Preliminary Results

RNS Number : 9225O

Premier Management Holdings PLC

06 July 2010

 



For immediate release on 6 July 2010

PREMIER MANAGEMENT HOLDINGS PLC

Preliminary results for the year ended 31 January 2010

Premier Management Holdings plc ('the Company') the AIM listed football agency presents its preliminary results for the 12 months ended 31 January 2010.

Key points

·      Turnover of £49,632, (2009:£100,179)

·      Profit before tax of £44,945, (2009:loss before tax of £6,282)

Contact details:

Premier Management Holdings plc        07768 948 928

Barry Gold

Brewin Dolphin                                      0845 213 4729

Mark Brady

CHAIRMAN'S REPORT
	All of the turnover for the year to 31 January 2010 occurred in the last six months which was sufficient to turn the year as a whole into profitability.
	The operating profit of £44,944 (2009 - loss: £6,492) was achieved on a turnover of £49,632 (2008 - £100,179).
	The improvement in the second half of the year has continued into the current financial year.  Trading has remained brisk, and hopefully will continue to grow during the summer transfer window.
	Regretfully, as announced, the transaction with Trading Sports Limited did not finalise, so I am continuing to look on two fronts. Either to find a suitable reverse or to bolt on suitable complementary businesses or personnel.
	Our advisors continue to be helpful and supportive as does Gerry Desler, all of whose efforts are not always fully reflected in their rewards.
	Barry Gold
	Chairman
	6 July 2010

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2010
			2010		2009
			£		£
Revenue			49,632		100,179
Cost of sales			(13,500)		(46,582)
			───────		───────
Gross profit			36,132		53,597
Administrative expenses			8,812		(60,089)
			───────		───────
Operating profit/(loss)			44,944		(6,492)
Finance income			1		210
			───────		───────
Profit/(loss) before income taxation			44,945		(6,282)
Income tax expense			-		(98)
			───────		───────
Profit/(loss) for the year attributable to shareholders			44,945		(6,380)
			═══════		═══════
Earnings/(loss) per share			Pence		Pence
Basic and diluted earnings/(loss) per share			0.04		(0.01)
			═══════		═══════
All amounts relate to continuing operations.

BALANCE SHEET
AS AT 31 JANUARY 2010
					2010		2009
					£		£
ASSETS
Current assets
Trade and other receivables					126,216		47,881
Cash and cash equivalents					2,037		25,272
					─────────		─────────
Total assets					128,253		73,153
					─────────		─────────
LIABILITIES
Current liabilities
Trade and other payables					(75,407)		(58,222)
Borrowings					(140,000)		(140,000)
					─────────		─────────
					(215,407)		(198,222)
Non current liabilities
Borrowings					(1,487,001)		(1,499,501)
					─────────		─────────
Total liabilities					(1,706,408)		(1,697,723)
					─────────		─────────
Net liabilities					(1,574,155)		(1,624,570)
					═════════		═════════
EQUITY
Share capital					1,047,180		1,047,180
Share premium account					2,649,906		2,649,906
Other reserves					43,333		43,333
Profit and loss account					(5,314,574)		(5,364,989)
					─────────		─────────
Total shareholders' equity					(1,574,155)		(1,624,570)
					═════════		═════════

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2010
			Share capital	Share premium	Retained earnings	Capital redemption reserve	Total
			£	£	£	£	£
Balance at 1 February 2008			1,027,180	2,659,906	(5,362,046)	43,333	(1,631,627)
Loss for the financial year			-	-	(6,380)	-	(6,380)
Conversion of loan stock into ordinary shares			20,000	(10,000)	-	-	10,000
Equity-settled share-based payments			-	-	3,437	-	3,437
			────────	────────	────────	────────	────────
Balance at 31 January 2009			1,047,180	2,649,906	(5,364,989)	43,333	(1,624,570)
			────────	────────	────────	────────	────────
Profit for the financial year			-	-	44,945	-	44,945
			────────	────────	────────	────────	────────
Total recognised income and expense			-	-	44,945	-	44,945
Equity-settled share-based payments			-	-	5,470	-	5,470
			────────	────────	────────	────────	────────
Balance at 31 January 2010			1,047,180	2,649,906	(5,314,574)	43,333	(1,574,155)
			═══════	═══════	════════	═══════	════════

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2010
			2010		2009
		£	£	£	£
Cash flows from operating activities
Operating loss			44,944		(6,492)
(Increase)/decrease in trade and other receivables			(78,335)		103,684
Increase/(decrease) in trade and other payables			17,185		(94,769)
Equity-settled share based payments and employee benefits			5,470		3,437
Taxes paid			-		(98)
			───────		───────
Net cash (used in)/generated from operating activities			(10,736)		5,762
Investing activities
Finance income		1		210
		───────		───────
Net cash generated from investing activities			1		210
Financing activities
Repayment of debenture loans		(12,500)		(12,500)
		───────		───────
Net cash used in financing activities			(12,500)		(12,500)
			───────		───────
Net (decrease)/increase in cash and cash equivalents			(23,235)		(6,528)
Cash and cash equivalents at beginning of the year			25,272		31,800
			───────		───────
Cash and cash equivalents at end of the year			2,037		25,272
			═══════		═══════

NOTES:

FOR THE YEAR ENDED 31 JANUARY 2010

1	Basis of preparation
	The financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union, (IFRSs) and IFRIC Interpretations issued by the International Accounting Standards Board (IASB) as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
2	Going concern
	At the balance sheet date, the company has a deficit on its profit and loss account amounting to £5,314,574 and it has net liabilities of £1,574,155. The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The directors have prepared projected cash flow information for the period ending 12 months from the date of their approval of these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result should the company no longer be a going concern.
3	Group accounts
	The financial statements present information about the company as an individual undertaking and not about its group. The company's subsidiary undertaking was dormant throughout the year. The company has therefore taken advantage of the exemptions provided by Section 405 of the Companies Act 2006 not to prepare group financial statements on the basis that the results and net assets of the subsidiary undertaking are not material for the purposes of the company's financial statements giving a true and fair view. Details of the subsidiary undertaking is disclosed in note 7.
4	Sources of estimation uncertainty
	The preparation of the financial information in conformity with IFRS requires the use of certain critical accounting estimates that affect the reported amounts of assets and liabilities at the date of the financial information and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amounts, events or actions, actual results ultimately may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. Material estimates and assumptions are made in particular with regard to: - the carrying value of investments; - the likelihood that tax assets would be realised; and - the valuation of equity-settled share-based payments.
5	Statutory accounts
	The preliminary financial statement has been prepared on the basis of the Group's normal accounting policies but does not constitute statutory accounts. The Group's Annual Report and Accounts for the year ended 31 January 2010 have been published and have been placed on the Company's website www.premiermgt.info .

ENDS

 

END

 

 

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