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Legendary Invest PLC (LEG)

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Tuesday 25 September, 2007

Legendary Invest PLC

Final Results

Legendary Investments PLC
25 September 2007


                           LEGENDARY INVESTMENTS PLC

              PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2007


CHIEF EXECUTIVE'S STATEMENT

REVIEW OF ACTIVITIES

In the year under review, Legendary Investments plc (the 'Company') assessed
investments, both on and off-market, where the investees might benefit from the
Company's hands-on investment process in which the investees are assisted in
certain areas such as product development and marketing. No suitable investments
were found.

In order to utilise available funds, certain medium term investments were made
in listed securities. Losses on investments amounted to £93,000; these were
primarily due to losses on illiquid investments made in the previous year. This
compares with net losses on investments of £452,000 for the previous year.

Administrative expenses amounted to £77,000. Due to the Chief Executive writing
off £170,000 of loan that he had made to the Company, the Company had net
administrative income of £93,000. This compares with administrative expenses of
£106,000 for the previous year (net administrative expenses of £58,000 including
a £48,000 write back for services provided to Legendary Investments by a company
controlled by the Chief Executive. For the year under review, no charges were
made to Legendary Investments for such services).

Overall the Company broke even for the year under review. This compares with a
net loss of £510,000 for the previous year.

OUTLOOK

The losses in previous years have resulted in a deficit in the shareholders'
funds. As a result of these losses, in the year under review the Chief Executive
wrote off £170,000 of loan that he had made to the Company. The Board is
exploring various options to address the deficit in the shareholders' funds,
including strengthening the balance sheet.


Eaitisham Ahmed
Chief Executive
25 September 2007


Registered Office:

2nd Floor
Berkeley Square House
Berkeley Square
London W1J 6BD

For further information please contact:

Zafar Karim, Legendary Investments                     0207 887 1335
James Caithie, City Financial Associates Limited       0207 492 4777




PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2007

                                                                     Note   2007             2006
                                                                            £'000            £'000

Net losses on investments held for trading                                  (93)             (452)
Net administrative income /(expenses)                                       93               (58)

Loss on ordinary activities before taxation                             2   -                (510)
Taxation                                                                4   -                -

Loss for the financial year                                            13   -                (510)

Loss per share                                                              
- basic and fully diluted                                               5   (0.0p)           (0.1p)


A separate statement of recognised gains and losses has not been prepared as the
Company has no recognised gains or losses in the current or prior period other
than the losses for the periods.

All activities are continuing.


BALANCE SHEET
AS AT 31 MARCH 2007

                                                                            2007             2006
                                                                    Notes   £'000            £'000

FIXED ASSETS                                                            

Available for sale investments                                          7   -                9

CURRENT ASSETS

Investments held for trading                                            8   75               91
Cash at bank and in hand                                                    4                43

                                                                            79               134

CREDITORS: amounts falling due within one year                          9   (119)            (183)

NET CURRENT LIABILITIES                                                     (40)             (49)

NET LIABILITIES                                                             (40)             (40)

CAPITAL AND RESERVES
Called up share capital                                                10   628              628
Share premium account                                                  11   8,270            8,270
Profit and loss account - deficit                                      12   (8,938)          (8,938)

EQUITY SHAREHOLDERS' DEFICIT                                           13   (40)             (40)


The financial statements were approved by the Board and authorised for issue on
25 September 2007

Eaitisham Ahmed
Chief Executive


CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2007

                                                                    Notes   2007             2006
                                                                            £'000            £'000

NET CASH OUTFLOW FROM OPERATING ACTIVITIES                             14   (144)            (506)

FINANCING
Director's loan                                                             105              122

(DeCREASE)/INCREASE IN CASH                                            16   (39)             (384)


1    ACCOUNTING POLICIES

Accounting convention

The accounts have been prepared in accordance with applicable accounting 
standards and under the historical cost convention, modified by the
revaluation of investments.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is
provided at rates calculated to write off the cost less the estimated residual
value of each asset over its expected useful life, as follows:

Office equipment, furniture and fittings           3 - 4 years

Impairment of asset values

Where asset values are impaired, they are written down to their economic value
to the business.

Financial instruments

Financial assets and financial liabilities are recognised on the company's
balance sheet when the company has become a party to the contractual provisions
of the instrument.

All investments are initially recognised at cost, being the fair value of the
consideration given and including acquisition charges associated with the
investment.

After initial recognition, investments that are classified as held for trading
are measured at fair value. Gains or losses on investments held for trading are
recognised in income.

For investments that are actively traded in organised financial markets, fair
value is determined by reference to Stock Exchange quoted market bid and offer
prices at the close of business on the balance sheet date.  Unlisted investments
have been based on cost less impairment as there is insufficient information to
enable a valuation to be performed.

Derivative financial instruments

The company's activities expose it primarily to market risk.  The company uses
derivatives to minimise the initial monetary investment required.

Derivative financial instruments are carried at fair market value and resultant
profit and losses are included in the profit and loss account. Assets or
liabilities resulting from gains or losses on open positions are reported as
derivative financial assets or liabilities. Fair value is determined by
reference to third party market values. The company does not use derivative
financial instruments for hedge accounting purposes.

Deferred taxation

Deferred tax is recognised in respect of differences between the Company's
taxable profits and its results as stated in the financial statements that have
originated but not reversed at the balance sheet date.

Deferred tax assets are only recognised where there is an expectation that they
will result in a reduction in corporation tax payments in the foreseeable
future.

Deferred tax is measured at the average tax rates that are expected to apply in
the periods in which timing differences are expected to reverse, based on tax
rates and laws that have been enacted or substantially enacted by the balance
sheet date.  Deferred tax is measured on a non-discounted basis.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated
into sterling at the rates of exchange ruling at the accounting date.
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction. All differences are taken to profit and loss account.

Going concern

The directors have carried out cost projections for the company and compared
these with the availability of finance from the director's loan facility.  Based
on this, the Directors have formed a judgement, at the time of approving the
accounts, that there is a reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable future. For
this reason the Directors continue to adopt the going concern basis in preparing
the accounts.

2    LOSS ON ORDINARY ACTIVITIES BEFORE TAX                              2007             2006
                                                                         £'000            £'000
Loss on ordinary activities before tax  for the year is stated after
charging/ (crediting):

Auditor's remuneration                                                    
-     statutory audit                                                     12               12
Services relating to taxation                                             7                8
Other services                                                            7                8
Waiver of loan (see note 18)                                              (170)            -


3    DIRECTORS                                                            2007             2006
                                                                          Number           Number

NUMBER OF EMPLOYEES
The average number of employees, including directors, during the year
was:                                                                      2                2

                                                                          £'000            £'000
DIRECTORS' EMOLUMENTS 
Aggregate emoluments                                                      12               47

EMOLUMENTS OF HIGHEST PAID DIRECTOR:
Remuneration                                                              12               35


4    TAX ON PROFIT ON ORDINARY ACTIVITIES                                 2007             2006
                                                                          £'000            £'000
Analysis of charge in the year:
Current tax                                                               -                -
Deferred tax                                                              -                -

                                                                          -                -
Factors affecting tax charge for year:
The tax assessed for the year is lower than the standard
rate of corporation tax in the UK (30%).  The differences are explained
below:

Loss on ordinary activities before tax                                    -                (510)

Loss on ordinary activities multiplied by standard rate                   
of corporation tax in the UK 30% (2006: 30%)                              -                (153)
Expenses not deductible for tax purposes                                  -                2
Tax losses carried forward                                                -                151

Current tax charge for year                                               -                -

4    TAXATION (continued)

The reported losses include losses on fixed asset investments which are only
relievable against future capital profits.

As at 31 March 2007 the Company had corporation tax revenue losses of
approximately £5.6 million (2006: £5.4m) available to carry forward against
future income. No deferred tax asset is recognised in respect of these losses
due to the uncertainty as to the utilisation of the losses in the foreseeable
future.

Future tax charges will be dependent on the split of profits for tax purposes as
between revenue and capital items, and the utilisation of losses incurred to
date.
                                                                          2007             2006
5    LOSS PER ORDINARY SHARE                                              £'000            £'000

Attributable loss (£'000)                                                 -                (510)

Average number of ordinary shares in issue ('000)                         627,667          627,667

Average number of ordinary shares in issue and over which options have    
been granted ('000)                                                       627,667          627,667

Basic loss per share (pence)                                              0.0p             0.1p

Fully diluted loss per share (pence)                                      0.0p             0.1p

The share options and warrants do not give rise to any dilution and therefore
the fully diluted loss per share is equal to the basic loss per share.

6    TANGIBLE ASSETS                                                       Office
                                                                           equipment,
                                                                           furniture
                                                                           & fittings
                                                                           £'000

                
COST                                                                       
At 31 March 2006 and 31 March 2007                                         12
                
DEPRECIATION                                                               
At 31 March 2006 and 31 March 2007                                         12
               
NET BOOK VALUE                                                             
At 31 March 2007 and 31 March 2006                                         -


7    AVAILABLE FOR SALE FINANCIAL ASSETS                                  2007             2006
                                                                          £'000            £'000

Unlisted investments                                                      -                9

8    FINANCIAL ASSETS HELD FOR TRADING                                    2007             2006
                                                                          £'000            £'000

Listed investments                                                        75               91

9    CREDITORS: amount falling due within one year                        2007             2006
                                                                          £'000            £'000

Accruals                                                                  61               60
Directors' loan (note 18)                                                 58               123

                                                                          119              183

10   SHARE CAPITAL AND SHARE OPTIONS                                      2007             2006
                                                                          £'000            £'000

AUTHORISED                                                                
3,000,000,000 ordinary shares of £0.001 each                              3,000            3,000

ALLOTTED, CALLED UP AND FULLY PAID
627,667,198 ordinary shares of £0.001 each                                628              628


SHARE OPTIONS

The Company has unapproved and approved share option schemes in which the
Directors participate.  Details of Directors' outstanding share options are
shown below:

                                                                   Exercise       Number at       Number at
                                                                      Price        31 March         1 April
                                                                (per share)            2007            2006

Eaitisham Ahmed                                                          2p     125,000,000     125,000,000
Zafarullah Karim                                                       0.8p      75,000,000      75,000,000

The options remains extant, as long as their holder remains an employee of the
company.

The Market price of the Company's ordinary shares ranged from a high of 0.23p to
a low of 0.03p during the year and was 0.09p on 31 March 2007.  Since 31 March
2007 to the date of this report, no options have been granted or exercised.

11   SHARE PREMIUM ACCOUNT                                                2007             2006
                                                                          £'000            £'000

At 31 March                                                               8,270            8,270

12   PROFIT AND LOSS ACCOUNT                                              2007             2006
                                                                          £'000            £'000

At 1 April 2006                                                           (8,938)          (8,428)
Loss for the year                                                         -                (510)

At 31 March 2007                                                         (8,938)          (8,938)

13   RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS                   2007             2006
                                                                          £'000            £'000

Opening shareholders' funds                                               (40)             470
Loss for the financial year                                               -                (510)

Closing shareholders' deficit                                             (40)             (40)

14   RECONCILIATION OF OPERATING LOSS TO NET CASH                         2007             2006
     (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES
                                                                          £'000            £'000

Operating loss                                                            -                (510)
Impairment of financial asset investments                                 25               -
Waiver of director's loan                                                 (170)            -
Decrease in debtors                                                       -                26
Increase/(decrease) in creditors                                          1                (22)

Net cash (outflow)/inflow from operating activities                       (144)            (506)

15   ANALYSIS OF NET (DEBT)/ FUNDS           At 31 March     Cash flows      Non-cash        At 31 March
                                             2006                            movements       2007
                                             £'000           £'000           £'000           £'000
                                                                             
Cash at bank and in hand                     43              (39)            -               4
Director's loan                              (123)           (105)           170             (58)

                                             (80)            (144)           170             (54)


16   RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
                                                                                           £'000

(Decrease) in cash in the year                                                             (39)
Cash (outflow)/inflow from financing activities                                            (105)

Non-cash movement                                                                          170
Net debt at 31 March 2006                                                                  (80)

Net (debt)/ funds at 31 March 2007                                                         (54)


17   FINANCIAL INSTRUMENTS 

Short term debtors and creditors

Short term debtors and creditors have been excluded from all the following
disclosures other than currency risk disclosure.

Interest rate risk

Floating rate financial liabilities of £Nil (2006: £3,000) bear interest at
rates based on LIBOR plus 1-1.5%.  Cash at bank earns interest at floating rates
based on LIBOR.

Borrowing facilities

At the year end the company had no overdraft facility (2006: £Nil).

Currency risk

During the year, the company had no exposure to currency risk.

18   RELATED PARTY TRANSACTIONS

During the year the company received funding from the Chief Executive and
incurred expenditure on his behalf. As at the balance sheet date, the amount
advanced by the Chief Executive to the company amounted to £57,890 (2006:
£123,220). This sum is interest free and there are no fixed terms for repayment.
In addition the chief executive agreed to write off a balance of £170,000 due to
him by the company. The maximum balance that was outstanding during the year was
£176,448 (2006: £435,750).



                      This information is provided by RNS
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