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Clerkenwell Ventures (CRK)

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Friday 05 December, 2008

Clerkenwell Ventures

Preliminary Results Y/e 30 Se

RNS Number : 5808J
Clerkenwell Ventures PLC
05 December 2008
 



Clerkenwell Ventures PLC - Unaudited Preliminary Results


5 December 2008

Unaudited Preliminary Results for the year ended 30 September 2008


Clerkenwell Ventures PLC ('Clerkenwell Ventures' or 'the Company') announces its preliminary results for the year ended 

30 September 2008


Highlights:


  • Net cash as at 30 September 2008 of £29.9 million (2007: £29.2 million)

  • Profit before taxation for the year ended 30 September 2008 of £737,000 (2007: loss of £78,000)

  • Net cash today of £30.3 million


David Page, Chairman, commented: 


'In response to dramatically altered market conditions, the Board has decided to explore in detail the process for returning capital to shareholders and is investigating the most efficient method for achieving this. Further details of this process will be announced when appropriate.'


Enquiries


Clerkenwell Ventures PLC

David Page, Non-executive Chairman                               Telephone:     07836 346934

Stefan Borson, Corporate Development Director                                     07824 638553



Seymour Pierce Limited                                                        Telephone:     020 7107 8000

Nicola Marrin


  Clerkenwell Ventures PLC

Unaudited Preliminary Results

for the year ended 30 September 2008


Chairman's Statement 


It gives me pleasure to report the preliminary results of Clerkenwell Ventures for the year ended 30 September 2008.


Acquisition strategy


Following shareholders' approval for the Company to continue its stated acquisition strategy at the Company's AGM on 30 April 2008, we have continued to evaluate a number of businesses which could have been reversed into the Company. Both valuations and debt availability across the leisure sector have been substantially impacted by economic conditions. Added to this, good businesses without a special need are reluctant to crystallise value at current levels. Accordingly, the Company withdrew from several negotiations where valuations were considered unrealistic.


Results


Profit after taxation for the year ended 30 September 2008 was £414,000 (2007: loss of £78,000). As at 30 September 2008, Clerkenwell Ventures' net cash balances amounted to £29.9 million (2007: £29.2 million).


Impact of the adoption of International Financial Reporting Standards


The financial information shown in this preliminary statement is presented for the first time in accordance with the recognition and measurement principles of International Financial Reporting Standards ('IFRS'). The comparative information for the year ended 30 September 2007 has been restated under these standards.


There was no impact on the Company's income statement for the year ended 30 September 2008 as a result of the change from UKGAAP to IFRS.


Outlook


Pursuant to the Company's EGM circular dated 4 August 2007, as the Company will not make any acquisitions prior to 28 February 2009, and in response to dramatically altered market conditions, the Board has decided to explore in detail the process for returning capital to shareholders and is investigating the most efficient method for achieving this. Further details of this process will be announced when appropriate.




David Page

Non-executive Chairman

5 December 2008

  Clerkenwell Ventures PLC

Unaudited Income Statement

for the year ended 30 September 2008



Notes


Year ended 

30 September 

2008 

Unaudited 

£'000 

Year ended 

30 September 

2007 

Unaudited 

£'000 






Administrative expenses



(530)

(377)




             

            

Operating loss before share based payments



(530)

(377)






Share based payments 



(307)

(22)




             

            

Operating loss 



(837)

(399)






Finance income



1,574 

321 




             

            

Profit/(loss) on ordinary activities before taxation



737 

(78)






Taxation

3


(323)




             

            

Profit/(loss) for the year



414 

(78)




             

             






Earnings/(loss) per share










Basic

4


0.5p 

(0.4p)

Diluted

4


0.5p 

(0.4p)


All amounts relate to continuing activities.



  Clerkenwell Ventures PLC

Unaudited Balance Sheet 

as at 30 September 2008





As at 

30 September 

2008 

Unaudited 

£'000 

As at 

30 September 

2007 

Unaudited 

£'000 






Non current Assets





Property, plant and equipment



3 

4 




             

             




3 

4 






Current Assets





Trade and other receivables



276 

59 

Cash at bank and in hand



29,918 

29,245 




             

             




30,194 

29,304 




             

             

Total Assets



30,197 

29,308 




             

             






Current Liabilities





Trade and other payables



(107)

(253)

Current taxation liabilities



(310)




             

             




(417)

(253)




             

             

Net current assets



29,777 

29,051 




             

             

Net assets



29,780 

29,055 




             

             






Equity





Called up share capital



4,122 

4,122 

Share premium account



24,898 

24,894 

Retained earnings



760 

39 




             

             

Total shareholders' equity



29,780 

29,055 




             

             



  Clerkenwell Ventures PLC

Unaudited Cash Flow Statement

for the year ended 30 September 2008



Notes


Year ended 

30 September 

2008 

Unaudited 

£'000 

Year ended 

30 September 

2007 

Unaudited 

£'000 






Net cash absorbed by operating activities

5


(905)

(245)






Investing activities





Acquisition of property, plant and equipment



(4)

Interest received



1,574 

321 




             

             

Net cash generated by investing activities



1,574 

317 




             

             

Financing activities





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



4 

24,828 




             

             

Net cash from financing activities



4 

24,828 




             

             

Net increase in cash and cash equivalents



673 

24,900 






Cash and cash equivalents at beginning of the period




29,245 


4,345 




             

             

Cash and cash equivalents at end of period



29,918 

29,245 




             

             


  Clerkenwell Ventures

Unaudited Statement of Changes in Shareholders' Equity

for the year ended 30 September 2008



Share 

capital 

£'000 

Share 

premium 

£'000 

Retained 

earnings 

£'000 

Total 

equity 

£'000 






At October 2006 

689 

3,499 

95 

4,283 






Loss for the period

(78)

(78)


             

             

             

             

Total recognised income and expense

(78)

(78)






Ordinary shares issued (net of expenses)

3,433 

21,395 

24,828 

Share based payments

22 

22 


             

             

             

             

At 30 September 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)

4 

Share based payments

307 

307 


             

             

             

             

At 30 September 2008

4,122 

24,898 

760 

29,780 


             

             

             

             







  Clerkenwell Ventures PLC

Notes to the Unaudited Preliminary Results

for the year ended 30 September 2008


  • 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, LeedsLS1 5ABUnited 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 Group has adopted International Financial Reporting Standards and IFRIC Interpretations ('IFRS'). The Group will apply IFRS as adopted by the European Union.


The preliminary results for the year ended 30 September 2008 do not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. Statutory accounts for the year ended 30 September 2007 were prepared under UK GAAP 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 2007 has been extracted from the statutory accounts for the Group for the period, amended to conform to the IFRS accounting policies applied in the financial statements for the year ended 30 September 2008. Included within note 6 is an analysis of how balance sheets, income statements and cash flow statements primarily prepared under UK GAAP have changed under IFRS.


The preliminary announcement has been prepared using the same accounting policies as published in the interim announcement for the period ended 31 March 2008.


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 

2008 

Unaudited 

£'000 

Year ended 

30 September 

2007 

Unaudited 

£'000 





Based on the result for the period:




UK Corporation tax at 29


310 

Under provision in earlier periods


13 



             

              

Total current tax


323 





Deferred taxation:




Origination and reversal of timing differences




             

              

Taxation payable


323 



             

             


4.                    Earnings per share

 




Year ended 

30 September 

2008 

Unaudited 

£'000 

Year ended 

30 September 

2007 

Unaudited 

£'000 





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

- Profit/(loss) for the period




414 



(78)

Share based payments


307 

22 



             

             

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



721 


(56)



             

             







Weighted 

Average 

number 

of shares 

'000 

Weighted 

Average 

number 

of shares 

'000 

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



82,447 


18,597 


Effect of dilutive potential ordinary shares:




- Share options


500 

- 



             

             

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




82,947 



18,597 



             

             





Earnings per share:








Basic


0.5p 

(0.4p)

Diluted


0.5p 

(0.4p)





Adjusted basic


0.9p 

(0.3p)

Adjusted diluted


0.9p 

(0.3p)



             

             


On 11 September 2007, every 5 ordinary shares of 1 pence each in the Company were consolidated into 1 new ordinary share of 5 pence each in the Company. The weighted average number of shares in issue for the year ended 30 September 2007 has therefore been restated assuming the consolidation had taken place.

  

5.             Notes to the cash flow statement


Reconciliation of net cash flow from operating activities





Year ended 

30 September 

2008 

Unaudited 

£'000 

Year ended 

30 September 

2007 

Unaudited 

£'000 





Profit/(loss) before taxation


737 

(78)





Adjustments:




Investment revenues


(1,574)

(321)

Depreciation and amortisation


1 

- 

Share based payments expense


307 

22 



             

             

Operating cash flows before movements in working capital


(529)

(377)

Increase in trade and other receivables


(217)

(41)

(Decrease)/increase in payables


(146)

184 



             

             

Cash generated from operating activities


(892)

(234)

Taxation 


(13)

(11)



             

             

Net cash from operating activities


(905)

(245)



             

             


6.                    Transition to IFRS


BASIS OF PREPARATION OF IFRS FINANCIAL INFORMATION


The Company's Annual Report for the year ended 30 September 2008 comprises its first annual consolidated financial statements that comply with IFRS. The Company has applied IFRS 1 (First time adoption of International Reporting Standards) in preparing these results.


The Company's Annual Report for the year ended 30 September 2008 will provide one year of comparative financial information and the opening balance sheet date for adoption of IFRS at 1 October 2006.


IFRS 1 EXEMPTIONS


IFRS 1 sets out the procedures that the Company must follow when adopting IFRS for the first time as the basis for preparing its consolidated financial statements. The Company is required to establish its IFRS accounting policies as at 30 September 2008 and, in general, apply these retrospectively to determine the IFRS opening balance sheet at the date of transition which is 1 October 2006. The standard provides a number of optional exemptions to this general principle. 


IMPACT OF TRANSITION TO IFRS


There were no material differences between IFRS and UK GAAP on the Company's total equity shareholders' funds and profit for the period for the periods previously reported under UK GAAP following the date of transition to IFRS. 



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