encouraging. We will look to continue to invest in sale resource and effort. The company is resolved to eliminate the trading losses. The directors are currently continuing to seeking new opportunities for the development and expansion of the company and shareholders will be kept up to date on progress.

Oliver Fattal								Kevin Jackson
Chief Executive Officer								Chief Executive Officer

22 June 2012

PROFIT AND LOSS ACCOUNT

FOR THE 6 MONTH PERIOD ENDED 30 APRIL 2012

								Unaudited								Unaudited								Audited
								6 Months								6 Months								Year to
								30 April								30 April								31 October
								2012								2011								2011
								£								£								£
TURNOVER								112,475								132,463								260,101
Cost of Sales								(54,042)								(64,790)								(284,073)
								_______								_______								________
Gross Profit/(Loss)								58,433								67,673								(23,972)
Other Operating Expenses								(176,465)								(157,730)								(353,634)
Other Operating Income								2,970								3,049								6,911
								_______								_______								_______
OPERATING LOSS								(115,062)								(87,008)								(370,695)
Investment Income								982								2,040								3,558
								_______								_______								_______
LOSS ON ORDINARY
ACTIVITIES BEFORE TAXATION								(114,080)								(84,968)								(367,137)
Taxation								(176)								-								394
								_______								_______								_______
LOSS ON ORDINARY
ACTIVITIES AFTER TAXATION								(114,256)								(84,968)								(366,743)
LOSS PER ORDINARY SHARE OF 50p								(114.3)p								(84.9)p								(366.7)p

All operations are continuing.

BALANCE SHEET

AS AT 30 APRIL 2012

								Unaudited								Unaudited								Audited
								6 Months								6 Months								Year to
								30 April								30 April								31 October
								2012								2011								2011
FIXED ASSETS								£								£								£
Tangible Assets								60,760								57,882								54,001
								______								______								______
CURRENT ASSETS
Stocks								69,985								221,983								72,951
Debtors								59,945								77,381								55,466
Investment								4,099								4,099								4,099
Cash at Bank and in Hand								85,387								298,627								204,237
								_______								_______								_______
								219,416								602,090								336,753
CREDITORS:
Amounts falling due within one year								(68,173)								(51,765)								(64,672)
								_______								_______								_______
NET CURRENT ASSETS								151,243								550,325								272,081
								_______								_______								_______
TOTAL ASSETS LESS CURRENT LIABILITIES								212,003								608,207								326,082
PROVISION FOR LIABILITIES AND CHARGES								(413)								(586)								(237)
								_______								______								_______
NET ASSETS								211,590								607,621								325,845
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								139,462								535,493								253,717
								_______								______								_______
SHAREHOLDERS' FUNDS								211,590								607,621								325,845

Approved and authorised for issue by the board on 22 June 2012

Oliver Fattal									Kevin Jackson
Chief Executive Officer									Chief Executive Officer

CASH FLOW STATEMENT

FOR THE 6 MONTH PERIOD ENDED 30 APRIL 2012

								Unaudited								Unaudited								Audited
								6 Months								6 Months								Year to
								30 April								30 April								31 October
								2012								2011								2011
								£								£								£
Operating Loss								(115,062)								(87,008)								(370,695)
Depreciation of Tangible Assets								3,767								2,744								6,488
Loss/(Profit) on Disposal of Tangible Assets								1,565								(48)								297
Decrease in Stocks								2,966								9,128								158,160
(Increase)/Decrease in Debtors								(4,479)								30,476								52,391
Increase/(Decrease) in Creditors								3,501								(9,072)								3,835
								______								_______								_______
NET CASH OUTFLOW FROM
OPERATING ACTIVITIES								(107,742)								(53,780)								(149,524)
								=====								=====								=====
RETURN ON INVESTMENTS AND SERVICING OF FINANCE
Interest Received								891								1,954								3,286
Dividends Received								91								86								256
								_____								_____								_____
								982								2,040								3,542
								=====								=====								=====
TAXATION
Interest on Corporation Tax								-								(61)								16
Corporation Tax paid								-								9,610								9,594
								______								_____								_____
								-								9,549								9,610
								=====								=====								=====
CAPITAL EXPENDITURE
Purchase of Fixed Assets								(15,290)								(380)								(787)
Sale of Fixed Assets								3,200								278								476
								_____								______								_____
								(12,090)								(102)								(311)
								=====								=====								=====
EQUITY DIVIDEND PAID								-								-								-
								=====								=====								=====
(DECREASE) IN CASH IN PERIOD								(118,850)								(42,293)								(136,683)
								=====								=====								=====
RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET FUNDS
(Decrease) in Cash								(118,850)								(42,293)								(136,683)
Net funds at 1 November 2011								204,237								340,920								340,920
								________								_______								_______
Net funds at 30 April 2012								85,387								298,627								204,237
								=====								=====								=====

INTERIM REPORT

FOR THE 6 MONTH PERIOD ENDED 30 APRIL 2012

Notes

1. The interim results to 30 April 2012, 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 2011, 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 2011 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 489(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
										2012								2011								2011
										£								£								£
		Loss for the year								(114,256)								(84,968)								(366,743)
		Final Dividends
		- 25p per share								-								-								-
										________								________								________
		Net Movement in
		Shareholders' funds								(114,256)								(84,968)								(366,743)
		Shareholders' funds:
		At 1 November 2011								325,846								692,589								692,589
										________								________								________
		At 30 April 2012								211,590								607,621								325,846

No dividends were approved by the annual general meeting held on 11 April 2012

(10 March 2011).

Copyright Business Wire 2012

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