8th Nov 2005 11:40
BIDTIMES PLC ("Bidtimes" or "the Company") Interim Results for six months ended 31st August 2005 Chairman's StatementI am pleased to present the interim results for the Group for the period ended31st August 2005.The Company has made a loss for the period of ‚£50,798, before taxation andamounts written off investments, compared with a loss of ‚£8,424 in the previoustwelve month period. The increase in the loss compared to the previous periodis due to the reduction in the amount of rental income generated from thefreehold property investments following the termination of the Barratt showhomeleaseback agreements.Following the termination of the Barratts agreements having run their coursethe board continues to let out three of the six freehold properties to privatetenants. Two of the showhomes are currently on the market to be sold, butdespite them producing a great deal of interest and viewings there has been nooffers. The board is exploring the possibility and financial viability of alsoletting these out to private tenants. The remaining property is currentlyvacant and the board is currently reviewing options for this property, havinggained knowledge from the sale attempts of the properties currently on themarket. In the year ended 28th February 2005, the board recognised that underSSAP 19 they were required to revalue the freehold property investments;therefore these were revalued to a carrying value of ‚£1,167,950 with anincrease of approximately ‚£63,000 over cost. The directors consider that thiscarrying value is reasonable and therefore the freehold property investmentshave not been adjusted over the six month period.The Board has been generally satisfied with the performance of the investmentportfolio during the period, with the exception of SRS Technology Group Plc,which has again seen the value of the Company's investment reduce, and this isconcerning to the Board. The investment in SRS Technology Group Plc iscontinuing to be monitored by the Board very closely, and it is hoped that thisdiminution in value will not continue below the current levels.The board has been actively monitoring the companies share price over theperiod, and would like to emphasise to shareholders that the board does notconsider the current share price to be reflective of the current net assetvalue of the company, as shown in these interim accounts.With all funds currently invested in a diversified and balanced portfolio, theBoard are still considering the possibility of issuing further shares followingauthority being granted to the board at the recent AGM. We, as a board believethis will be beneficial for the outlook of the Company in the medium term.Russell StevensChairman and Chief Executive8th November 2005Consolidated Profit and Loss Accountfor the six months ended 31st August 2005 Note Six months Six months Twelve months ended ended ended 31st August 31st August 28th February 2005 2004 2005 (unaudited) (unaudited) (audited) ‚£ ‚£ ‚£ Turnover - - - Administration expenses (41,069) (33,826) (73,625) Net rental income 17,755 47,205 91,172 Interest receivable 4,217 4,277 8,483 Interest payable (31,701) (26,080) (67,773) ------------- ------------- ------------- Loss before exceptional items (50,798) (8,424) (41,743) Exceptional items Amounts written off investments - (67,608) (4,217) ------------- ------------- ------------- Loss on ordinary activities (50,798) (76,032) (45,960) ======== ======== ======== Loss on ordinary activities (50,798) (76,032) (45,960)before and after taxation ======== ======== ======== Basic loss per share (pence) 5 (0.29) (0.44) (0.26) ======== ======== ========The Group has no other recognised gains or losses other than the losses for theperiods.Consolidated Balance Sheetas at 31st August 2005 Note As at As at As at 31st August 31st August 28th February 2005 2004 2005 (unaudited) (unaudited) (audited) ‚£ ‚£ ‚£ Fixed Assets Tangible assets 6 1,172,200 1,104,506 1,167.950 Investments 6 192,550 182,843 307,929 ------------ ------------ ------------- 1,364,750 1,287,349 1,475,879 ------------ ------------ ------------- Current assets Investments 135,000 149,216 145,000 Debtors 17,829 44,331 36,759 Cash at bank and in hand 34 - 33 ------------- ------------- ------------- 152,863 193,547 181,792 Current liabilities Creditors (938,025) (12,187) (911,906) ------------- ------------- ------------- Net current (liabilities)/ (785,162) 181,360 (730,114)assets ------------- ------------- ------------- Total assets less current 579,588 1,468,709 745,765liabilities Creditors: Amounts falling due - (873,938) -after more than one year ------------- ------------- ------------- Net assets 579,588 594,771 745,765 ======== ======== ======== Capital and reserves Called up share capital 868,676 868,676 868,676 Share premium 714,948 714,948 714,948 Revaluation reserve 123,856 - 239,235 Profit and loss account (1,127,892) (988,853) (1,077,094) ------------- ------------- ------------- Equity shareholders' funds 7 579,588 594,771 745,765 ======== ======== ========Cash Flow Statementfor the six months ended 31st August 2005 Note Six months Six months Twelve months ended ended ended 31st August 31st August 28th February 2005 2004 2005 (unaudited) (unaudited) (audited) ‚£ ‚£ ‚£ Net cash outflow from 8 (13,085) (54,564) (73,550)operating activities Return on investments and servicing of finance Net rental income 17,755 47,205 91,172 Interest received 4,217 4,277 8,483 Interest payable (28,724) (26,080) (53,755) Capital expenditure and financial investment Tangible fixed assets (4,250) - - Fixed asset investments (2,594) (2,594) Proceeds from current asset 10,000 - -investments repayments ------------- ------------- ------------- Net cash outflow before (14,087) (31,756) (30,244)financing Financing - - - ------------- ------------- ------------- Decrease in cash 9 (14,087) (31,756) (30,244) ======== ======== ========Other primary statements the six months ended 31st August 2005Statement of total recognised gains and losses Six months Six months Twelve months ended ended ended 31st August 31st August 28th February 2005 2005 2004 (unaudited) (audited) (unaudited) ‚£ ‚£ ‚£ Loss for the financial year (50,798) (76,032) (45,960) Unrealised profit on - - 63,444revaluation of tangible fixed assets Unrealised (loss)/gain on (115,379) - 57,478revaluation of fixed asset investment ------------ ------------ ------------ Total gains and losses (166,177) (76,032) 74,692recognised for the period ------------ ------------ ------------Notes to the interim resultsfor the six months ended 31st August 20051. Accounting policiesThe interim financial statements have been prepared in accordance withapplicable accounting standards and under the historical cost convention. Theprincipal accounting policies of Bidtimes have remained unchanged from thoseset out in Bidtimes' 2005 annual report and financial statements.2. Basis of preparationThe financial information set out in this report does not constitute statutoryaccounts as defined in Section 240 of the Companies Act 1985. The figures forthe year ended 28th February 2005, have been extracted from the statutoryfinancial statements, which have been filed with the Registrar of Companies.The auditors report on those financial statements was unqualified and did notcontain a statement under Section 237(2) of the Companies Act 1985.3. DividendsNo dividend is proposed for the six months ended 31st August 2005.4. TaxationOn the grounds that year to date losses have been made there is no taxationcharged to the profit and loss account in this period.5. Loss per shareThe calculation of the basic loss per share is based on the loss on ordinaryactivities after tax and on the weighted average number of shares in issueduring the period. The impact of the share options is anti dilutive. The lossand weighted average number of shares used in the calculations are set outbelow: Loss Weighted Loss per average share ‚£ number of (pence) shares Basic loss per share 6 months ended 31st August 2005 (50,798) 17,373,523 (0.29) 6 months ended 31st August 2004 (76,032) 17,373,523 (0.44) 12 months ended 28th February 2005 (45,960) 17,373,523 (0.26) --------------- -------------- ------------6. Fixed assets Six months Six months Twelve months ended ended ended 31st August 31st August 28th February 2005 2004 2005 (unaudited) (unaudited) (audited) ‚£ ‚£ ‚£ Freehold property (see note a below) 1,167,950 1,104,506 1,167,950 Fixtures and fittings 4,250 - - Equity investments - SRS Technology Group Plc (see note b 36,339 50,706 68,622below) - Innobox Plc (see note c below) 82,344 58,270 165,440 - Blue Chip Casinos Plc (see note d 73,867 73,867 73,867below) ------------- ------------- ------------- Totals 1,364,750 1,287,349 1,475,879 ======== ======== ======== a. The carrying value of the freehold properties were revalued in the year ended 28th February 2005 to the current market value. The value of these investments at 31st August 2005 remains the same. b. The value of the investment in SRS Technology Group Plc based on the mid-price of an ordinary share on 31st August 2005 was ‚£36,339. The value of the investment at the close of business on 7th November 2005 was ‚£ 30,931. c. The market value of the investment in Innobox Plc based on the mid-price of an ordinary share at 31st August 2005 was ‚£150,400. In the previous interim period, the Directors had included this investment in the balance sheet at cost, whereas in the audited financial statements for the year ended 28th February 2005, and the 6 month interim period ended 31 August 2005 the investment is shown at market value. The value of the investment on 7th November 2005 was ‚£89,300. d. The Directors' opinion of the value of this investment at 31st August 2005 was ‚£73,867 and is therefore this investment is carried forward in the balance sheet at cost. 7. Reconciliation of movements in shareholders' funds Six months Six months Twelve months ended ended ended 31st August 31st August 28th February 2005 2004 2005 (unaudited) (unaudited) (audited) ‚£ ‚£ ‚£ Loss on ordinary activities (50,798) (76,032) (45,960) Revaluation of tangible fixed assets - - 63,444 Revaluation of fixed asset investments (115,379) - 57,478 ------------- ------------- ------------- Net (decrease)/increase in (166,177) (76,032) 74,962shareholders' funds Shareholders' funds brought forward 745,765 670,803 670,803 ------------- ------------- ------------- Shareholders' funds at the end of the 579,588 594,771 745,765period ======== ======== ========8. Reconciliation of operating loss with net cash flow from operatingactivities Six months Six months Twelve months ended ended ended 31st August 28th February 31st August 2004 2005 2005 (unaudited) (audited) (unaudited) ‚£ ‚£ ‚£ Operating loss (41,069) (33,826) (73,625) Decrease/(Increase) in debtors 18,930 (15,683) (8,112) Increase/(Decrease) in creditors 9,054 (5,055) 8,187 ------------- ------------- ------------- Net cash outflow from operating (13,085) (54,564) (73,550)activities ======== ======== ========9. Analysis of charges in net funds As at Cash Non-Cash As at 1st March Flow Movement 31st August 2005 ‚£ ‚£ 2005 (unaudited) (unaudited) ‚£ ‚£ Cash at bank and in hand 33 1 - 34 Bank overdraft (4,316) (14,088) - (18,404) ------------- ------------- ------------- ------------- (4,283) (14,087) - (18,370) Bank loan (887,956) - (2,977) (890,933) ------------- ------------- ------------- ------------- (892,239) (14,087) (2,977) (909,303) ======== ======== ======== ========10. Copies of the Interim Results are available for download from the Company'swebsite at www.bidtimes.com or by request from the Company's registered office,Meriden House, 6 Great Cornbow, Halesowen, West Midlands B63 3AB.Enquiries:Russell W Stevens 07860 562621 Chief Executive [email protected] David Worlidge 020 7628 2200 John East & Partners Limited [email protected] ENDBIDTIMES PLCRelated Shares:
Powerhouse Ener