Results for 6 months ended 30 June 2011

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	Unaudited 6 months ended 30 June 2011	Unaudited 6 months ended 30 June 2010	Audited Year ended 31 December 2010
	£	£	£

Operating loss	(305,240)	(294,101)	(471,826)

Finance income	-	341	407
Finance expense	-	(1)	-

Loss before taxation	(305,240)	(293,761)	(471,419)

Taxation	-	-	-

Loss for the period from continuing operations	(305,240)	(293,761)	(471,419)

(Loss)/profit for the period from discontinued operations	(3,570)	(851)	109,366

Loss for the period	(308,810)	(294,612)	(362,053)


(Loss)/earnings per share
Basic and diluted continuing operations	(0.87p)	(0.89p)	(1.43p)
Basic and diluted discontinued operations	(0.01p)	(0.01p)	0.33p
Total basic and diluted	(0.88p)	(0.90p)	(1.10p)

Dividend per share	-	-	-

	Unaudited 6 months ended 30 June 2011	Unaudited 6 months ended 30 June 2010	Audited Year ended 31 December 2010
	£	£	£
Loss for the period	(308,810)	(294,612)	(362,053)
Exchange differences on translating foreign operations	370	(4,636)	(10,753)

Total comprehensive expense for the period	(308,440)	(299,248)	(372,806)

	Share Capital	Share Premium	Capital Redemption Reserve	Translation Reserve	Redenomination. Reserve	Retained Earnings	Total Equity
Balance at 1 January 2010	3,285,796	1,852,339	27,000	118,543	-	(4,799,038)	484,640

Loss for the financial year	-	-	-	-	-	(362,053)	(362,053)
Other comprehensive expense
Exchange differences on translating foreign operations	-	-	-	(10,753)	-	-	(10,753)

Total comprehensive expense for the year	-	-	-	(10,753)	-	(362,053)	(372,806)

Recognition of foreign exchange gains on discontinued activities	-	-	-	(107,790)	-	-	(107,790)


Balance at 31 December 2010	3,285,796	1,852,339	27,000	-	-	(5,161,091)	4,044
Issue of share capital	420,000	630,000	-	-	-	-	1,050,000
Cost of shares issued	-	(54,990)	-	-	-	-	(54,990)
Reduction in par value	(3,252,938)	-	-	-	3,252,938	-	-

Transactions with owners	(2,832,938)	575,010	-	-	3,252,938	-	995,010

Loss for the period	-	-	-	-	-	(308,810)	(308,810)
Other comprehensive expense
Exchange differences on translating foreign operations	-	-	-	370	-	-	370

Total comprehensive expense for the period	-	-	-	370	-	(308,810)	(308,440)

Balance at 30 June 2011	452,858	2,427,349	27,000	370	3,252,938	(5,469,901)	690,614

	Unaudited 6 months ended 30 June 2011	Unaudited 6 months ended 30 June 2010	Audited Year ended 31 December 2010
	£	£	£
ASSETS
Non-current assets
Property, plant and equipment	-	-	-
Total non-current assets	-	-	-

Current assets
Trade and other receivables	18,867	31,675	8,578
Cash and cash equivalents	730,693	289,851	42,461
Total current assets	749,560	321,526	51,039

Total assets	749,560	321,526	51,039

LIABILITIES
Current liabilities
Trade and other payables	58,946	53,939	46,995
Current tax payable	-	82,195	-
Bank overdraft	-	-	-
Total current liabilities	58,946	136,134	46,995


Net assets	690,614	185,392	4,044

EQUITY
Share capital	452,858	3,285,796	3,285,796
Share premium account	2,427,349	1,852,339	1,852,339
Redenomination reserve	3,252,938	-	-
Capital redemption reserve	27,000	27,000	27,000
Translation reserve	370	113,907	-
Retained losses	(5,469,901)	(5,093,650)	(5,161,091)
Total equity	690,614	185,392	4,044

	Unaudited 6 months ended 30 June 2011	Unaudited 6 months ended 30 June 2010	Audited Year ended 31 December 2010
	£	£	£

Cash flows from operating activities

Loss before taxation - continuing operations	(305,240)	(293,761)	(471,419)
(Loss)/profit before taxation - discontinued operations	(3,570)	(851)	2,306
Depreciation of property, plant and equipment	-	-	-
Interest receivable	-	(1,041)	(1,323)
Interest payable	-	1	-
(Increase)/Decrease in trade and other receivables	(10,289)	(1,979)	21,118
Increase/(decrease) in trade and other payables	11,951	(58,913)	(65,857)
Foreign exchange movement	370	(4,636)	(10,753)

	(306,778)	(361,180)	(525,928)
Interest paid	-	(1)	-
Tax paid	-	(7,274)	(90,199)
Net cash used by operating activities	(306,778)	(368,455)	(616,127)

Cash flows from investing activities
Interest received	-	1,041	1,323

Net cash from investing activities	-	1,041	1,323

Cash flows from financing activities
Issue of shares - net proceeds	995,010	-	-
Repayment of loans	-	-	-
Repayment of finance leases	-	-	-
Net cash generated from financing activities	995,010	-	-

Net increase/(decrease) in cash in the period	688,232	(367,414)	(614,804)

Cash and cash equivalents at beginning of period	42,461	657,265	657,265

Cash and cash equivalents at end of period	730,693	289,851	42,461

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