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Room Service Group (VAL)

  Print      Mail a friend       Annual reports

Monday 22 September, 2003

Room Service Group

Interim Results

Room Service Group PLC
22 September 2003

                               EMBARGOED - NOT TO BE RELEASED UNTIL 7.01 A.M. ON

                                                            22nd September, 2003

              Room Service Group Plc ('Company' or 'the Company')

             Interim Results for the six months ended 30 June 2003

Chairman's Statement

I am pleased to present the results of the company for the six months ended 30th
June, 2003.

Following the members voluntary liquidation of the Company's operating
businesses, it has effectively not traded in the first half of the financial
year.  No turnover was generated and the loss on ordinary activities before and
after taxation of £35,000 equates to the administrative expenses for the period
under review.

The preliminary results for the year ended 31st December, 2002 have also been
released today and contain further details of the proposed restructuring of the

Gerald Gold
22nd September, 2003

Consolidated Profit and Loss Account
for the six months ended 30 June 2003
                                                                6 Months ended   6 months ended    Year ended 31
                                                                  30 June 2003     30 June 2002    December 2002
                                                                   (unaudited)      (unaudited)        (audited)
                                                                         £'000            £'000            £'000

Turnover                                                                     -            1,928               17

Cost of sales                                                                -            1,312                -

Gross Profit                                                                 -              616               17

Administrative expenses                                                   (35)          (1,105)          (1,108)
Amounts written off investments                                              -                -          (1,748)

Operating loss                                                            (35)            (489)          (2,839)

Interest payable and similar charges                                         -             (24)                -
Interest receivable and similar income                                       -                3                2

Loss on ordinary activities before taxation                               (35)            (510)          (2,837)

Tax on loss on ordinary activities                                           -                -                -

Loss on ordinary activities after taxation                                (35)            (510)          (2,837)

Minority interest                                                            -                -             (22)

Retained loss for the period                                              (35)            (510)          (2,859)

Loss per ordinary share                                                (0.03p)          (0.41p)          (2.33p)

Fully diluted loss per ordinary share                                  (0.03p)          (0.40p)          (2.33p)

The profit and loss account has been prepared on the basis that all operations
are continuing operations.

All recognised gains or losses are dealt with through the profit and loss
account or statement of recognised gains and losses.

Consolidated Balance Sheet
as at 30 June 2003
                                                                  30 June 2003     30 June 2002 31 December 2002
                                                                   (unaudited)      (unaudited)        (audited)
                                                                         £'000            £'000            £'000

Fixed assets

Intangible fixed assets - goodwill                                           -            2,510                -
Tangible fixed assets                                                        -              254                -

                                                                             -            2,764                -

Current assets

Stock                                                                        -               21                -
Investments                                                                133              241              133
Debtors                                                                     68              459               68
Cash at bank and in hand                                                     1                -                1

                                                                           202              721              202

Creditors: amounts falling due within one year                           (378)          (1,252)            (343)

Net current liabilities                                                  (176)            (531)            (141)

Total assets less current liabilities                                    (176)            2,233            (141)

Provisions for liabilities and charges                                       -               12                -

Net (liabilities)/assets                                                 (176)            2,245            (141)

Capital and reserves

Called up Share Capital                                                  5,004            5,004            5,004
Share Premium                                                           10,241           10,226           10,241
Profit and loss account                                               (15,421)         (12,985)         (15,386)

Equity shareholders funds                                                (176)            2,245            (141)

Consolidated Cash Flow Statement
for the year ended 30 June 2003

                                                          6 months ended                6 months ended
                                                           30 June 2003                  30 June 2002
                                                            (unaudited)                  (unaudited)
                                                             £'000        £'000           £'000          £'000

Net cash outflow from operating activities                                    -                          (818)


Returns on investments and servicing of finance

Interest paid                                                                              (24)
Interest received                                                             -               3           (21)


Acquisitions of subsidiary                                                                (207)
Net overdraft acquired with subsidiary                                                    (117)
Acquisition of fixed assets                                                                (26)
Acquisition of fixed asset investment                                                         -
Loans and advances to associates                                                              -
Loans and advances to fixed asset investments                                 -               -          (350)



Issue of equity shares (net of costs)                                         -                            265

Decrease in cash in the period                                                -                          (924)

Notes to the Interim Results

1.   The interim results are unaudited and do not constitute statutory accounts
within the meaning of section 240 of the Companies Act 1985.  The figures for
the year ended 31st December, 2002 have been extracted from the statutory
accounts filed with the Registrar of Companies on which the auditors gave an
unqualified report.

2.   The interim results have been prepared using the accounting policies set
out in the group statutory accounts for the year ended 31st December, 2002.

3.   The comparative figures for the unaudited interim results for the period
ended 30th June, 2002 are stated as announced on 12th March, 2003 and include
the group's former trading subsidiary Room Service (UK) Limited.  The audited
accounts for the year ended 31st December, 2002 exclude any results for Room
Service (UK) Limited, following the voluntary liquidation of the company.

4.   Copies of the Interim Results will be sent to all shareholders and will
also be available at the registered office of the Company, 159 Brent Street,
London, NW4 4DH..

5.   The directors do not proposed to pay a dividend for the period.

Further Enquiries:

Room Service Group Plc                           
Gerald Gold                                           Tel: 07930 339232

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

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