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Jarvis Securities (JIM)

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Monday 20 March, 2006

Jarvis Securities

Final Results

Jarvis Securities plc
20 March 2006




               Jarvis Securities plc ('Jarvis' or 'the Company')

             PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005



                                 HIGHLIGHTS


   •Funds under administration up 52% compared to 31 December 2004
   •Client numbers up 12.5% compared to 31 December 2004
   •Turnover up 3.5% to £2.6 million (2004: £2.56 million)
   •Operating profit down 13.8% to £0.59 million (2004: £0.68 million)
   •Net assets unchanged at £1.367 million (2004: £1.372 million)
   •Record trading start to 2006 with highest number of trades ever completed
    in January, highest commission income ever earned in February and record
    number of trades completed in one day in March 2006.

                           CHAIRMAN'S STATEMENT

There is no doubt that 2005 has been a demanding year for the group. The
financial results are not a fair reflection of the level of effort and progress
made by the Company. We have indeed advanced in the last year and I am confident
that this progress will be represented through improved financial performance in
2006.

We are sensitive to market activity levels and consequently recorded a quiet
second quarter in 2005. We were also involved with investigating a significant
acquisition opportunity during the first quarter of 2005. Although we are
anxious to find firms suitable for consolidation, by nature we are a
conservatively run company. A number of potential issues were uncovered during
the due diligence process, which persuaded us that the potential target was not
suitable for consolidation into the group. The aborted acquisition resulted in
exceptional costs although the Directors of the Company believe that it is
preferable to incur these costs through necessary due diligence than to make an
inappropriate purchase. Falling interest rates have adversely materially
affected our financial performance as well.

Despite these factors, the operating subsidiary, Jarvis Investment Management
plc again improved its operating profit by 2.6% compared to the same period in
2005. This was counteracted by higher group costs recorded in Jarvis Securities,
which prevented this upturn flowing into the consolidated results. We have
incurred costs in developing and improving the system and legal framework for
our outsourced services but have not seen the full benefit of these new
contracts flowing through to the financial results. The majority of our Model B
contracts will be running for their first full year in 2006 without the
inevitable front-loaded costs to our operation. Our offices have also been
extended to provide approximately one third more space, giving us plenty of room
to expand without having the disruption and expense of moving premises.

Jarvis is a business that prides itself on efficiency and quality of service. We
have been striving very hard to differentiate ourselves from other volume
execution-only brokers through our personal approach. With almost 35,000
clients, maintaining this differentiation in quality can be difficult. I am
pleased, however, to say that we have achieved this and have been recognised
accordingly. In October 2005, Jarvis Investment Management plc won the
Investor's Chronicle Award for Best Self-Select ISA Provider 2005 from a public
vote. This is a truly exciting result considering the size and market presence
of our major competitors.

There is no doubt that the group will face further challenges during 2006
although there are more opportunities available to the group than for some time.
Levels of dealing volumes and new accounts opened are sharply higher so far this
year for our existing products. A number of institutions looking to outsource
financial administration processes have approached us and we have been
vigorously promoting co-branded offerings to other organisations with an
enthusiastic early reception. Jarvis Investment Management plc plans to launch a
new web-based dealing service at a very competitive commission that the Company
expects to garner a significant amount of interest.

In addition, early stage talks with several potential targets or partners have
either begun or recommenced recently and we believe that there are a number of
opportunities to combine businesses in our sector to cut costs and improve
profits and service. I shall, of course, report any developments of this nature
in more detail in due course.

I appreciate that our first year on AIM has not shown the growth in our share
price that the directors were hoping to achieve for our existing shareholders.
We have purchased a number of shares in the market when the price has fallen to
levels that your Board believed undervalued the business and its current
prospects. The best route to increasing shareholder value in my opinion is to
maintain our distinctive quality while improving profits. This will be entirely
the focus of the Board in 2006 and the early indications for an improved
performance are promising.

Andrew J. Grant
Chairman



GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2005

                                                         2005           2004
                                                      --------      ---------
                                                            £              £
TURNOVER                                            2,651,665      2,562,793
Administrative expenses                             2,009,206      1,742,074
Exceptional administrative                             50,222        133,536
expenses                                              --------      ---------
                                                    2,059,428      1,875,610
OPERATING PROFIT                                      592,237        687,183
Tax on profit on ordinary                             281,678        148,201
activities                                            --------      ---------
PROFIT FOR THE FINANCIAL YEAR                         310,559        538,982
Dividends                                             287,114        401,200
                                                      --------      ---------
RETAINED PROFIT                                        23,445        137,782
Retained profit brought forward                       457,815        320,033
                                                      --------      ---------
RETAINED PROFIT CARRIED FORWARD                       481,260        457,815
                                                      ========      =========

EARNINGS PER SHARE
Basic earnings per share                                 2.70p          5.36p
Diluted earnings per share                               2.56p          5.35p

GROUP BALANCE SHEET
As at 31 December 2005

                        31/12/2005                31/12/2004
                      --------------            ---------------
                        £           £             £           £
FIXED
ASSETS
Intangible        364,695                   385,330
assets
Tangible          176,597                   126,873
assets            --------                  --------
                              541,292                   512,203
CURRENT
ASSETS
Investments        33,177                    36,349
Debtors         3,693,549                 3,440,023
Cash at bank    5,130,205                 4,889,805
and in hand       --------                  --------
                8,856,931                 8,366,177
CREDITORS:
Amounts         8,031,163                 7,505,700
falling due       --------                  --------
within one
year
NET CURRENT                   825,768                   860,477
ASSETS
                              --------                  --------
NET ASSETS                  1,367,060                 1,372,680
                              ========                  ========

CAPITAL AND
RESERVES
Called up                     114,845                   114,845
share capital
Share premium                 789,834                   800,020
account
Profit and                    481,260                   457,815
loss account                  --------                  --------
                            1,385,939                 1,372,680
Own shares                    (18,879)                        -
held for                      --------                  --------
cancellation
SHAREHOLDERS'               1,367,060                 1,372,680
FUNDS                         ========                  ========

COMPANY BALANCE SHEET
As at 31 December 2005
 
                                              31/12/2005            31/12/2004
                                            --------------        --------------

                                             £         £           £         £
FIXED ASSETS
Intangible assets                      364,695               385,330
Tangible assets                        176,597               126,873
Investments                            100,300               100,300
                                       --------              --------
                                                 641,592               612,503
CURRENT ASSETS
Debtors                                287,956                87,261
Cash at bank and in hand                 4,080               614,686
                                       --------              --------
                                       292,036               701,947
CREDITORS:
Amounts falling due within one year     63,069               483,958
                                       --------              --------
NET CURRENT ASSETS                               228,967               217,989
                                                 --------              --------
NET ASSETS                                       870,559               830,492
                                                 ========              ========

CAPITAL AND RESERVES
Called up share capital                          114,845               114,845
Share premium account                            779,934               790,120
Profit and loss account                           (5,341)              (74,473)
                                                 --------              --------
                                                 889,438               830,492
Own shares held for cancellation                 (18,879)                    -
                                                 --------              --------
SHAREHOLDERS' FUNDS                              870,559               830,492
                                                 ========              ========

GROUP CASH FLOW STATEMENT
For the year ended 31 December 2005

                                         31/12/2005       31/12/2004
                                          ---------        ---------
                                                  £                £

Reconciliation of operating profit to net cash inflow from operating
activities

Operating profit                            592,237          687,183
Depreciation                                 77,822           59,015
Amortisation                                 20,635           18,750
Loss on disposal of fixed                    13,501                -
assets
(Increase) in debtors                      (319,021)        (253,720)
(Decrease)/increase in                     (282,020)         481,452
creditors
                                           ---------        ---------
Net cash inflow from                        103,154          992,680
operating activities                       =========        =========


CASH FLOW STATEMENT

Cash flow from operating                    103,154          992,680
activities
Taxation                                   (245,412)        (159,682)
Capital expenditure and                    (137,874)        (112,814)
financial investment
Equity dividends paid                      (287,114)        (401,200)
                                           ---------        ---------
                                           (567,246)         318,984

Financing                                   (29,065)         804,665
                                           ---------        ---------
(Decrease)/Increase in cash                (596,311)       1,123,649
                                           =========        =========


Reconciliation of net cash flow to movement in net
funds
                                               2005                       2004
                                       --------------             --------------
                                      £           £              £           £

(Decrease)/Increase in cash    (596,311)                 1,123,649
in the year                     --------                   --------
Movement in net funds in                   (596,311)                 1,123,649
the year

Net funds at 1 January 2005               1,231,041                    107,392
                                            --------                   --------
Net funds at 31 December 2005               634,730                  1,231,041
                                            ========                   ========


NOTES FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 31 December 2005

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with applicable
accounting standards. The following accounting policies have been used
consistently in dealing with items which are considered material in relation to
the financial statements.
(a) Accounting convention
The financial statements have been prepared under the historical cost
convention.
(b) Revenue
Revenue represents net sales of services, commissions and interest excluding
value added tax. Income is recognised as it is accrued for fees and interest and
on receipt for commissions.
(c) Basis of consolidation
The group financial statements consolidate the financial statements of Jarvis
Securities plc, Jarvis Investment Management plc, Sharegain Limited, JIM
Nominees Limited, Galleon Nominees Limited and Dudley Road Nominees Limited made
up to 31 December 2005. Intra-group sales and profits are eliminated on
consolidation and all sales and profit figures relate to external transactions
only. No profit and loss account is presented for Jarvis Securities plc as
provided by S230(3) of the Companies Act 1985.
(d) Tangible fixed assets
Depreciation is provided on cost in equal annual instalments over the lives of
the assets at the following rates:
     Website - 33% on cost
     Leasehold improvements - 33% on cost
     Motor vehicles - 15% on cost
     Office equipment - 20% on cost
     Software developments - 33% on cost
(e) Intangible fixed assets
Goodwill represents the excess of the fair value of the consideration given over
the aggregate fair values of the separable net assets. Goodwill is amortised
over 20 years on a straight-line basis, subject to annual impairment reviews as
required. Other intangible assets are capitalised at their market value on
acquisition and are amortised on the same basis.
(f) Deferred taxation
Provision is made in full for all taxation deferred in respect of timing
differences that have originated but not reversed by the balance sheet date,
except for gains on disposal of fixed assets which will be rolled over into
replacement assets. No provision is made for taxation on permanent differences.
Deferred tax assets are recognised to the extent that it is more likely than not
that they will be recovered.
(g) Segmental reporting
There are no significant segments for reporting purposes as required by
Statement of Standard Accounting Practice 25.
(h) Pensions
The group operates a defined contribution pension scheme. Contributions payable
for the year are charged to the profit and loss account.
(i) Stockbroking balances
The gross assets and liabilities of the group relating to stockbroking
transactions on behalf of clients are included in debtors, creditors and cash at
bank.
(j) Operating leases and finance leases
Costs in respect of operating leases are charged on a straight line basis over
the lease term in arriving at the operating profit. Where the company has
entered into finance leases, the obligations to the lessor are shown as part of
borrowings and the rights in the corresponding assets are treated in the same
way as owned fixed assets. Leases are regarded as finance leases where their
terms transfer to the lessee substantially all the benefits and burdens of
ownership other than right to legal title.
(k) Investments
Fixed asset investments are stated at cost and current asset investments are
stated at current market valuations.
(l) Cashflow statement
Cash movements relating to stockbroking balances derived from client trading are
excluded from the cashflow statement on the basis that these amounts do not form
part of the cashflow position of the group.

2. GROUP INCOME

The income of the group during the year was made in the United Kingdom and the
income of the group for the year derives from the same class of business as
noted in the Directors' Report.
                                                  2005                    2004
                                               --------                --------
                                                     £                       £
Interest received                            1,280,405               1,165,331
Other turnover                               1,371,260               1,397,462
                                               --------                --------
                                             2,651,665               2,562,793
                                               ========                ========

3. OPERATING PROFIT                                         2005          2004
                                                        ---------      --------
Operating profit is stated after charging:                     £             £
Directors' emoluments                                    241,079       198,905
Depreciation - owned assets                               77,820        59,014
Amortisation                                              20,635        18,750
Operating lease rentals - hire of machinery                  786         2,342
Operating lease rentals - land and buildings              19,750        19,750
Auditor's remuneration - audit - parent company           27,000         5,000
Auditor's remuneration - other services -
parent compay                                             28,250        53,347
Auditor's remuneration - other services -                  2,200         3,688
subsidiaries
Loss on disposal of fixed assets                          13,501             -
Interest payable and similar charges                     213,343       302,652
                                                        =========      ========
Directors' emoluments
                                                        =========      ========
Fees                                                     231,115       190,841
Pension contributions                                      9,964         8,064
                                                        =========      ========
Details of the highest paid director are as
follows:
Aggregate emoluments                                     116,248       104,000
Company contributions to personal pension scheme           9,964         8,064
                                                        ---------      --------
                                                         126,212       112,064

Other services performed by the auditors relates to work performed on tax, VAT
and advice on reconstruction of the group. Exceptional administrative costs of
an aborted acquisition include £23,000 paid to the auditors for due diligence
work on the target. The audit costs of the subsidiaries were met by Jarvis
Securities plc.

Benefits are accruing for one director (2004 one director) under a money
purchase pension scheme.

Staff Costs
The average number of persons employed by the group, including directors, during
the year was as follows:
                                                          Number        Number
Management and administration                                 23            22
                                                         ========      ========

The aggregate payroll costs of these persons were as           £             £
follows:
Wages and salaries                                       626,883       524,047
Pension contributions                                      9,964         8,064
Social security                                           66,094        62,311
                                                         --------      --------
                                                         702,941       594,422
                                                         ========      ========

4. EXCEPTIONAL ITEMS

Exceptional items derive from the costs relating to the following events:
During the current year a potential acquisition was aborted following due
diligence.

During the previous year the group was restructured and Jarvis Securities plc
was formed as a new holding company for the group.


5. INTEREST PAYABLE AND SIMILAR CHARGES                     2005          2004
                                                         --------      --------
                                                               £             £
Bank loans and overdrafts                                  8,288         5,320
Interest paid to clients                                 205,055       297,332
                                                         --------      --------
                                                         213,343       302,652
                                                         ========      ========


6. TAX ON PROFIT ON ORDINARY ACTIVITIES                      2005         2004
                                                          --------     --------
                                                                £            £
Based on the adjusted results for the year:
UK corporation tax                                        201,440      239,750
Adjustments in respect of prior years                         523      (80,421)
Payment for prior years' group relief                      79,715            -
                                                          --------     --------
Total current tax                                         281,678      159,329

Deferred tax:
Origination and reversal of timing differences                  -      (11,128)
                                                          --------     --------
Tax on profit on ordinary activities                      281,678      148,201
                                                          ========     ========

The tax assessed for the year is lower than the standard rate of corporation tax
in the UK (30%). The differences are explained below:

Profit on ordinary activities before tax                  861,989      787,206
                                                          ========     ========
Profit on ordinary activities multiplied by the 
standard rate of corporation tax in
the UK of 30% (2004 - 30%)                                258,597      236,162
Effects of:
Marginal relief                                                 -            -
Group relief claimed without payment                      (57,758)      (4,667)
Income not taxable                                              -      (28,375)
Expenses not deductible for tax purposes                      601        2,656
Ineligible depreciation                                         -        1,048
Capital allowances less than depreciation                       -            -
Depreciation in excess of capital allowances                    -       32,926
Adjustments to tax charge in respect
of previous years                                             523      (80,068)
Payment for prior years' group relief                      79,715            -
                                                           --------     --------
Current tax charge for the year                           281,678      159,682
                                                           ========     ========

Movement in provision:
Provision at start of year                                       -
Deferred tax charged in the P&L account for the                  -
year                                                       --------
Provision at end of year                                         -
                                                           ========

Provision for deferred tax:
Accelerated capital allowances                                   -
                                                           ========



7. DIVIDENDS                                                  2005         2004
                                                           --------     --------
                                                                 £            £
Interim dividends paid on Ordinary 1p shares               287,114      401,200
                                                           ========     ========



8a. INTANGIBLE FIXED ASSETS - GROUP

                                   Goodwill          Brands, Other &      Total
                                    --------            Databases       --------
                                                            --------
                                          £                      £            £
Cost:
At 1 January 2005                   387,699                 25,000      412,699
                                    --------               --------     --------
At 31 December 2005                 387,699                 25,000      412,699
                                    ========               ========     ========

Amortisation:
At 1 January 2005                    25,442                  1,927       27,369
Charge for the year                  19,385                  1,250       20,635
                                    --------               --------     --------
At 31 December 2005                  44,827                  3,177       48,004
                                    ========               ========     ========

Net Book Value:
At 31 December 2005                 342,872                 21,823      364,695
                                    ========               ========     ========

At 31 December 2004                 362,257                 23,073      385,330
                                    ========               ========     ========


8b. INTANGIBLE FIXED ASSETS - COMPANY

                                           Goodwill Brands, Other         Total
                                                     & Databases                        
                                                  £             £             £
Cost:
At 1 January 2005                           387,699        25,000       412,699
                                           --------       -------      --------
At 31 December 2005                         387,699        25,000       412,699
                                           ========       =======      ========
Amortisation:
At 1 January 2005                            25,442         1,927        27,369
Charge for the year                          19,385         1,250        20,635
At 31 December 2005                        --------       -------      --------
                                             44,827         3,177        48,004
Net Book Value:                            ========       =======      ========
At 31 December 2005                         342,872        21,823       364,695
                                           ========       =======      ========
At 31 December 2004                         362,257        23,073       385,330
                                           ========       =======      ========

Intangible assets arose on the acquisition of the trade of CFA Securities Limited
during 2003. The trade, databases, trademarks, brands and the nominee company of CFA
Securities Limited were purchased for a consideration of £225,000. Legal, data
conversion and other costs of £187,699 were capitalised in addition to the initial
consideration during the previous year.


9a. TANGIBLE FIXED ASSETS - GROUP
                 --------    ------       --------     ------     -------     -------
                 Software   Website      Leasehold      Motor      Office       Total
              Development             Improvements    Vehicle   Equipment
                 --------    ------       --------     ------     -------     -------
                        £         £              £          £           £           £
Cost:
At 1 January       78,836    38,905         22,421          -     128,855     269,017
2005
Additions          11,391     5,485          5,877     98,555      61,737     183,045
Disposals               -         -              -    (60,000)          -     (60,000)
                 --------    ------       --------     ------     -------     -------
At 31              90,227    44,390         28,298     38,555     190,592     392,062
December 2005    ========    ======       ========     ======     =======     =======

Depreciation:

At 1 January       17,743    31,729         13,258          -      79,414     142,144
2005
Charge for         28,608     6,818          7,636      6,422      28,337      77,821
the year
On Disposal             -         -              -     (4,500)          -      (4,500)
                 --------    ------       --------     ------     -------     -------
At 31              46,351    38,547         20,894      1,922     107,751     215,465
December 2005    ========    ======       ========     ======     =======     =======

Net Book
Value:
At 31              43,876     5,843          7,404     36,633      82,841     176,597
December 2005    ========    ======       ========     ======     =======     =======

At 31              61,093     7,176          9,163          -      49,441     126,873
December 2004    ========    ======       ========     ======     =======     =======



9b. TANGIBLE FIXED ASSETS - COMPANY

                 --------    ------       --------     ------     -------     -------
                 Software   Website      Leasehold      Motor      Office       Total
              Development             Improvements   Vehicles   Equipment
                 --------    ------       --------     ------     -------     -------
                        £         £              £          £           £           £
Cost:
At 1 January       78,836    38,905         22,421          -     128,855     269,017
2005
Additions          11,391     5,485          5,877     98,555      61,737     183,045
Disposals               -         -              -    (60,000)          -     (60,000)
                 --------    ------       --------     ------     -------     -------
At 31              90,227    44,390         28,298     38,555     190,592     392,062
December 2005    ========    ======       ========     ======     =======     =======

Depreciation:

At 1 January       17,743    31,729         13,258          -      79,414     142,144
2005
Charge for         28,608     6,818          7,636      6,422      28,337      77,821
the year
On Disposal             -         -              -      (4500)          -      (4,500)
                 --------    ------       --------     ------     -------     -------
At 31              46,351    38,547         20,894      1,922     107,751     215,465
December 2005    ========    ======       ========     ======     =======     =======

Net Book Value:
At 31              43,876     5,843          7,404     36,633      82,841     176,597
December 2005    ========    ======       ========     ======     =======     =======

At 31              61,093     7,176          9,163          -      49,441     126,873
December 2004    ========    ======       ========     ======     =======     =======



10. FIXED ASSET INVESTMENTS

                                   Group                             Company
                             2005             2004               2005             2004
                         --------         --------           --------         --------
Unlisted Investments            £                £                  £                £
Cost:
At 1 January
2005                            -                -            100,300                -
Additions                       -                -                  -          100,300
Disposals                       -                -                  -                -
                         --------         --------           --------         --------
As at 31
December 2005                   -                -            100,300          100,300
                         --------         --------           --------         --------

Listed Investments
Valuation:
At 1 January 2005               -                -                  -                -
Additions                       -                -                  -                -
Disposals                       -                -                  -                -
                         --------         --------           --------         --------
As at 31 December               -                -                  -                -
2005                     --------         --------           --------         --------

                Total           -                -                  -                -
                         ========         ========           ========         ========


  Unlisted investments are interests held in the following companies registered in the
  United Kingdom.
                       Shareholding        Holding                 Business
                     --------------       ---------              ----------
  Jarvis Investment
  Management plc     100%  10,030,000   1p Ordinary shares   Financial Administration

On 19 July 2004 a group reorganisation was completed, whereby Jarvis Securities
plc acquired 100% of Jarvis Investment Management plc in a share for share
exchange.

11. CURRENT ASSET INVESTMENTS

                                    Group                       Company
                              2005          2004          2005          2004
                          --------      --------      --------      --------
Listed Investments
Valuation:
At 1 January 2005           36,349        46,482             -             -
Additions                        -             -             -             -
Disposals                   (3,172)      (10,133)            -             -
                           --------      --------      --------      --------
As at 31 December 2005      33,177        36,349             -             -
                           --------      --------      --------      --------

  Listed investments are stated at their market value at 31 December 2005.

12. DEBTORS                             Group                       Company

Amounts falling due within
one year:                         2005          2004         2005         2004
                              --------      --------     --------     --------
                                     £             £            £            £

Trade debtors                2,904,391     2,885,312        3,525            -
Amounts owed by group
undertakings                   149,479         5,000      149,479        5,000
Other debtors                  126,698       124,481      126,698       73,676
Prepayments and accrued
income                         512,981       425,230        8,254        8,585
                              --------      --------     --------     --------
                             3,693,549     3,440,023      287,956       87,261


Trade debtors include £2,878,896 (2004 £2,882,658) in respect of delivery versus
payment transactions for the settlement of client bargains.
                                                                   
Other debtors include amounts due from directors of £4,875.94 from Andrew Grant
and £4,930.95 from Mathew Edmett. These loans were advanced pursuant to
formal loan agreements to allow the directors to purchase shares in the company.


13. CASH AT BANK & IN HAND

                                        Group                       Company
                                  2005          2004         2005         2004
                              --------      --------     --------     --------
                                     £             £            £            £
Balance at bank and in hand  5,130,205     4,889,805        4,080      614,686
                              ========      ========     ========     ========

Cash at bank includes £4,495,475 (2004 £3,658,764) received in the course of
settlement of bargains. This amount is held by the company in trust on behalf of
clients and is only available to complete the settlement of outstanding
bargains.

14. CREDITORS:                         Group                       Company

Amounts falling due within
one year:                       2005          2004         2005          2004
                            --------      --------     --------      --------
                                   £             £            £             £

Trade creditors            7,545,754     6,884,729       26,218       262,785
Amounts owed to group
companies                          -             -        2,991             -
Corporation tax              201,440       159,682            -             -
Other taxes and Social
Security                      33,756        41,728            -             -
Other creditors and
provisions                    76,254       245,131       18,860       216,173
Accruals                     173,959       174,430       15,000         5,000
                            --------      --------     --------      --------
                           8,031,163     7,505,700       63,069       483,958
                            ========      ========     ========      ========


Trade creditors include £7,374,372 (2004 £6,541,422) in respect of delivery
versus payment transactions for the settlement of client bargains.


15. DEFERRED TAX - GROUP                                     2005        2004
                                                           --------    --------
                                                                £           £
At 1 January 2005                                               -      11,128
Charge for the year                                             -     (11,128)
                                                           --------    --------
As at 31 December 2005                                          -           -
                                                           ========    ========

The deferred tax is made up as follows:
Origination and reversal of timing differences                  -           -
                                                           ========    ========


16. CALLED UP SHARE CAPITAL                                  2005        2004
                                                           --------    --------
                                                                £           £
Authorised:
16,000,000 Ordinary shares of 1p each                     160,000     160,000
                                                           --------    --------
                                                          160,000     160,000
                                                           ========    ========
Allotted, issued and fully paid:
11,484,545 Ordinary shares of 1p each                     114,845     114,845
                                                           --------    --------
                                                          114,845     114,845
                                                           ========    ========

Details of options issued to directors and employees are disclosed in the
Directors' Report.

17a. RESERVES AND RECONCILIATION OF SHAREHOLDERS' FUNDS - GROUP


                    -------   -------       --------   -------
                     Share      Share     Own Shares    Profit           Total
                   Capital    Premium       Held For    & Loss    Shareholders'
                                        Cancellation   Account           Funds
                    -------   -------       --------   -------       ---------
                        £           £              £         £               £
At 1 January      100,300       9,900              -   320,033         430,233
2004
Retained profit
for                     -           -              -   137,782         137,782
the financial
year
Shares issued     114,845   1,185,454              -         -       1,300,299
Expenses of             -    (395,334)             -         -        (395,334)
issue
Share for share
exchange on
acquisition      (100,300)          -              -         -        (100,300)
                  -------     -------       --------   -------       ---------
At 31 December    114,845     800,020                  457,815       1,372,680
2004
Retained profit
for                     -           -              -    23,445          23,445
the financial
year
Additional
expenses of             -     (10,186)             -         -         (10,186)
share issue
Purchase of
shares for              -           -        (18,879)        -         (18,879)
cancellation      -------     -------       --------   -------       ---------
At 31 December    114,845     789,834        (18,879)  481,260       1,367,060
2005              =======     =======       ========   =======       =========



17b. RESERVES AND RECONCILIATION OF SHAREHOLDERS' FUNDS - COMPANY


                  -------     -------        -------  --------
                    Share       Share     Own Shares    Profit           Total
                  Capital     Premium       Held For    & Loss    Shareholders'
                                        Cancellation   Account           Funds
                  -------     -------       --------   -------       ---------
                        £           £              £         £               £
Shares issued     114,845   1,185,454              -         -       1,300,299
Expenses of issue       -    (395,334)             -         -        (395,334)
Retained profit
for                     -           -              -   (74,473)        (74,473)
the financial     -------     -------       --------   -------       ---------
year
At 31 December    114,845     790,120              -   (74,473)        830,492
2004
Retained profit
for                     -           -              -    69,132          69,132
the financial
year
Additional
expenses of             -     (10,186)             -         -         (10,186)
share issue
Purchase of
shares for              -           -        (18,879)        -         (18,879)
cancellation      -------     -------       --------   -------       ---------
At 31 December    114,845     779,934        (18,879)   (5,341)        870,559
2005              =======     =======       ========   =======       =========


18. IMMEDIATE AND ULTIMATE PARENT UNDERTAKINGS

The company's immediate and ultimate parent undertaking is Sion Holdings
Limited, a company registered in England and Wales.

19. RELATED PARTY TRANSACTIONS

At the year end Sion Holdings Limited had an outstanding balance due to Jarvis
Securities plc of £149,479 (2004 £5,000).

During the year the company made a management charge of £10,000 to Sion Holdings
Ltd for office and administrative services.

20. EARNINGS PER SHARE

The weighted average number of shares in issue during the year for the Earnings
per Share calculations are as follows:

Date      Event                    No. of shares   Days         2005        2004
------    ----------------         --------      ------    ---------   ---------
01/01/    Opening balance          10,030,000       358            -   9,810,765
04        2005
23/12/    Issue of share           11,484,545         8            -     251,028
04        capital
01/01/    Opening balance          11,484,545       365   11,484,545           -
05        2005                                             ---------   ---------
                                                          11,484,545  10,061,793


The Diluted Earnings per Share calculation is as follows:

Date   Event                  No. of shares   Days         2005           2004
                                                                       ---------
01/01/ Opening balance 2004      10,030,000    358            -      9,810,765
04
11/02/ Issue of share capital    12,134,545      8            -        265,236
04     and options
01/01/ Opening balance 2005      12,134,545    365   12,134,545              -
05                                                    ---------      ---------
                                                     12,134,545     10,076,001
Earnings per share before exceptional expenses            3.14p          6.68p


21. NOTES TO THE CASH FLOW STATEMENT

NOTE A - GROSS CASH FLOWS                     2005            2004
                                         ---------       ---------
                                                £               £
Capital expenditure and financial
investment
Payments to acquire
tangible fixed assets                    (183,045)        (50,257)
Payments to acquire
intangible fixed assets                         -         (94,440)
Receipts from
disposal of fixed assets                   41,999          21,750
Receipts from
disposal of current
asset investments                           3,172          10,133
Receipts from disposal of                                       -
listed investments                       ---------       ---------
                                         (137,874)       (112,814)
                                         =========       =========
Financing
Issue of ordinary
share capital                                   -       1,199,999
Expenses paid on
issue of shares                           (10,186)       (395,334)
Repurchase of own
shares                                    (18,879)              -
                                          ---------       ---------
                                          (29,065)        804,665
                                          =========       =========
NOTE B - ANALYSIS OF
NET FUNDS

                       At 1.1.05      Cash Flow        Other Non     At 31.12.05
                                                    Cash Changes
                       ---------     ---------         ---------       ---------
                               £             £                 £               £
Cash in hand,         4,889,805        240,400                 -       5,130,205
at bank
Less DVP             (3,658,764)     (836,711)                 -      (4,495,475)
cash                    ---------     ---------        ---------       ---------

NET FUNDS             1,231,041      (596,311)                 -         634,730
                        =========     =========        =========       =========



22. OPERATING LEASE COMMITMENTS

At 31 December 2005 the company was committed to making the following
payments during the next year in respect of operating leases which expire:

                                                                    Land and
                                                                   Buildings
                                                                   ---------
                                                                         £
After more than five years:                                         26,500
                                                                   =========




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