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Cherwell Capital PLC (CHEP)

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Friday 07 March, 2008

Cherwell Capital PLC

Interim Results


                                CHERWELL CAPITAL PLC

                   CHAIRMAN'S STATEMENT & REVIEW OF ACTIVITIES

                  For the six months ending 30th September 2007.

I have pleasure in presenting to our shareholders Cherwell Capital Plc's
unaudited interim figures. These cover the six month period to 30th September
2007 and include a brief review of the progress of our individual investments.

Cherwell's net asset value at 30th September 2007 amounted to £380,611 (2.91p/
share) compared to £387,596 (2.97p/share) for the period ending 31st March 2007
The carrying value of our investments remains unchanged at the book value of £
321,060.

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BioAnaLab has continued to show strong growth in revenue and profitability from
the provision of analytical services to the pharmaceutical industry.

Scancell, the biopharmaceutical company developing unique approaches to the
treatment of cancer using therapeutic monoclonal antibody technologies - these
have the ability to directly kill cells in clinically relevant tumours - has
just announced its first clinical candidate drug for the treatment of melanomas
(skin cancers).

MindWeavers has completed a pre-IPO funding prior to a possible application
later in the year for a listing on PLUSMarkets. The company has experienced
growth in sales in both the "MindFit-Brain Power Fitness" software, which has
won a business and award, and in the "Phonomena" language development software.

Enkephala is continuing with its ongoing Research & Development into possible
markers for Alzheimers disease.

OxLoc has raised further funding for development of its tracking/monitoring
software.

Professor Bruce Savage,
Chairman - Cherwell Capital plc
20th February, 2008


CHERWELL CAPITAL PLC 
Interim unaudited figures for 6 months to 30.9.07


STATEMENT OF TOTAL RETURN

                      6 Months ended           12 Months ended           6 Months ended      
                        30/09/2007               31/03/2007                30/09/2006        
                                                                                             
                  Revenue Capital   Total  Revenue Capital    Total  Revenue Capital    Total
                                                                                             
                        £       £       £        £       £        £        £       £        £
                                                                                             
Gains/(Losses) on                                                                           0
investments                                                                                  
                                                                                             
Income                                                                     0                0
                                                                                             
Other expenses    (6,985)         (6,985) (20,786)         (20,786) (12,877)         (12,877)
                                                                                             
Return on         (6,985)       0 (6,985) (20,786)       0 (20,786) (12,877)       0 (12,877)
ordinary                                                                                     
activities                                                                                   
before tax                                                                                   
                                                                                             
Tax on ordinary         -       -       -        -       -        -        -       -        -
activities                                                                                   
                                                                                             
Return            (6,985)       0 (6,985) (20,786)       0 (20,786) (12,877)       0 (12,877)
attributable to                                                                              
equity                                                                                       
shareholders and                                                                             
transfers to                                                                                 
reserves                                                                                     
                                                                                             
Return per share  (0.05)p         (0.05)p  (0.16)p          (0.16)p  (0.10)p          (0.10)p
                                                                                             
General Notes to the Accounts                                                                                 

1) The financial information for the 6 month period ended 30 September 2007 is
unaudited and does not constitute statutory accounts within the meaning of the
Companies Act 1985. The financial information for the year ended 31 March 2007
has been extracted from the Company's statutory accounts for that period which
contained an unqualified report and which have been filed with the Registrar of
Companies. The accounting policies remain unchanged from those set out in the
Company's statutory accounts for the year ended 31 March 2007

2) In accordance with PLUS Market listing requirements Rule 9.12, the directors
take full responsibility for the figures and statements made in these accounts.


CHERWELL CAPITAL PLC 
Interim Unaudited Figures for 6 Months to 30.9.07

BALANCE SHEET

                                            As at           As at         As at
                                         30.09.07        31.03.07      30.09.06
                                                                               
                                                £               £             £
                                                                               
Fixed Assets                                                                   
                                                                               
Tangible assets                                 2               2           395
                                                                               
Fixed Assets - Investments                                                                    
                                                                               
Investments                               321,060         321,060       316,062
                                                                               
                                          321,062         321,062       316,457
                                                                               
Current Assets                                                                 
                                                                               
Debtors                                    90,273          94,020       100,300
                                                                               
Cash at bank and in hand                        -               -             -
                                                                               
                                           90,273          94,020       100,300
                                                                               
Creditors:amounts falling due            (30,724)        (27,486)      (21,253)
within one year                                                                
                                                                               
Net current assets                         59,549          66,534        79,047
                                                                               
Net assets                                380,611         387,596       395,504
                                                                               
Capital and reserves                                                           
                                                                               
Called up share capital                   326,633         326,633       326,633
                                                                               
Share premium account                     107,970         107,970       107,970
                                                                               
Other reserve                              10,250          10,250        10,250
                                                                               
Capital reserve -                         (1,423)         (1,423)       (1,423)
realised                                                                       
                                                                               
Capital reserve -                        (16,904)        (16,904)      (16,904)
unrealised                                                                     
                                                                               
Revenue reserve                          (45,915)        (38,930)      (31,022)
                                                                               
                                          380,611         387,596       395,504
                                                                               

Note to the balance sheet as at 30.09.07                                                           

The listed investments have been revalued at the half year, if appropriate.
Unlisted equity investments are stated at cost or subsequent issue price in
accordance with the British Venture Capital Association guidelines for the
valuation of unlisted companies.