for the year ended 31 January 2011
2011 2010
Note GBP GBP
Revenue 10,000 4,138
Cost of sales - (14,559)
______ _______
Gross profit / loss 10,000 (10,421)
Administrative expenses (121,024) (152,337)
Exceptional item: profit on sale
of investment - 47
________ ________
Loss from operations (111,024) (162,711)
Finance income 12,171 17,633
Finance costs - (1,862)
_______ ________
Loss on ordinary activities before
taxation (98,853) (146,940)
Taxation 19,215 -
_______ ________
Retained loss for the year (79,638) (146,940)
Basic and diluted loss per share 2 (0.18)p (0.33)p
All of the Group's activities are classed as continuing and
there were no recognised gains or losses in either year other than
those included above.
The Company has elected to take exemption under section 408 of
the Companies Act 2006 from presenting the Company statement of
comprehensive income. The loss for the Company for the year was
GBP75,370 (2010: GBP241,496).
STATEMENTS OF CHANGES IN EQUITY
Group
Total equity
attributable
to equity
Share premium Retained holders of
Share capital account earnings parent
GBP GBP GBP GBP
At 1 February
2009 439,904 3,815,888 (3,613,077) 642,715
Loss for the
year - - (146,940) (146,940)
______ ________ _________ ________
At 31 January
2010 439,904 3,815,888 (3,760,017) 495,775
Loss for the
year - - (79,638) (79,638)
______ ________ _________ ________
At 31 January
2011 439,904 3,815,888 (3,839,655) 416,137
______ ________ _________ ________
Company
Total equity
attributable
to equity
Share premium Retained holders of
Share capital account earnings parent
GBP GBP GBP GBP
At 1 February
2009 439,904 3,815,888 (3,524,207) 731,585
Loss for the
year - - (241,496) (241,496)
______ ________ _________ ________
At 31 January
2010 439,904 3,815,888 (3,765,703) 490,089
Loss for the
year - - (75,370) (75,370)
______ ________ _________ ________
At 31 January
2011 439,904 3,815,888 (3,841,073) 414,719
______ ________ _________ ________
STATEMENTS OF FINANCIAL POSITION
as at 31 January 2011
Group Company
Assets Note 2011 2010 2011 2010
Non-current
assets GBP GBP GBP GBP
Investment in
subsidiaries - - 4 4
Investment in
unquoted
preference
shares 3 400,000 400,000 400,000 400,000
______ ______ ______ ______
400,000 400,000 400,004 400,004
Current assets
Loan
receivables 4 80,308 110,000 80,308 110,000
Investments in
quoted
shares 4,247 5,690 - -
Other
receivables 34,950 22,259 37,775 22,259
Cash and cash
equivalents 330 15,862 330 15,862
______ ______ ______ ______
119,835 153,811 118,413 148,121
Total assets 519,835 553,811 518,417 548,125
Liabilities
Current
liabilities
Trade and
other
payables (31,058) (58,036) (31,058) (58,036)
______ _______ _______ _______
(31,058) (58,036) (31,058) (58,036)
Non-current
liabilities (72,640) - (72,640) -
Trade and
other
payables ______ _____ ______ ______
(72,640) - (72,640) -
______ ________ ________ ________
Total
liabilities (103,698) (58,036) (103,698) (58,036)
_______ ________ ________ ________
Net assets 416,137 495,775 414,719 490,089
Equity
Called up
share
capital 5 439,904 439,904 439,904 439,904
Share premium
account 3,815,888 3,815,888 3,815,888 3,815,888
Retained
earnings (3,839,655) (3,760,017) (3,841,073) (3,765,703)
_______ _______ _______ ________
Total equity 416,137 495,775 414,719 490,089
STATEMENTS OF CASH FLOWS
Group Company
2011 2010 2011 2010
GBP GBP GBP GBP
Reconciliation of operating
profit to net cash flow from
operating activities
Loss for the year before tax (98,853) (146,940) (94,585) (241,496)
Adjustments for:
Finance cost - 1,862 - 1,862
Finance income (12,171) (17,633) (12,171) (17,633)
(Profit)/loss on disposal of
investment - (47) - -
Impairment of investment 1,443 13,461 - 2
Change in receivables (12,691) 218,995 (12,691) 218,995
Change in payables 45,662 (46,579) 45,662 (46,585)
Change in loans to subsidiaries - - (2,825) 443,021
_______ _______ _______ _______
Cash flows from operating
activities (76,610) 23,119 (76,610) 358,166
Interest received 12,171 17,633 12,171 17,633
Taxation refunded 19,215 - 19,215 -
______ ______ ______ ______
Net cash from operating
activities 31,386 17,633 31,386 17,633
Investing activities
New loans made - (200,000) - (200,000)
Loans repaid 29,692 90,000 29,692 90,000
Interest paid - (1,862) - (1,862)
______ ________ ______ ________
Net cash used in investing
activities 29,692 (111,862) 29,692 (111,862)
Financing activities
(Repayment of)/proceeds from
bank borrowings - (250,000) - (250,000)
Sale of investment properties - 335,047 - -
_______ _______ _______ _______
Net cash from financing
activities - 85,047 - (250,000)
_______ _______ _______ _______
Net increase/(decrease) in
cash and equivalents (15,532) 13,937 (15,532) 13,937
Cash and equivalents at
beginning of year 15,862 1,925 15,862 1,925
Cash and equivalents at end
of year 330 15,862 330 15,862
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
A selection of the principal accounting policies are summarised
below. They have all been applied consistently throughout the year
and the preceding year unless stated.
Basis of accounting
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