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Legendary Invest PLC (LEG)

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Friday 19 December, 2008

Legendary Invest PLC

Half Yearly Report

RNS Number : 5123K
Legendary Investments PLC
19 December 2008
 



LEGENDARY INVESTMENTS PLC

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008


CHIEF EXECUTIVE'S STATEMENT


I am pleased to announce that in the first half of the year, your company made net profits on investments of £154,000. After costs, and before an exceptional write off, profit was £95,000.


As announced on 28 November 2008, your company received notification from the provisional liquidators of Echelon Wealth Management Limited ('Echelon') that Echelon had failed. Your company held £613,000 of cash and cash equivalents with Echelon.


On the basis of information provided thus far to the company by Echelon's administrators, Smith & Williamson, and after discussions with advisors, your company has provided £250,000 for non-recovery of the assets held at Echelon. This has resulted in an overall net loss of £155,000.


With respect to both recovery of assets held at Echelon and the resultant suspension of the company's shares, further announcements will be made as appropriate.


Shami Ahmed

19 December 2008



PROFIT AND LOSS ACCOUNT

for the six months ended 30th September 2008



6m ended
30/09/2008
Unaudited
(£'000s)

Year ended
31/03/2008
Audited
(£'000s)

6m ended
30/09/2007

U
naudited
(£'000s)









Turnover

-

-

-

Direct Costs

-

-

-

Gross Profit

-

-

-

Net Administrative Expenses

(59)

(110)

(39)

Net Profit / (Loss) on Investments

154

633

59

Operating Profit/( Loss)

95

523

20

Income from Fixed Asset Investments

-

-

-

Interest receivable

-

1

-

Interest payable

-

-

-

Exceptional write off

(250)

-

-

Profit on ordinary activities before interest & tax

(155)

524

20

Tax

-

-

-

Retained Profit / (Loss

(155)

524

20





Profit/(Loss) per ordinary share
(pence per share)




Basic

(0.02)p

0.08p

0.00p

Fully diluted

(0.02)p

0.08p

0.00p



BALANCE SHEET

as at 30th September 2008



As at
30/09/2008
Unaudited
(£'000s)

As at
31/03/2008
Audited
(£'000s)

As at
30/09/2007
U
naudited
(£'000s)





Tangible fixed assets

-

-

-

Tangible assets

-

-

-

Investments

-

-

-





Current assets




Current asset investments

12

3,125

65

Debtors

-

-

2

Cash at bank and in hand

387

711

85


399

3,836

152





Creditors




Creditors : amounts falling due within one-year

(71)

(3,352)

(172)

Net current liabilities / assets

328

484

(20)


 

 


Total assets less current liabilities

328

484

(20)









Capital and reserves




Called up share capital

628

628

628

Share premium account

8,270

8,270

8,270

Profit and loss account- deficit

(8,570)

(8,414)

(8,919)


328

484

(20)



CASH FLOW STATEMENT

for the six months ended 30th September 2008



6m ended
30/09/2008
Unaudited
(£'000s)

Year ended
31/03/2008
Audited
(£'000s)

6m ended
30/09/2007

U
naudited
(£'000s)





Net cash outflow from operating activities

(283)

(140)

(21)





Returns on investments and servicing of finance




Interest received

-

1

-

Interest paid

-

-

-


-

1

-

Capital expenditure and financial investments




Payments to acquire fixed asset investments

(3,307)

(7,590)

(793)

Payments to acquire current asset investments

-

-

-

Receipts from fixed asset investments 

3,266

8,479

863

Receipts from current asset investments 

-

-

-


(41)

889

70

Net cash outflow before financing

(324)

750

49





Financing




Issue of shares

-

-

-

Directors loan

-

(43)

32


-

(43)

32





Increase/(Decrease) in cash

(324)

707

81



Notes to the Interim Accounts
 
1.           Accounting Policies
              The accounts have been prepared in accordance with applicable accounting standards under the historical cost accounting rules, modified by the revaluation of investments.
 
2.           Basis of Preparation of Half Yearly Financial Information
              The financial information contained in this half yearly statement has not been audited or reviewed by the company's Auditors and does not constitute accounts as defined by section 240 of the Companies Act 1985.
 
              The financial information for the year ended 31 March 2008 is based on the statutory accounts for that year. Those accounts, upon which the company's Auditors issued an unqualified opinion, have been delivered to the Registrar of Companies.
 
              The company is not required to prepare financial statements in accordance with International Accounting Standards as it is not a parent company. The directors are of the opinion that the adoption of International Accounting Standards would have no material impact on the reported results and will therefore continue to apply UK Generally Accepted Accounting Standards, but will reconsider the position should the company’s activities lead to a material difference between the accounting basis.
 
3.           Earnings Per Share                                                                              
              The calculation of earnings per share is based on the profit after tax for the financial period divided by the weighted average number of ordinary shares in issue during the period of 627,667,198 (2007: 627,667,198).
 
4.           Post Balance Sheet Events                                                                
              The failure of Echelon has resulted in a significant post balance sheet event, which, due to the nature of the event has been recorded in the six months to 30 September 2008.
 
              The company was informed of the failure of Echelon post the half year end, 30 September 2008. However, in light of the material impact that the failure of Echelon may have on the company, a write off has been taken for the period ended 30 September 2008.
 
5.           Half Yearly Report                                                                                 
              The half yearly report, including the financial information contained herein, is the responsibility of, and was approved by the directors on 19 December 2008. The continuing obligations of the AIM Rules for Companies require that the accounting policies and presentation applied to the half yearly figures should be consistent with those applied in preparing preceding annual accounts except where any changes, and the reasons for them, are disclosed.
 
              Copies of this report are available on the company’s website, www. Legendaryinvestments.co.uk and at the company’s registered office at 2nd Floor, Berkeley Square House, Berkeley Square, London W1J 6BD.
 
 
Contact:
 
Zafar Karim, Director
Legendary Investments plc
020 7887 1335
 
James Caithie/Simon Sacerdoti, Nominated Adviser
Dowgate Capital Advisers Limited
020 7492 4777

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