Information  X 
Enter a valid email address

WAP Integrators PLC (WAP)

  Print      Mail a friend

Monday 18 November, 2002

WAP Integrators PLC

Final Results

WAP Integrators PLC
18 November 2002

                              WAP INTEGRATORS PLC



               Preliminary results for the year to 30 June 2002



CHAIRMAN'S STATEMENT



The Company ceased to trade during the year and four members of the board
resigned in early 2002.  At that time it was the board's intention to put the
Company into a members voluntary liquidation and Peter Kitson joined the board
to assist in an orderly winding down of the Company's affairs.  As a first step,
notice on all departing directors' service contracts was served and the Company
will have no further liability under these contracts after the first quarter of
2003.



The board has decided that it cannot proceed with the members voluntary
liquidation and accordingly is now seeking a suitable acquisition.  Every step
has been taken to preserve the cash held by the group which at 30 June 2002
amounted to over £1.3 million.



Strenuous efforts have been made to identify and secure a suitable acquisition,
however, no opportunity has yet been identified which meets the standards
required by the board.







Peter Kitson

Executive Chairman



18 November 2002


GROUP PROFIT AND LOSS ACCOUNT



Year ended 30 June 2002


                                                                                  2002                  2001
                                                                                     £                     £

Group turnover - Discontinued operations                                         3,172                    30
Administrative expenses                                                        789,267               902,453

Operating loss - Discontinued operations                                     (786,095)             (902,423)
Interest receivable and similar income                                          57,708               108,381
Interest payable                                                                 (283)                     -

Loss on ordinary activities before taxation                                  (728,670)             (794,042)
Tax on loss on ordinary activities                                                   -                     -

Loss for the financial year                                                  (728,670)             (794,042)

Earnings per share                                                             (0.49)p               (0.59)p




The Company has no recognised gains or losses other than the results for the
year as set out above.




GROUP BALANCE SHEET



30 June 2002

                                                          2002                       2001
                                                          £                 £              £             £

Fixed assets
Intangible assets                                                           -                       17,119
Tangible assets                                                         1,336                       36,675
                                                                        1,336                       53,794
Current assets
Debtors                                               9,651                          117,242
Cash at bank and in hand                          1,304,919                        1,832,193
                                                  1,314,570                        1,949,435

Creditors: amounts falling due
within one year                                     107,619                           66,272

Net current assets                                                  1,206,951                    1,883,163

Total assets less current liabilities                               1,208,287                    1,936,957

Capital and reserves
Called-up equity share capital                                        150,000                      150,000
Share premium account                                               2,672,169                    2,672,169
Group Profit and Loss Account                                     (1,613,882)                    (885,212)

Shareholders' funds                                                 1,208,287                    1,936,957




GROUP CASH FLOW



Year ended 30 June 2002

                                                          2002                             2001
                                                          £                 £              £             £

Net cash outflow from operating
activities                                                          (574,598)                    (976,894)

Returns on  investments and
servicing of finance
Interest received                                    56,808                          106,581
Interest paid                                         (283)                                -

Net cash inflow from returns on
investments and servicing of
finance                                                                56,525                      106,581

Taxation
Corporation tax paid                                      -                                -

Capital expenditure
Payments to acquire intangible fixed assets               -                         (17,119)
                                                          
Payments to acquire tangible fixed assets           (4,110)                         (43,963)

                                                    
Receipts from sale of fixed assets                    1,772                                -

Net cash outflow from capital expenditure                             (2,338)                     (61,082)

                                                                      

Cash outflow before financing                                       (520,411)                    (931,395)

Financing
Issue of equity share capital                             -                           30,000
Share premium on issue of equity
Share capital                                             -                        2,672,009

Net cash inflow from financing                                              -                    2,702,009

(Decrease)/increase in cash                                         (520,411)                    1,770,614




NOTES



1.       The financial information set out above does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
Statutory accounts for the previous year ended 30 June 2001 have been delivered
to the Registrar of Companies.  Statutory accounts for the year to 30 June 2002
will be delivered to the Registrar of Companies and sent to shareholders.  An
unqualified auditors' report has been given on such accounts.



2.       Turnover and operating loss all derive from UK operations.



3.       The directors have not recommended the payment of a dividend.



4.       The loss per share is based on loss attributable to ordinary
shareholders of  £728,670 (2001 - loss of £794,042) divided by the weighted
average number of shares in issue during the period of 150,000,000 (2001 -
150,000,000).



5.       The Annual Report and Accounts will be mailed to registered
shareholders at their registered addresses today and from the date of release
copies of the Annual Report will be made available to the public free of charge
for one month at the Company's registered office, Valley Cottage, The Vale,
Chesham, Buckinghamshire HP5 3NS and at the offices of City Financial Associates
Limited, Pountney Hill House, 6 Laurence Pountney Hill, London EC4R 0BL.



6.       The Annual General Meeting will be held at the offices of
Memery Crystal, 31 Southampton Row, London WC1B 5HT at 11.00 am on 12 December
2002.



                      This information is provided by RNS
            The company news service from the London Stock Exchange