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C A Sperati PLC (TEA)

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Monday 28 July, 2014

C A Sperati PLC

Half Yearly Report

RNS Number : 5357N
C A Sperati PLC
28 July 2014
 

 

For Immediate Release                                                                                  28 July 2014

 

 

C A Sperati plc

("CAS" or the "Company")

 

 

Unaudited interim results for the 6 months ended 30 April 2014

 

 

CAS is pleased to announce its unaudited interim results for the 6 months ended 30 April 2014.

 

 

Financial Highlights for 6 month period to 30 April 2014:

 

·              Profit before taxation (and after exceptional gain on disposal of freehold premises of

          £350,073) £200,832 (April 2013: loss before tax £133,163).

·              Operating loss increased by 12% to £149,241 (April 2013: loss £133,163).

·              Net Asset Value increased by approximately £560,000 since year end 31 October 2013.

·              Increase in cash at bank from £3,408 as at 30 April 2013 to £174,599 as at 30 April

2014.

 

 

 

Jason Drummond, Executive Chairman, commented;

"This has been a transformational period for the Company and the board have achieved what they set out to do in relation to reorganising the Company and admitting it to trading on AIM.  We now look forward to creating shareholder value and building our business through acquisitions and organic growth."

 

 

 

Operational highlights for the first half of 2014:

 

The Company continues to operate in a challenging economic climate with revenues in the period decreasing by 5.9% to £88,891 (April 2013: £94,447) and administrative expenses, which include company restructuring fees, increasing by 3.7% to £188,465 (April 2013:£181,675).  Profit before tax, incorporating an exceptional gain from the disposal for the freehold premises of £350,073, provided a profit of £200,832 (April 2014: loss £133,163).

 

During the six month period to 30 April 2014, there were number of significant changes to the Company, including the Company's cancellation of admission to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange plc and subsequent admission to trading on AIM in conjunction with a placing raising net funds of approximately £213,400, the disposal of the Company's freehold land and premises in Greenwich for a total cash consideration of £400,000, a share capital reorganisation, adoption of new articles, a change of name and a subscription raising £21,664. Subsequent to the period end the Company has renewed its lease on its operating premises in Greenwich for further 4 months, to November 2014.

 

Board changes during the period include the following: the appointment of Jason Drummond as Executive Chairman from his position of Non-Executive Chairman; Oliver Fattal's appointment as a Non-Executive Director from his prior position of CEO; and the appointment of Nilesh Jagatia as Finance Director, following the resignation of the former Finance Director Richard Woodbridge.  

 

 

 

 

 

 

 

For further information on CAS please visit the Company's website: www.casperatiplc.com or please contact:

 

C A Sperati plc


Jason Drummond, Executive Chairman

Tel: 020 8858 7069



 

Beaumont Cornish Limited (Nominated Adviser & Joint Broker)


Roland Cornish

Tel: 0207 628 3396

Emily Staples




Peterhouse Corporate Finance (Joint Broker)




  Lucy Williams

Tel: 020 7469 0936


CA Sperati Plc

 

Profit and Loss Account







for the six months ended 30 April 2014









Six months


Six months


Year



 to


 to


 to



30-Apr-14


30-Apr-13


30-Oct-13



 Unaudited


 Unaudited


 Audited









Notes

£


£


£






















Turnover


88,891


94,447


200,700

Cost of sales


(49,667)


(45,935)


(108,211)

Gross profit


39,224


48,512


92,489








Administrative expenses


(188,465)


(181,675)


(379,616)








Operating loss


(149,241)


(133,163)


(287,127)








Finance costs




-


(7,000)

Exceptional gain on disposal of asset

8

350,073





Loss before tax


200,832


(133,163)


(294,127)








Taxation


-


-


-








Profit/(loss) on ordinary activities after taxation


200,832


(133,163)


(294,127)















Loss per share - Pence














Basic*

7

0.010p


(0.013)p


(0.029)p

Diluted*

7

0.010p


 -


 

*Adjusted and restated post-capital reconstruction.

 

 

 

 

 

 

 

 

 

 

 

 

 

CA Sperati Plc

 





Balance sheet as at 30 April 2014




Six months

Six months

Year



ended

ended

ended



30-Apr-14

30-Apr-13

30-Oct-13



 Unaudited

 Unaudited

 Audited


Notes

£

£

£






Fixed assets





Tangible assets


13,363

54,779

14,433






Current assets





Stock


36,810

57,495

41,810

Debtors


120,616

37,170

63,087

Assets held for sale


 -

38,366

Cash at bank and in hand


174,599

3,408

2,931

Total current assets


332,025

98,073

146,194






Current liabilities





Creditors amounts falling due within one year


(66,788)

(279,658)

(436,159)






Net current assets /(liabilities)


265,237

(181,585)

(289,965)






Total assets less current liabilities


278,600

(126,806)

(275,532)






Non-current liabilities





Provisions


-

-

(237)

Long term loans


-

-

(12,000)






Net assets / (liabilities)


278,600

(126,806)

(287,769)






Share capital and reserves





Called up share capital


96,418

50,000

50,000

Share premium


319,120

 -

 -

Revaluation reserve


22,128

22,128

22,128

Profit and loss reserve


(159,066)

(198,934)

(359,897)






Total

4

278,600 

(126,806)

(287,769)

 

 

 

 

 

 





CA Sperati Plc








Cash flow statement for the six months ended 30 April 2014

 










Group

Company

Company


Six months

Six months

Year


 to

to

to


30-Apr-14

30-Apr-13

30-Oct-13


Unaudited

Unaudited

Audited


£

£

£





Net cash flow from operating activities

200,832

(133,163)

(294,127)

Deprecation of tangible assets

1,070

1,980

3,960

Profit on disposal of tangible asset

(350,073)

 -

Decrease in stock

5,000

15,812

31,497

Increase/ (decrease) in debtors

(19,162)

13,046

(12,871)

Increase/ (decrease) in creditors

(374,371)

63,511

188,250





Net cash outflow from operating activities

(536,704)

(38,814)

(83,291)





Capital Expenditure




Sale of fixed asset

400,000

Net cash flow from capital expenditure

400,000

0

0





Financing




Finance costs

(13,165)

 -

Proceeds from issue of new ordinary shares

365,537

 -

Increase/ (decrease) in short term borrowing

(32,000)

 -

32,000

increase/(decrease)  in long-term borrowing

(12,000)

 -

12,000

Net cash from financing activities

308,372

0

44,000





Net cash flow

171,668

(38,814)

(39,291)





Cash and cash equivalents at the beginning of the period

2,931

42,222

42,222

Cash and cash equivalents at the end of the period





174,599

3,408

2,931

 

 

 

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the 6 months ended 30 April 2014

 

1     Basis of accounting

 

The condensed interim financial statements have been prepared for the six months ended 30 April 2014 and comprise a Profit and Loss Account, Balance Sheet, Cash Flow Statement and selected notes. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 October 2013, which were prepared in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP).

 

The condensed interim financial information contained in this report does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The financial information for the year ended 31 October 2013 has been extracted from the accounts for the year ended 31 October 2013 on which the report of the auditors was unqualified.

 

The condensed interim financial statements have been prepared for the six months ended 30 April 2014 has been prepared on a going concern basis in accordance with UK Generally Accepted Accounting Practice.

 

Statement of Compliance

 

The directors, Mr Nilesh Jagatia, Mr Jason Drummond and Mr Oliver Fattal, confirm that to the best of their knowledge:

 

·      These condensed interim financial statements for the six months ended 30 April 2014 have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and pronouncements by the Accounting Standards Board. The Operational Highlights Report includes a fair review of the business as required by the Disclosure and Transparency Rules of the Financial Conduct Authority.  

 

These condensed interim financial statements were approved by the Board of directors by Mr Nilesh Jagatia on 28 July 2014.

 

The 2014 condensed interim financial statements of the Company have not been reviewed by the Company's auditor, Welbeck Associates Ltd.

 

2     Accounting policies

 

The same accounting policies, presentation and methods of computation are followed in this condensed consolidated interim financial information as were applied in the preparation of the Company's annual financial statements for the year ended 31 October 2013. Those financial statements have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006.

 

 

3     Taxation

 

The tax expense represents the sum of the tax currently payable or recoverable together with deferred tax.

 

The tax currently recoverable is based on taxable loss for the year.  Taxable loss differs from net loss as reported in the Profit and Loss Account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.  The Corporation Tax recoverable is calculated by using tax rates that have been enacted or substantively enacted by the balance sheet date.

 

4     Movement in shareholders' funds

 


Six months

ended

30 April

2014

Six months

ended

30 April

2013

Year

ended

31 October

2013


£

£

£


(unaudited)

(unaudited)

(audited)





Profit /(Loss) for the year

200,832

(133,163)

(294,127)

 

Issue of new ordinary shares

365,537

      -

      -





Net Movement in Shareholder's funds

566,369

(133,163)

(294,127)





Shareholder's funds:




Opening

(287,769)

6,358

6,358

Closing

278,600

(126,805)

(287,769)

 

 

5       Related Party Transactions

 

Reportable related party transactions that occurred during the period were as follows:

 

5.1     A settlement agreement dated 21 November 2013 between the Company and Kevin D.G. Jackson (a former Director) relating to the termination of his employment with the Company under which the following terms had been agreed in full and final settlement of any claim he may have in respect of such termination:

 

-       On the first placing following admission to AIM Kevin Jackson shall be: issued ordinary shares in the Company having an aggregate value of £44,000 and granted a warrant to subscribe for ordinary shares in the Company having an aggregate value of £44,000 for a period of three years from when the first placing by the Company (following Admission) becomes unconditional.

 

 

5.2     An agreement dated 25 November 2013 relating to an unsecured loan by Teather & Greenwood Ltd (a company wholly owned by Jason Drummond (a Director)) to the Company of up to a maximum principal sum of £75,000 accruing interest at the rate of 9 per cent. per annum on the monies drawn down and outstanding from time to time, with such principle and interest being repayable on 1 July 2015 and an arrangement fee of £25,000 payable by the Company to Jason Drummond and which was satisfied by the issue of 625,000 ordinary shares in the Company, at a price of 4 pence per share;

 

5.3     Both Oliver Fattal (Director) and Richard Woodbridge (former Finance Director) were each owed the sum of £55,416 as accrued and outstanding salary for the period of 19 months from 1 March 2012 to 30 September 2013. Oliver Fattal and Richard Woodbridge agreed with the Company that 50 per cent. of such outstanding accrued salary (amounting to the sum of £27,708 each) shall be paid in cash in monthly instalments over a period of 10 months and the remainder (again amounting to the sum of £27,708 each) shall be satisfied by the issue of 692,700 ordinary shares in the Company to each of them at a price of 4 pence per share subject to certain conditions.

 

5.4     Both Jason Drummond and Oliver Fattal (Directors of the Company) participated in the placing on the admission to AIM.

 

 

6     Post Balance Sheet Events

 

On 17 July 2014, the Company entered into an agreement to extend their lease on their business premises for 4 months for a total of £6,000.

 

 

7     Earnings per share

 














Six months


Six months


Year


 to


 to


 to


30-Apr-14


30-Apr-13


30-Oct-13


 Unaudited


 Unaudited


 Audited




**


**

Share Capital

19,283,478


10,000,000


10,000,000

Warrants

650,000





Share Capital including warrants

19,933,478


10,000,000


10,000,000

in issue












Profit/(loss)  before Tax £

200,832


(133,163)


(294,127)







Earnings/(loss) per share

0.010


(0.013)


(0.029)

Earnings/(loss) per share fully diluted

0.010


-


-







** Share capital adjusted to post capital reorganisation

 

 

 

 

 

 

8    Exceptional gain on asset disposal

 


£



Sales Proceeds

415,000

Less:


Discount for early payment of the second tranche due November 2014

(15,000)



Net Sales proceeds

400,000



Less Disposal costs

(11,561)



Net asset value of the premises at 31/10/2013

(38,366)



Profit on disposal of premises.

350,073

 

 

 


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