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Voss Net PLC (VOS)

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Monday 24 October, 2005

Voss Net PLC

Final Results

Voss Net PLC
24 October 2005



                                  Voss Net plc

              Preliminary results for the year ended 30 June 2005


CHAIRMAN'S STATEMENT

The company continues to operate as an AIM shell seeking suitable acquisition
targets to increase shareholder value.

Operating results

The company made a loss of £90,000 during the year, on recurring routine
expenditure. No dividend is proposed.

Development

During the year, the company raised additional funds totalling £250,000 by way
of a share placing. At the balance sheet date the company had clear funds in
excess of £150,000 and the Directors consider that the company has adequate
resources to fund its activities and also to continue the search for a suitable
investment to enhance shareholder value.

Acquisitions

The board is endeavouring to acquire assets and is constantly reviewing projects
on behalf of the company. There has, during the year, been premature press
speculation, leading to a temporary suspension of the company's Stock Exchange
quotation. Your directors will inform shareholders as soon as a suitable
investment is identified.




G Nealon

Chairman


24 October 2005





REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2005

The directors present their report with the financial statements of the company
and the group for the year ended 30 June 2005.


PRINCIPAL ACTIVITIES

The company operates as a cash shell.


REVIEW OF BUSINESS

The results for the year and financial position of the company and the group are
as shown in the annexed financial statements.


DIVIDENDS

The directors are unable to recommend the payment of a dividend for the year.

DIRECTORS

The following directors have held office since 30 June 2004:

T C Hellman (resigned 8 December 2004)
L E V Knifton (resigned 8 December 2004)
W N V Weller
G Nealon (appointed 8 December 2004)
D E Chambers (appointed 8 December 2004)

DIRECTORS' INTERESTS

The directors' interests in the shares of the company were as stated below:
                                                                 
                                                 Ordinary shares of 0.01p each
                                                30 June                30 June
                                                   2005                   2004
W N V Weller                                          -                      -
G Nealon                                              -                      -
D E Chambers *                                5,731,300                      -

* Through WB Nominees Limited.




DIRECTORS SHARE OPTIONS

There are no outstanding options



VOSS NET PLC

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2005



Directors' Warrants

Under an instrument dated 27 January 2004, W N V Weller has been granted a
warrant to subscribe for 10,000,000 Ordinary shares of 0.01p in the company at
an exercise price of 0.25p until 29 January 2007.

Substantial Shareholdings

Hereford Group Limited                                  48,748,032        24.5%
Mellon Nominees (UK) Limited                            19,350,000         9.7%
WB Nominees Limited                                     11,357,672         5.7%
LEV Knifton                                              5,965,000         3.0%
Pershing Keen Nominees Ltd                               6,954,000         3.5%
Stock Lending Collateral                                13,333,334         6.7%


STATEMENT OF DIRECTORS' RESPONSIBILITIES

Company law requires the directors to prepare financial statements for each
financial year which give a true and fair view of the state of affairs of the
company and the group and of the profit or loss of the group for that period. In
preparing those financial statements, the directors are required to

- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to
  any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is
  inappropriate to presume that the company will continue in business.

The directors are responsible for keeping proper accounting records which
disclose with reasonable accuracy at any time the financial position of the
company and the group and to enable them to ensure that the financial statements
comply with the Companies Act 1985. They are also responsible for safeguarding
the assets of the company and the group and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.


AUDITORS

In accordance with section 385 of the Companies Act 1985, a resolution proposing
Jeffreys Henry LLP be reappointed as auditors of the company will be put to the
Annual General Meeting.


ON BEHALF OF THE BOARD



W N V Weller
Director

24 October 2005



REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF VOSS NET PLC

We have audited the financial statements of Voss Net Plc for the year ended 30
June 2005 set out on pages 7 to 17. These financial statements have been
prepared under the historical cost convention and the accounting policies set
out therein.

This report is made solely to the company's members, as a body, in accordance
with Section 235 of the Companies Act 1985. Our audit work has been undertaken
so that we might state to the company's members those matters we are required to
state to them in an auditor's report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the company and the company's members as a body, for our audit work,
for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As described on page 4, the company's directors are responsible for the
preparation of financial statements in accordance with applicable law and United
Kingdom Accounting Standards.

Our responsibility is to audit the financial statements in accordance with
relevant legal and regulatory requirements and United Kingdom Auditing
Standards.

We report to you our opinion as to whether the financial statements give a true
and fair view and are properly prepared in accordance with the Companies Act
1985. We also report to you if, in our opinion, the Report of the Directors is
not consistent with the financial statements, if the company has not kept proper
accounting records, if we have not received all the information and explanations
we require for our audit, or if information specified by law regarding
directors' remuneration and transactions with the company is not disclosed.

We read other information contained in the Annual Report and consider whether it
is consistent with the audited financial statements. This other information
comprises only the Directors' Report and the Chairman's Statement. We consider
the implications for our report if we become aware of any apparent misstatements
or material inconsistencies with the financial statements. Our responsibilities
do not extend to any other information.

Basis of audit opinion

We conducted our audit in accordance with United Kingdom Auditing Standards
issued by the Auditing Practices Board. An audit includes examination, on a test
basis, of evidence relevant to the amounts and disclosures in the financial
statements. It also includes an assessment of the significant estimates and
judgements made by the directors in the preparation of the financial statements,
and of whether the accounting policies are appropriate to the company's
circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other
irregularity or error.

In forming our opinion we also evaluated the overall adequacy of the
presentation of information in the financial statements.

Opinion

In our opinion the financial statements give a true and fair view of the
company's and group's state of affairs as at 30 June 2005 and the loss for the
year the ended and have been properly prepared in accordance with Companies Act
1985.

Jeffreys Henry LLP
Chartered Accountants

Finsgate
5-7 Cranwood Street
London
EC1V 9EE

21st October 2005


VOSS NET PLC

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2005

                                Notes      Year to   18 Months to 30 June 2004
                                      30 June 2005                       £'000
                                             £'000
TURNOVER - discontinued
activities                                       -                         443
                                            ------                        ------
Cost of sales - discontinued
activities                                       -                        (115)
                                            ------                        ------    
GROSS PROFIT                                     -                         328

Net operating expenses:-
Distribution - discontinued
activities                                       -                         (36)
Administration - discontinued
activities                                       -                        (400)
Administration - continuing
activities                                     (90)                        (59)
                                             ------                       ------       
OPERATING LOSS                    3
Continuing activities                          (90)                        (59)
Discontinued activities                          -                        (108)
                                             ------                       ------

CVA - Costs                                      -                         (38)
    - Write back of creditors                    -                          59
Profit on disposal of                            -                          10
businesses
Provision for doubtful                           -                        (166)
debtors                                      ------                       ------
                                               (90)                       (302)
Interest payable and similar
charges                           4              -                          (5)
                                             ------                       ------
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION                                (90)                       (307)

Tax on loss on ordinary
activities                        5              -                           -
                                             ------                       ------       
LOSS FOR THE FINANCIAL
PERIOD AFTER TAXATION            11            (90)                       (307)


LOSS PER SHARE                    6

Basic loss per share:
After exceptional items                      (0.05p)                    (0.40p)
Before exceptional items                     (0.05p)                    (0.22p)

Fully diluted loss per share:
After exceptional items                      (0.05p)                    (0.37p)
Before exceptional items                     (0.05p)                    (0.21p)


There were no other recognised gains or losses in the period

VOSS NET PLC

CONSOLIDATED BALANCE SHEET AS AT
30 JUNE 2005


                                            Notes           2005          2004
                                                           £'000         £'000

CURRENT ASSETS
Debtors                                          8             6            10
Cash at bank and in hand                                     172            11
                                                           -----           -----     
                                                             178            21

CREDITORS
Amounts falling due within one year              9           (21)          (24)
                                                           -----           ----- 
NET CURRENT ASSETS/(LIABILITIES)                             157            (3)
                                                           -----           -----         
TOTAL ASSETS LESS CURRENT
LIABILITIES                                                  157            (3)
                                                           -----           ----- 
    
CAPITAL AND RESERVES
Called up share capital                         10           957           954
Share premium                                   11         4,156         3,909
Profit and loss account                         11        (4,956)       (4,866)
                                                          -------        -------  
SHAREHOLDERS' FUNDS
(equity interests)                              12           157            (3)
                                                          -------        ------- 


ON BEHALF OF THE BOARD

W N V Weller

Director

Approved by the Board on 21st October 2005



VOSS NET PLC

COMPANY BALANCE SHEET AS AT
30 JUNE 2005

                                            Notes           2005          2004
                                                               £             £

CURRENT ASSETS
Debtors                                          8             6            10
Cash at bank and in hand                                     172            11
                                                            -----         -----    
                                                             178            21

CREDITORS
Amounts falling due within one year              9           (21)          (24)
                                                            ------        ------
NET CURRENT ASSETS/(LIABILITIES)                             157            (3)
                                                            ------        ------    
TOTAL ASSETS LESS CURRENT LIABILITIES                        157            (3)
                                                            ------        ------

CAPITAL AND RESERVES
Called up share capital                         10           957           954
Share premium                                   11         4,156         3,909
Profit and loss account                         11        (4,956)       (4,866)
                                                          -------        -------  
SHAREHOLDERS' FUNDS
(equity interests)                              12           157            (3)
                                                          -------         ------          


ON BEHALF OF THE BOARD

W N V Weller

Director

Approved by the Board on 21st October 2005



VOSS NET PLC

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2005

                                                    Year to      18 months to
                                                 30 June 2005    30 June 2004

                                          Note   £'000   £'000   £'000   £'000

Net cash outflow from operating
activities                                 A               (89)           (114)

Returns on investments and servicing of
finance
Interest paid                                        -              (5)
                                                  ------         ------          
Net cash outflow for returns on
Investments and servicing of finance                         -              (5)

Taxation                                                     -               -

Capital expenditure
Payments to acquire tangible assets                  -              (2)
                                                   ------        ------- 
Net cash outflow for capital
expenditure                                                  -              (2)

Acquisitions and disposals
Sale of subsidiary undertakings                      -              24
Cash at bank disposed with subsidiary                -              (3)
                                                   ------        ------- 
Net cash inflow for acquisitions and
disposals                                                    -              21
                                                           -------        ------ 
Net cash outflow before management of
liquid resources and financing
                                                           (89)           (100)

Financing
Issue of ordinary share capital                    250             111
Repayment of loan from factors                       -             (66)
                                                 -------          ------           
Net cash inflow from financing                             250              45
                                                         --------         ------   
Increase/(Decrease) in cash in the
period                                     B               161             (55)
                                                          ======         =======





VOSS NET PLC

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2005

A. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES

                                                          2005   18 months to
                                                                 30 June 2004
                                                         £'000           £'000

Operating loss                                             (90)           (167)
Depreciation charges                                         -               2
Exceptional item                                             -            (204)
Decrease/(Increase) in debtors                               4             267
(Decrease)/Increase in creditors                            (3)            (12)
                                                          ------         ------  
Net cash outflow from operating activities                 (89)           (114)
                                                          ------        -------  
Net cash outflow from continuing operating activities      (89)            (59)
Net cash outflow from discontinued operating activities      -             (55)
                                                          -------        -------  
Net cash outflow from operating activities                 (89)           (114)
                                                           -------       -------    
B. ANALYSIS OF NET FUNDS
                                At 30.06.04      Cash flow         At 30.06.05
                                    £'000            £'000               £'000
Net cash:
Cash at bank and in hand               11              161                 172


C. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
                                                              2005        2004
                                                             £'000       £'000

Increase/(decrease) in cash in period                          161         (55)
Cash inflow/outflow from debt financing                          -          66
                                                              -----       ------
Movement in net fund in the period                             161          11
Opening net funds                                               11           -
                                                              ------      ------  
Closing net funds                                              172          11
                                                              -------     ------      

VOSS NET PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2005


1.           ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention
and applicable accounting standards.

Basis of consolidation

The group accounts consolidate the accounts of the company and its subsidiary
undertakings for the year to 30 June 2005. In accordance with Section 230 of the
Companies Act 1985, a separate profit and loss account dealing with the results
of the company has not been presented.

Comparatives

Last year's group profit and loss account was qualified due to limitation of
evidence available regarding the accounting records of the subsidiaries that had
been disposed of during the period.

Turnover

Turnover represents sales invoiced to customers adjusted for deferred income in
respect of revenue invoiced in advance and accrued income in respect of revenue
in arrears including customer income retentions.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off
each asset over its estimated useful life.

Short leasehold - straight line over period of the lease
Software - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 20% on cost

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account
as incurred.

Deferred Taxation

Deferred tax is provided in full in respect of taxation deferred by timing
differences between the treatment of certain items for taxation and accounting
purposes.

2. STAFF COSTS

                                        Year to              18 Months to
                                     30 June 2005            30 June 2004
                                                 £'000                   £'000

Wages and salaries                                   -                     228
Social security costs                                -                      24
                                                 ------                    -----
                                                     -                     252
                                                 ------                    -----




The average monthly number of employees during the year was as follows:

                                                            2004         2004
                                                             No.          No.

Directors and other employees                                  3           10


3. OPERATING LOSS

The operating loss is stated after charging
                                                    Year to        18 Months to
                                               30 June 2005        30 June 2004
                                                       £'000            £'000

Hire of plant and machinery                                -               14
Other operating leases                                     -               40
Depreciation - owned assets                                -                2
Auditors remuneration                                      6                4
Auditors' remuneration for non audit work                  -                -

Directors' emoluments                                      -               64




4. INTEREST PAYABLE AND SIMILAR CHARGES

                                        Year to              18 Months to
                                      30 June 2005           30 June 2004
                                                 £'000                  £'000

Loan interest - factors                              -                      5
Bank interest                                        -                      -
                                                --------                --------
                                                     -                      5
                                                --------                --------
5. TAXATION
                                                     Year to      18 Months to
                                                   30 June 2005   30 June 2004
                                                          £'000          £'000

Current tax:
UK Corporation tax                                            -              -

Tax on loss on ordinary activities                            -              -


Factors affecting the tax charge for the period
Loss on ordinary activities before taxation                 (90)          (307)

Loss on ordinary activities before taxation
multiplied by
standard rate of UK corporation tax of 30%
(2004:30%)                                                  (27)           (92)
                                                          -------         ------  
Effects of:
Effect of tax losses                                          -             95
Chargeable disposals                                          -             (3)
C/fwd tax losses                                             27              -
                                                          -------        -------  
                                                             27             92
                                                          -------        -------  
Current tax charge/(credit)                                   -              -

There are tax losses of approximately £90,000 available to carry forward against
future trading profits of the group (2004 - £Nil)


6. LOSS PER SHARE

The loss per share is based on the following losses and shares in issue:

                                           Year to            18 Months to
                                         30 June 2005         30 June 2004
                                                   £'000                £'000
Losses:
Basic                                                 90                  172
After exceptionals                                    90                  307

Number of shares in issue:                    Number               Number

Basic                                        177,050,597           77,432,329
Fully diluted                                197,050,597           83,120,402

7. FIXED ASSET INVESTMENTS

Voss Net Plc has one wholly owned subsidiary undertaking registered in England:-

Voss Net (UK) Limited : This company is now dormant.

8. DEBTORS - GROUP AND COMPANY
                                                             2005        2004
                                                            £'000       £'000

Amounts falling due within one year:
VAT                                                             2          10
Other debtors                                                   1           -
Prepayments                                                     3           -
                                                            ------       -------    
                                                                6          10
                                                            ------       -------    

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - GROUP AND COMPANY

                                                     2005                 2004
                                                    £'000                £'000

Trade creditors                                         1                    2
Accruals                                               20                   22
                                                    ------                ------
                                                       21                   24
                                                    ------                ------


10.CALLED UP SHARE CAPITAL

Authorised:                  Class:         Nominal          2005         2004
Number:                                      Value          £'000        £'000

13,808,650,000               Ordinary           0.01p       1,309        1,309
7,959,196                    Deferred              4p         319          319
625,389                      Deferred             99p         619          619
                                                            -----        ------
                                                            2,247        2,247
                                                            -----        ------    
Allotted, issued and fully paid
Number:                      Class:         Nominal          2005         2004
                                             Value              £        £'000

189,036,898                  Ordinary           0.01p          19           16
  (2004 - 164,036,898)
7,959,196                    Deferred              4p         319          319
625,389                      Deferred             99p         619          619
                                                             -----        -----   
                                                              957          954
                                                             -----        -----

The following shares were allotted and fully paid for cash at par during the
year:

On 23 December 2004, 25,000,000 ordinary shares of 0.01p each were placed at 1p.
each.

On 8 July 2005 LEV Knifton exercised 10,000,000 warrants at 0.25 pence per
share.

11. RESERVES

GROUP AND COMPANY

                          Profit and Loss Account     Share Premium      Totals
                                           £'000              £'000      £'000

At 1 July 2004                            (4,866)             3,909       (957)
Deficit for the year                         (90)                 -        (90)
On share placing in the
year                                           -                247        247
                                          -------            -------      -----  
At 30 June 2005                           (4,956)             4,156       (800)
                                          -------            -------      -----



12. RECONCILIATION OF MOVEMENTS IN SHAREHOLDER'S FUNDS

GROUP AND COMPANY

                                                             2005         2004
                                                            £'000        £'000

Loss for the financial year                                   (90)        (307)
Issue of shares                                               250          401
                                                              ----        -----  
Net increase of shareholders' funds                           160           94
Opening shareholders' funds                                    (3)         (97)
                                                              ----        -----  
Closing shareholders' funds                                   157           (3)
                                                              ----        -----


13. CAPITAL COMMITMENTS

The group company had no capital commitments (contracted or not contracted) at
30 June 2005.

14. RELATED PARTY DISCLOSURES

Directors' interests in shares are disclosed in the Directors' Report.

15. CONTROL

Voss Net Plc's shares are traded on AIM. At the date of the Annual Report, in
the Directors' opinion, there is no controlling party.




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