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TV Commerce Hldgs (EDL)

  Print      Mail a friend       Annual reports

Tuesday 29 January, 2008

TV Commerce Hldgs

Interim Results

TV Commerce Holdings PLC
29 January 2008


Tuesday 29 January 2008



                            TV Commerce Holdings PLC


TV Commerce Holdings PLC ('TV Commerce' or the 'Group'), the AIM-listed media 
and entertainment company, today reports its Interim Results for the six months 
ended 30 June 2007.

Highlights / recent activity

• Closure of TV Commerce Limited on 28 February 2007, results in
disclosure of results as discontinued business.
• Net assets of the Group at 30 June 2007 were £456,970.
• Sanction of the High Court received on 23 January 2008, enabling the
company to effect the capital reorganisation approved by shareholders at the AGM
held on 10 August 2007.

Commenting on the results TV Commerce Chief Executive Vince Stanzione said:

'The approval of the High Court to the capital reorganisation passed at the AGM
will enable the Board to return the surplus funds to shareholders and effect an
orderly wind down of the Company's affairs.'



For further information, please contact:

TV Commerce
Vince Stanzione Tel: +44 (0) 1908 330 747

Seymour Pierce
John Depasquale Tel: +44 (0) 207 107 8000

Chairman's statement

For the six months ended 30 June 2007

The approval of the High Court on 23 January 2008, to the capital reorganisation
approved by Shareholders, has enabled the Board to release the interim financial
information for the period to 30 June 2007; itself representing only two months
trading, following the closure of the TV Commerce Limited operations in February
2007.

This approval will enable the Board to effect a reduction in the capital of the
Company, with surplus funds being returned to Shareholders in due course. This
represents the conclusion of what has been a difficult period for the Group.

At the time the Company's shares were first admitted to trading on AIM in
February 2005, the prospects for the Group's business model depended upon the
continuation of the regulatory regime covering the telecommunications and
broadcasting market then in force. It was disappointing, therefore, that changes
to that regime rendered this model unsustainable, at the time when the Group had
become profitable.

I have no doubt that Shareholder's interests have been preserved by the prompt
action of the Board to shut down the operations of TV Commerce Limited and the
steps taken to ensure that the remaining funds are returned as soon as possible.
I would like to thank my fellow directors for their support during this period.


Andy Mintern
Chairman




Consolidated Income Statement
For the six months ended 30 June 2007

                          Notes   Six months   Six months   Year ended 31 Dec
                                  to 30 June   to 30 June                 2006
                                        2007         2006                    £
                                           £            £
                                  Unaudited    Restated     Restated

Revenue                                    -            -                    -

Cost of sales                              -            -                    -
                                    ----------   ----------          -----------

Gross profit                               -            -                    -

Administration expenses             (117,616)     (35,442)            (183,634)
                                    ----------   ----------          -----------

Group loss from
operations                          (117,616)     (35,442)            (183,634)

Finance revenue                        2,702            -                    -
                                    ----------   ----------          -----------
Loss before tax                     (114,914)     (35,442)            (183,634)

Taxes                                      -            -                    -
                                    ----------   ----------          -----------

Loss for the period from
continuing operations               (114,914)     (35,442)            (183,634)

Profit for the period
from discontinued
operations                            79,370       98,858              329,834
                                    ----------   ----------          -----------

Attributable to equity
holders of the Group                 (35,544)      63,416              146,200
                                    ==========   ==========          ===========

Earnings per share            2
Continuing and
discontinued operations                (0.06)p       0.10p                0.23p
Basic profit/(loss) per
share                                  (0.18)p      (0.06)p              (0.29)p



Consolidated Balance Sheet
As at 30 June 2007

                                     Notes   As at       As at       As at
                                             30 June     30 June     31 Dec
                                                2007        2006        2006
                                                   £           £           £
                                             Unaudited   Restated    Restated

Non-current assets
Property, plant and equipment                        -      14,801           -
Current assets
Trade and other receivables                     38,744     392,624     437,094
Cash and cash equivalents                      484,866      81,706     261,310
                                              ----------  ----------   ---------
                                               523,610     474,330     698,404
Current liabilities
Trade and other payables                        66,640      79,401     205,890
                                              ----------  ----------   ---------
Net current assets                             456,970     394,929     492,514
                                              ----------  ----------   ---------
Total assets less current                      456,970     409,730     492,514
liabilities

Non-current liabilities
Long term borrowings                                 -           -           -
                                              ----------  ----------   ---------
Net assets                                     456,970     409,730     492,514
                                              ==========  ==========   =========

Equity
Share capital and premium                    1,265,862   1,265,862   1,265,862
Other reserves                                  66,351      66,351      66,351
Retained earnings                             (875,243)   (922,483)   (839,699)
                                              ----------  ----------   ---------
Total equity                                   456,970     409,730     492,514
                                              ==========  ==========   =========



Consolidated Statement of Changes in Equity
For the six months ended 30 June 2007

                           Share     Share     Merger    Retained      Total
                           Capital   Premium   Reserve   Earnings    Equity
                                 £         £         £           £         £

Balance at 1 January 2006  641,796   624,066    66,351    (985,899)  346,314
Profit for the period
attributable to equity
holders                          -         -         -      63,416    63,416
                            --------  --------   -------    --------  --------
Balance at 30 June 2006    641,796   624,066    66,351    (922,483)  409,730
                            --------  --------   -------    --------  --------

Balance at 1 January 2007  641,796   624,066    66,351    (839,699)  492,514
Loss for the period
attributable to equity
holders                          -         -         -     (35,544)  (35,544)
                            --------  --------   -------    --------  --------
Balance at 30 June 2007    641,796   624,066    66,351    (875,243)  456,970
                            --------  --------   -------    --------  --------

Consolidated Cash Flow Statement
For the six months ended 30 June 2007

                                     Notes   Six         Six        Year ended
                                             months      months
                                             to 30       to 30      31 Dec
                                               June        June
                                                2007       2006         2006
                                                  £          £            £
                                             Unaudited   Restated   Restated

Cash flows from operating
activities
Cash generated / (outflow) from
operations                                     170,517    (95,234)      89,791
Interest paid                                        -     (2,867)           -
Tax paid                                             -          -            -
                                              ---------- ---------- ------------
Net cash generated / (outflow)
from operating activities                      170,517    (98,101)      89,791

Cash flows from investing
activities
Purchase of property, plant and
equipment                                            -          -      (10,734)
Disposal of property, plant and
equipment                                       48,936          -            -
Interest received                                4,103          -        2,446
                                              ---------- ---------- ------------
                                                53,039          -       (8,288)

Cash flows from financing
activities
Net cash (used in) / from financing                  -          -            -
activities
                                              ---------- ---------- ------------
Net increase / (decrease) in
cash and cash equivalents                      223,556    (98,101)      81,503

Cash and cash equivalents at
beginning of year                              261,310    179,807      179,807
                                              ---------- ---------- ------------
(Decrease )/ increase in net
cash in the period                       4     484,866     81,706      261,310
                                              ---------- ---------- ------------


Notes to Interim Report
For the six months ended 30 June 2007

1.                  Basis of preparation

The unaudited financial information comprises the consolidated interim balance
sheets as at 30 June 2007 and 30 June 2006 and the related consolidated interim
statements of income, changes in equity and cash flows and related notes for the
six months then ended (the 'financial information').

The financial information, including the comparative figures for the year ended
31 December 2006, do not constitute statutory financial statements for the
purposes of Section 240 of the Companies Act 1985. A copy of the statutory
financial statements for the year ended 31 December 2006, prepared under UK
Generally Accepted Accounting Principles ('UK GAAP'), has been delivered to the
Registrar of Companies and contained an unqualified auditor's report in
accordance with Section 235 of the Companies Act 1985.

TV Commerce Holdings Plc has adopted International Financial Reporting Standards
('IFRS') with effect from the 1 January 2007, in accordance with European Union
Regulations and AIM Rules. The first Annual Report prepared under IFRS will be
for the year ended 31 December 2007. IN compliance with IFRS1 'First Time
Adoption of International Financial Reporting Standards', the date of transition
to IFRS is 1 January 2006.

The interim financial information has been prepared in accordance with the
recognition and measurement of IFRS as endorsed by the European Union. The
Directors do not consider that there are any significant changes to the Group's
accounting policies (as set out in the 2006 Annual Report) other than those
resulting from the adoption of IFRS. The transition to IFRS has not altered the
profit, equity or cash flow position of the Group, as previously reported under
UK GAAP.


2.                  Earnings per share

The calculation of the basic and diluted earnings per shares is based on the
following data:

Earnings                               30 June 07    30 June 06    31 Dec 06
                                                 £             £             £

Continuing and discontinued activities     (35,544)       63,416       146,200
Continuing activities                     (114,914)      (35,442)     (183,634)
                                           ---------     ---------      --------

Number of shares                       30 June 07    30 June 06    31 Dec 06

Weighted average number of shares       64,179,632    64,179,632    64,179,632
                                           ---------     ---------      --------

3.                  Copies of the Interim Statement

Pursuant to Rule 20 of the AIM rules, copies of the Interim Statement will be
available to Shareholders on the Company's web site at
www.thefinancialtrader.net/tvcommerce/ and on request from the Company Secretary
at the Companies registered office.



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