Interim Results- Correction
January 24 2006 - 5:48AM
UK Regulatory
RNS Number:3585X
Capital Ideas PLC
24 January 2006
AMENDMENT TO CAPITAL IDEAS PLC
INTERIM RESULTS ANNOUNCEMENT
The following amendment has been made to release number 3524X released at 10:40
on 24 January 2006:
Within the Profit and Loss account, amendments to subheadings have been made as
follows: "Tax on profit/(loss) on ordinary activities", replaces "Tax on loss on
ordinary activities" and "Retained profit/(loss) for the financial period",
replaces "Retained loss for the financial period"
The full amended document is restated below.
CAPITAL IDEAS PLC
Interim results for the six months ended 31 October 2005
Chairman's statement
Results
For the six months to 31 October 2005, the company made a profit before tax of
#178,000 (six months to 31 October 2004 loss of #7,000, year to 30 April 2005
loss of #15,000), resulting in earnings per share of 0.09p (six months to 31
October 2004 loss per share of 0.005p, year to 30 April 2005 loss per share of
0.01p).
The board is extremely pleased with the company's progress and the results it
has achieved over the last six months. The profits achieved are a direct result
of Capital Ideas plc's new focus on investing in companies that are experiencing
difficulties whether they be management or finance related. Capital Ideas plc is
able to invest both cash and management expertise in those companies considered
to have sound business foundations and the capacity for a swift return to
profitability. In the half year ending 31 October 2005, the company invested in
three companies and has already benefited from the partial disposal of two of
these investments.
Progress
Since 31 October 2005 the company has made two further investments:
Bfresh Limited
Capital Ideas plc invested #30,000 by way of a loan, which will be convertible
into ordinary shares after 4 months. An interest payment of #5,000 is also
receivable upon conversion. Bfresh is an operator of vending machines located in
health clubs and hotels. It currently has over 300 machines at various sites
vending miniature toiletries and is growing its business rapidly with 500
additional machines expected to be installed by 31 March 2006. The funds will be
used to help fund this expansion.
Phoenixchurch Limited t/a Miller Consulting
Capital Ideas plc has invested #55,000 into Phoenixchurch Limited t/a Miller
Consulting via a combination of loan and equity. The investment has been made in
the form of a #30,000 loan repayable over 2 years with an interest rate of 5%
and the purchase of 15% of the share capital for a consideration of #25,000.
Miller Consulting is a leading player in the mechanical and electrical
engineering consultancy industry, although the absence of proper management
constraints and procedures meant the company experienced financial difficulties
in 2004/5 due to over expansion. Phoenixchurch Limited acquired the assets and
goodwill of the company from the Administrator and has restructured and
strengthened the administrative side of the business.
The investments held by the company are currently performing in line with the
Board's expectations. All investments are valued at cost in the balance sheet
and at this stage the Board considers that there is no requirement to revalue
these investments.
Outlook
Capital Ideas plc will continue to make additional investments where it
considers it can make strong returns for its investors and where we can add
significant value to investee companies. The board believes that Capital Ideas
plc benefits from strong deal flow and therefore the directors are confident of
the company's future prospects.
Renwick Haddow,Chairman
For further information
Renwick Haddow Tel: +44 (0)207 623 3345
Zoe Biddick, Biddicks Tel: +44 (0)207 448 1000
CAPITAL IDEAS PLC
Profit and loss account
for the six months ended 31 October 2005
Note Six months Six months Year ended 30
ended 31 ended 31 April 2005
October 2005 October 2004
Unaudited Unaudited Audited
#000 #000 #000
Turnover 2 281 - -
Cost of sales (46) - -
-------- -------- --------
Gross profit 235 - -
Administrative
expenses (56) (7) (15)
-------- -------- --------
Operating
profit/(loss) 2 179 (7) (15)
Loss on
disposal of
operations 3 (1) - -
-------- -------- --------
Profit/(loss)
on ordinary
activities
before
interest 178 (7) (15)
Interest payable and similar - - -
charges
Interest receivable and - - -
similar income -------- -------- --------
Profit/(loss)
on ordinary
activities
before
taxation 178 (7) (15)
Tax on
profit/(loss)
on ordinary
activities 4 - - -
-------- -------- --------
Retained
profit/(loss)
for the
financial
period 178 (7) (15)
======== ======== ========
======== ======== ========
Earnings/(loss
) per ordinary
share 5 0.09p (0.005)p (0.01)p
Basic and fully diluted
======== ======== ========
Balance sheet
at 31 October 2005
Note Six months Six months Year ended 30
ended 31 ended 31 April 2005
October 2005 October 2004
Unaudited Unaudited Audited
#000 #000 #000
Fixed assets
Investments 6 97 - -
-------- -------- --------
97 - -
-------- -------- --------
Current assets
Debtors 93 3 4
Cash at bank
and in hand 205 2 41
-------- -------- --------
298 5 45
Creditors:
amounts
falling due
within one
year (90) (71) (47)
-------- -------- --------
Net current
assets/(liabil
ities) 208 (66) (2)
-------- -------- --------
Total assets
less current
liabilities 305 (66) (2)
Creditors: amounts falling - - -
due after more than one -------- -------- --------
year
Net assets 305 (66) (2)
======== ======== ========
Capital and reserves
Called up
share capital 1,410 1,305 1,360
Share premium
account 1,093 997 1,014
Profit and
loss account (2,198) (2,368) (2,376)
-------- -------- --------
Equity
shareholders'
funds 7 305 (66) (2)
======== ======== ========
Cash flow statement
for the six months ended 31 October 2005
Note Six months Six months Year ended 30
ended 31 ended 31 April 2005
October 2005 October 2004
Unaudited Unaudited Audited
#000 #000 #000
Net cash
inflow/(outflo
w) from
operating
activities 8 133 1 (5)
Returns on investment and - - -
servicing of finance
Capital
expenditure
and financial
investments (97) - -
Acquisitions
and disposals (1) - -
-------- -------- --------
Cash
inflow/(outflo
w) before
financing 35 1 (5)
Financing 129 - 45
-------- -------- --------
Increase in
cash and cash
equivalents in
the period 164 1 40
Cash and cash
equivalents at
start of the
period 41 1 1
-------- -------- --------
Cash and cash
equivalents at
end of the
period 205 2 41
======== ======== ========
Reconciliation of net funds
1 May Cash flow Non- cash 31 October 2005
2005 #000 Movement #000
#000 #000
Cash at bank and in hand 41 164 - 205
========= ======== ========= ========
Notes
1 BASIS OF PREPARATION
The Directors approved the interim financial statements on 18 January 2006. The
interim financial information for the six months to 31 October 2005 is unaudited
and has been prepared based on the accounting policies set out in the statutory
accounts for the year ended 30 April 2005. These accounting policies are also
expected to be adopted in the statutory accounts for the year ended 30 April
2006. The interim financial information for the six months ended 31 October 2005
does not constitute statutory accounts as defined in Section 240 of the
Companies Act 1985. The statutory accounts for the year ended 30 April 2005,
which received an unqualified auditors' report, have been delivered to the
Registrar of Companies.
2 TURNOVER
Consolidated turnover of the Group previously consisted of gross revenue
receivable from the provision of sporting programmes and other such services.
The provision of sporting programmes within the Group ceased on 22 August 2003
with the disposal of the subsidiary The International Academy plc. From that
date to 30 April 2005, the company was effectively 'a shell' until a new
investment strategy commenced from May 2005.
Since the main activity of the company remains that of investment in companies,
reported turnover in the period represents proceeds receivable on the part or
full disposal of such investments.
3 LOSS ON DISPOSAL OF OPERATIONS
Upon disposal of The International Academy plc on 22 August 2003, it was agreed
that the company would receive a deferred consideration based on the future
performance of The International Academy plc. During the six month period to 31
October 2005, this consideration was renegotiated to a single sum of #50,000.
This income was off-set by a warranty claim by the purchaser of The
International Academy plc for #48,000 in respect of taxation, plus #3,000 in
respect of professional fees resulting from the claim. The net effect of this
transaction was a #1,000 loss on the disposal of the operation.
4 TAXATION
There is no tax liability for the periods reported due to excess management
expenses brought forward.
5 EARNINGS/(LOSS) PER ORDINARY SHARE
The calculation of basic earnings per share is based on profits of #178,000 (six
months ended 31 October 2004: loss of #7,000, year ended 30 April 2005: loss of
#15,000) and ordinary shares of 194,463,888, (31 October 2004: 130,477,519
shares, 30 April 2005: 135,115,272) being the weighted average number of
ordinary shares in issue during the period.
6 INVESTMENTS
Six months Six months Year ended 30
ended 31 ended 31 April 2005
October 2005 October 2004
#000 #000 #000
Listed investments - - -
Unlisted
investments 97 - -
-------- -------- --------
97 - -
======== ======== ========
7 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS
Six months Six months Year ended 30
ended 31 ended 31 April 2005
October 2005 October 2004
#000 #000 #000
Profit/(loss)
for the
financial
period 178 (7) (15)
New share
capital
subscribed
(including
premium and
expenses) 129 - 72
Opening
shareholders'
funds (2) (59) (59)
-------- -------- --------
Closing
shareholders'
funds 305 (66) (2)
======== ======== ========
8 RECONCILIATION OF OPERATING LOSS TO OPERATING CASH FLOWS
Six months Six months Year ended 30
ended 31 ended 31 April 2005
October 2005 October 2004
#000 #000 #000
Operating
profit/(loss) 179 (7) (15)
Depreciation - - -
(Increase)/dec
rease in
debtors (89) 13 12
Increase/(decr
ease) in
creditors 43 (5) (2)
Decrease in stocks - - -
-------- -------- --------
Net cash
inflow/(outflo
w) from
operating
activities 133 1 (5)
======== ======== ========
9 COPIES OF INTERIM REPORT
Copies of the interim report are available from the Company's Registered Office
at 4 Sovereign Court, Graham Street, Birmingham, B1 3JR.
CAPITAL IDEAS PLC
Independent review report to CAPITAL IDEAS PLC
Introduction
We have been instructed by the company to review the financial information for
the period to 31 October 2005 which comprises a profit and loss account, balance
sheet, cash flow statement and associated notes numbered 1 to 9. We have read
the other information contained in the interim report and considered whether it
contains any apparent misstatements or material inconsistencies with the
financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The AIM Rules of
the London Stock Exchange require that the accounting policies and presentation
applied to the interim figures should be consistent with those adopted in the
AIM company's annual accounts having regard to the accounting standards
applicable to such annual accounts.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board. A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly, we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the period ended 31
October 2005.
Rochesters
Registered Auditors
Chartered Accountants
23 January 2006
No 3 Caroline Court
Caroline Street
Birmingham
B3 1TR
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFVLLRISFIR
Capital Ideas (LSE:CAPT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Capital Ideas (LSE:CAPT)
Historical Stock Chart
From Jul 2023 to Jul 2024
