Clerkenwell Ventures

Preliminary Results

RNS Number : 7638G
Clerkenwell Ventures PLC
05 February 2010
 



Clerkenwell Ventures PLC - Unaudited Preliminary Results

 

5 February 2010

Unaudited Preliminary Results for the year ended 30 September 2009

 

Clerkenwell Ventures PLC ("Clerkenwell Ventures" or "the Company") announces its preliminary results for the year ended 30 September 2009.

 

Highlights:

 

·      Net cash as at 30 September 2009 of £3.1 million (2008: £29.9 million)

·      Loss before taxation for the year ended 30 September 2009 of £0.4m (2008: profit of  £0.7m)

 

 

Enquiries

 

Clerkenwell Ventures PLC

David Page, Non-executive Chairman                                       Telephone:   07836 346934

 

 

Seymour Pierce Limited                                                                Telephone:   020 7107 8000

Nicola Marrin

 



Clerkenwell Ventures PLC

Unaudited Preliminary Results

for the year ended 30 September 2009

 

Chairman's Statement

 

It gives me pleasure to report the preliminary results of Clerkenwell Ventures for the year ended 30 September 2009.

 

Investment strategy

 

We have continued to evaluate a number of businesses.

 

Results

 

Loss after taxation for the year ended 30 September 2009 was £346,000 (2008: profit of £414,000). As at 30 September 2009, Clerkenwell Ventures' net cash balances amounted to £3.1 million (2008: £29.9 million).

 

Corporate activity

 

In March 2009, the Company returned £26.79 million to shareholders by way of a bonus issue and capital reduction.

 

 

 

 

David Page

Non-executive Chairman

5 February 2010



Clerkenwell Ventures PLC

Unaudited Income Statement

for the year ended 30 September 2009

 


Notes


Year ended 

30 September 

2009 

Unaudited 

£'000 

Year ended 

30 September 

2008 

Unaudited 

£'000 

Continuing operations










Administrative expenses



(331)

(530)




             

             

Operating loss before share based payments



(331)

(530)






Share based payments



(297)

(307)




             

             

Operating loss



(628)

(837)






Finance income



238 

1,574 




             

             

(Loss)/profit on ordinary activities before taxation



(390)

737 






Taxation receivable/(payable)

3


44 

(323)




             

             

(Loss)/profit for the year



(346)

414 




             

             






(Loss)/earnings per share










Basic

4


(4.2)p 

5.0p 

Diluted

4


(4.2)p 

5.0p 

 

 

 



Clerkenwell Ventures PLC

Unaudited Balance Sheet

as at 30 September 2009

 




As at 

30 September 

2009 

Unaudited 

£'000 

As at 

30 September 

2008 

Unaudited 

£'000 






Non current Assets





Property, plant and equipment






             

             









Current Assets





Trade and other receivables



276 

Cash and cash equivalents



3,146 

29,918 




             

             




3,152 

30,194 




             

             

Total Assets



3,154 

30,197 




             

             






Current Liabilities





Trade and other payables



(85)

(107)

Current taxation liabilities



(13)

(310)




             

             




(98)

(417)




             

             

Net current assets



3,054 

29,777 




             

             

Net assets



3,056 

29,780 




             

             






Equity





Share capital



83 

4,122 

Share premium account



2,262 

24,898 

Retained earnings



711 

760 




             

             

Total shareholders' equity



3,056 

29,780 




             

             

 

 



Clerkenwell Ventures PLC

Unaudited Cash Flow Statement

for the year ended 30 September 2009

 


Notes


Year ended 

30 September 

2009 

Unaudited 

£'000 

Year ended 

30 September 

2008 

Unaudited 

£'000 






Net cash absorbed by operating activities

5


(335)

(905)






Investing activities





Interest received



238 

1,574 




             

             

Net cash generated by investing activities



238 

1,574 




             

             

Financing activities





Proceeds from issuance of new ordinary shares (net of expenses)



150 

Proceeds from bonus issuance of new B shares (net of expenses)



(38)

Return of capital



(26,787)




             

             

Net cash (used)/received from financing activities



(26,675)




             

             

Net (decrease)/increase in cash and cash equivalents



(26,772)

673 






Cash and cash equivalents at beginning of the period



29,918 

29,245 




             

             

Cash and cash equivalents at end of period



3,146 

29,918 




             

             

 



Clerkenwell Ventures

Unaudited Statement of Changes in Shareholders' Equity

for the year ended 30 September 2009

 


Share 

capital 

£'000 

Share 

premium 

£'000 

Retained 

earnings 

£'000 

Total 

equity 

£'000 






At 1 October 2007

4,122 

24,894 

39 

29,055 






Profit for the period

414 

414 


             

             

             

             

Total recognised income and expense

414 

414 






Ordinary shares issued (net of expenses)

Share based payments

307 

307 


             

             

             

             

At 30 September 2008

4,122 

24,898 

760 

29,780 






Loss for the period

(346)

(346)


             

             

             

             

Total recognised income and expense

(346)

(346)






Ordinary shares issued (net of expenses)

50 

100 

150 

Bonus issue of B shares (net of expenses)

22,698 

(22,736)

(38)

Return of capital

(26,787)

(26,787)

Share based payments

297 

297 


             

             

             

             

At 30 September 2009

83 

2,262 

711 

3,056 


             

             

             

             






 



Clerkenwell Ventures PLC

Notes to the Unaudited Preliminary Results

for the year ended 30 September 2009

 

1.             General information

 

Clerkenwell Ventures PLC is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the registered office is 1 Park Row, Leeds, LS1 5AB, United Kingdom. Copies of this Preliminary Statement may be obtained from the above address or the investor section of the Company's website at http://www.clerkenwellventures.com.

 

2.             Basis of preparation

 

The unaudited preliminary results for the year ended 30 September 2009 has been prepared under the recognition and measurement principles of International Financial Reporting Standards as adopted by the EU ("IFRS") based on the accounting policies consistent with those used in the financial statements for the year ended 30 September 2009.

 

The preliminary results for the year ended 30 September 2009 do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 September 2008 were prepared under IFRS and have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified and did not contain a statement either under section 237(2) or 237(3) of the Companies Act 1985.

 

The financial information for the year ended 30 September 2008 has been extracted from the statutory accounts for the Group for the period.

 

The preliminary announcement is presented in Pounds Sterling because that is the currency of the primary economic environment in which the group operates. All values are rounded to the nearest thousand Pounds (£'000) except when otherwise indicated.

 

3.             Taxation

 



Year ended 

30 September 

2009 

Unaudited 

£'000 

Year ended 

30 September 

2008 

Unaudited 

£'000 





Based on the result for the period:




UK Corporation tax at 28% (2008: 29%)


310 

(Over)/under provision in earlier periods


(44)

13 



             

             

Total current tax


(44)

323 



             

             

 



 

4.             Earnings per share

 



Year ended 

30 September 

2009 

Unaudited 

£'000 

Year ended 

30 September 

2008 

Unaudited 

£'000 





Earnings for the purposes of basic and diluted earnings per share:

- (Loss)/profit for the year


 

 

(346)

 

 

414 

Share based payments


297 

307 



             

             

Adjusted (loss)/profit for the period for the purposes of headline basic and diluted earnings per share


 

(49)

 

721 



             

             







Weighted 

Average 

number 

of shares 

 

'000 

Weighted 

Average 

number 

of shares 

Restated 

'000 

Weighted average number of shares in issue for the purposes of basic earnings per share


 

8,331 

 

8,245 

 

Effect of dilutive potential ordinary shares:




- Share options


50 



             

             

Weighted average number of shares for the purposes of diluted earnings per share


 

8,331 

 

8,295 



             

             





(Loss)/earnings per share:



Restated 





Basic


(4.2p)

5.0p 

Diluted


(4.2p)

5.0p 





Adjusted basic


(0.6p)

8.7p 

Adjusted diluted


(0.6p)

8.7p 



             

             

 

The Company returned £26.79 million to shareholders by way of a bonus issue of 272 B Shares per ordinary share of 5p each and a capital reduction which cancelled the B Shares and reduced the nominal value of each ordinary share from 5 pence to 0.1 pence each. On 9 March 2009, every 10 ordinary share of 0.1 pence each in the Company was consolidated into 1 new ordinary share of 1 pence each in the Company. The weighted average number of shares in issue for the year ended 30 September 2008 above has therefore been restated assuming that the consolidation had taken place.



 

 

5.             Notes to the  cash flow statement

 

Reconciliation of net cash flow from operating activities

 

 

 


Year ended 

30 September 

2009 

Unaudited 

£'000 

Year ended 

30 September 

2008 

Unaudited 

£'000 





(Loss)/profit before taxation


(390)

737 





Adjustments:




Investment revenues


(238)

(1,574)

Depreciation and amortisation


Share based payments expense


297 

307 



             

             

Operating cash flows before movements in working capital


(330)

(529)

Decrease/(increase) in trade and other receivables


270 

(217)

Decrease in payables


(22)

(146)



             

             

Cash generated from operating activities


(82)

(892)

Taxation paid


(253)

(13)



             

             

Net cash outflow from operating activities


(335)

(905)



             

             

 


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