attributable to owners
of the parent
Share capital 189,338 189,338
Share premium 247,123 247,123
Retained earnings 139,627 765,828
Undistributable Reserves 422,322 422,322
Other reserves 188,081 188,081
------------ ------------
Total equity 1,186,491 1,812,692
------------ ------------
Consolidated Statement of changes in Equity
for the year ended 30 June 2011
Share Share Retained Undistributable Other Total
Capital Premium Earnings Reserves Reserves Equity
GBP GBP GBP GBP GBP GBP
At 1 July 2009 177,384 - 675,601 422,322 188,081 1,463,388
Issue of share capital 11,954 247,123 - - - 259,077
Profit and total comprehensive
income for the year - - 90,227 - - 90,227
--------- --------- ---------- ---------------- ---------- ----------
Balance at 30 June
2010 189,338 247,123 765,828 422,322 188,081 1,812,692
Loss and total comprehensive
income for the year - - (626,201) - - (626,201)
Balance at 30 June
2011 189,338 247,123 139,627 422,322 188,081 1,186,491
Consolidated Statement of Cashflows
for the year ended 30 June 2011
2011 2010
(Restated)
GBP GBP
Cashflows from operating activities
Profit before taxation 142,502 90,227
Adjustments 294,835 297,788
Net changes in working capital (620,731) (240,050)
Taxes paid (23,209) -
---------- ------------
Net cash (used) / from continuing
operations (206,603) 147,965
Net cash (used) in discontinued operations (83,001) -
---------- ------------
Net cash (used) / generated in operating
activities (289,604) 147,965
---------- ------------
Cash generated from operations
Investing activities
Purchase of property, plant and equipment (115,284) (139,432)
Proceeds on disposal of property,
plant and equipment 15,953 4,000
Cash proceeds from disposal of subsidiary 677,409 -
net of cash disposed
---------- ------------
Net cash generated / (used) in investing
activities 578,078 (135,432)
---------- ------------
Cash flows from financing activities
Hire purchase payments (4,123) -
Net advances on invoice discounting
facility 227,587 233,777
Repayment of borrowings - (150,000)
Issue of share capital - cash issue - 259,077
Interest paid (125,911) (158,995)
---------- ------------
Net cash (used) in financing activities 97,553 183,859
---------- ------------
Net increase / (decrease) in cash
and cash equivalents 386,027 196,392
Cash and cash equivalents at beginning
of year 125,317 (71,075)
---------- ------------
Cash and cash equivalents at end
of year 511,344 125,317
========== ============
Key Notes to the Accounts
Note 1 - Basis of preparation
The Group financial statements have been prepared and approved
by the directors in accordance with International Financial
Reporting Standards (IFRSs), International Accounting Standards and
Interpretations (collectively IFRS) issued by the International
Accounting Standards Board (IASB) as adopted by the European Union
("adopted IFRSs").
Note 2 - Going Concern
The Group's activities are funded by a combination of long term
equity capital, convertible loan notes, and short term invoice
discounting and bank overdraft facilities. The day to day
operations are funded by cash generated from trading and primarily
invoice discounting facilities.
In considering the ability of the Group to meet its obligations
as they fall due, the directors have considered the following
matters: the expected trading and cash requirements of the group,
the level of overheads likely to accrue, repayment of creditors and
the potential cash outflows associated with the convertible loan
notes which are repayable between December 2012, January 2013 and
February 2013.
The Directors have considered a range of scenarios in respect of
each of these variables. Most of these scenarios indicate that the
Directors will have to raise some additional finance during the
year, although the level of funding required is highly dependent on
the assumptions within each scenario. At the date of signing these
financial statements the additional finance has not been secured.
The Directors have had discussions with potential funders and
believe they will be able to secure the necessary finance.
From a trading perspective, whilst there are inevitable
pressures from the current general economic climate, the Board
remains positive about the retention and outlook of its main
trading operations. The full year effect of recent contract wins
have been factored into the Board's profit and cash flow
projections. The invoice discounting and overdraft facilities fall
due for review on 30(th) September 2012.
In consideration of the potential cash outflows associated with
the convertible loan notes, the holders of the loan notes have the
option to either convert their debt into equity in the Group or
repayment in cash on the due dates. Given the current share price
the Directors consider it is unlikely that the debt will be
converted into shares. The redemption profile is as follows:
-- GBP400,000 on 20 December 2012
-- GBP120,000 on 20 December 2012
-- GBP200,000 on 29 January 2013
-- GBP100,000 on 28 February 2013
The Board maintain a close working relationship with the holders
of these loans and expect to discuss maturity options with the loan
note holders in the near future and have obtained indications of a
willingness to enter into such negotiations from the note
holders.
The Directors are confident that adequate funds will be raised
to fund the creditors' repayments, redemption or redemption dates
deferred; however, there can be no guarantee that these funds will
be raised or redemption dates deferred.
The financial statements do not reflect the adjustments that
would be necessary were the trading performance of the Group to
deteriorate and/or the funding available from invoice discounting
and the overdraft was not available. Furthermore, the reliance by
the Group to raise additional funding to finance the repayment of
creditors or the loan note redemption or to successfully negotiate
the redemption date of its loan notes indicates the existence of a
material uncertainty which may cast significant doubt about the
Group's ability to continue as a going concern. The financial
statements do not include the adjustments that would result if the
Group was unable to continue as a going concern.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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