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Sperati C.A. (TEA)

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Friday 22 June, 2012

Sperati C.A.

Half-yearly Report

Half-yearly Report

C.A. Sperati PLC

C.A. SPERATI (THE SPECIAL AGENCY) P.L.C.

INTERIM REPORT

FOR THE 6 MONTH PERIOD ENDED

30 APRIL 2012

CHAIRMAN’S STATEMENT

FOR THE 6 MONTH PERIOD 30 APRIL 2012

REVIEW OF THE BUSINESS

Turnover in the first half of the year fell to £112,475 as compared with £132,463 for the same period last year.

This has resulted in a loss of £114,256 after tax, as against a loss of £84,968 for the same period.

Trading has continued to be demanding and difficult and this has been reflected in the interim results. There has been a big drive to increase sales over the last six months, as well as a focus on improving service and price from our suppliers. A number of new clients have placed orders during this period which is encouraging. We will look to continue to invest in sale resource and effort. The company is resolved to eliminate the trading losses. The directors are currently continuing to seeking new opportunities for the development and expansion of the company and shareholders will be kept up to date on progress.

Oliver Fattal               Kevin Jackson
Chief Executive Officer Chief Executive Officer

22 June 2012

PROFIT AND LOSS ACCOUNT

FOR THE 6 MONTH PERIOD ENDED 30 APRIL 2012

              Unaudited               Unaudited               Audited                            

6 Months

6 Months

Year to

30 April

30 April

31 October

2012 2011 2011
 
£ £ £
 
TURNOVER 112,475 132,463 260,101
 
Cost of Sales (54,042) (64,790) (284,073)
 
_______ _______ ________
 
Gross Profit/(Loss) 58,433 67,673 (23,972)
 
Other Operating Expenses (176,465) (157,730) (353,634)
 
Other Operating Income 2,970 3,049 6,911
_______ _______ _______
 
OPERATING LOSS (115,062) (87,008) (370,695)
 
Investment Income 982 2,040 3,558
_______ _______ _______
 
LOSS ON ORDINARY
ACTIVITIES BEFORE TAXATION (114,080) (84,968) (367,137)
 
Taxation (176) - 394
 
_______ _______ _______
 
LOSS ON ORDINARY
ACTIVITIES AFTER TAXATION (114,256) (84,968) (366,743)
 
 
LOSS PER ORDINARY SHARE OF 50p (114.3)p (84.9)p (366.7)p

All operations are continuing.

BALANCE SHEET

AS AT 30 APRIL 2012

              Unaudited               Unaudited               Audited    
6 Months 6 Months Year to
30 April 30 April 31 October
2012 2011 2011
 
FIXED ASSETS £ £ £
 
Tangible Assets 60,760 57,882 54,001
______ ______ ______
CURRENT ASSETS
 
Stocks 69,985 221,983 72,951

 

Debtors 59,945 77,381 55,466
 
Investment 4,099 4,099 4,099
Cash at Bank and in Hand 85,387 298,627 204,237
_______ _______ _______
 

 

219,416 602,090 336,753

CREDITORS:

Amounts falling due within one year (68,173) (51,765) (64,672)
_______ _______ _______
 
NET CURRENT ASSETS 151,243 550,325 272,081
_______ _______ _______
 
TOTAL ASSETS LESS CURRENT LIABILITIES 212,003 608,207 326,082
 
PROVISION FOR LIABILITIES AND CHARGES (413) (586) (237)
_______ ______ _______
 
NET ASSETS 211,590 607,621 325,845
 
CAPITAL AND RESERVES
 
Called up Share Capital 50,000 50,000 50,000
 
Revaluation Reserve 22,128 22,128 22,128
 
Profit and Loss Account 139,462 535,493 253,717
_______ ______ _______
 
SHAREHOLDERS’ FUNDS 211,590 607,621 325,845

Approved and authorised for issue by the board on 22 June 2012

Oliver Fattal                 Kevin Jackson
Chief Executive Officer Chief Executive Officer

CASH FLOW STATEMENT

FOR THE 6 MONTH PERIOD ENDED 30 APRIL 2012

              Unaudited               Unaudited               Audited    
6 Months 6 Months Year to
30 April 30 April 31 October
2012 2011 2011
 
£ £ £
 
Operating Loss (115,062) (87,008) (370,695)
 
Depreciation of Tangible Assets 3,767 2,744 6,488
 
Loss/(Profit) on Disposal of Tangible Assets 1,565 (48) 297
 
Decrease in Stocks 2,966 9,128 158,160
 
(Increase)/Decrease in Debtors (4,479) 30,476 52,391
 
Increase/(Decrease) in Creditors 3,501 (9,072) 3,835

 

______ _______ _______
NET CASH OUTFLOW FROM
OPERATING ACTIVITIES

(107,742)

(53,780) (149,524)

 

=====

=====

=====

RETURN ON INVESTMENTS AND SERVICING OF FINANCE

 
Interest Received 891 1,954 3,286
 
Dividends Received 91 86 256
_____ _____ _____
982 2,040 3,542

=====

=====

=====

TAXATION
 

Interest on Corporation Tax

- (61) 16
 
Corporation Tax paid - 9,610 9,594
______ _____ _____
- 9,549 9,610

 

=====

=====

=====

CAPITAL EXPENDITURE

Purchase of Fixed Assets (15,290) (380) (787)
 
Sale of Fixed Assets 3,200 278 476
_____ ______ _____
(12,090) (102) (311)
===== ===== =====
EQUITY DIVIDEND PAID - - -
===== ===== =====

(DECREASE) IN CASH IN PERIOD

(118,850) (42,293) (136,683)

 

=====

=====

=====

RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET FUNDS

(Decrease) in Cash (118,850) (42,293) (136,683)
 
Net funds at 1 November 2011 204,237 340,920 340,920
________ _______ _______

Net funds at 30 April 2012

85,387 298,627 204,237

=====

=====

=====

INTERIM REPORT

FOR THE 6 MONTH PERIOD ENDED 30 APRIL 2012

Notes

1. The interim results to 30 April 2012, which are unaudited, have been prepared in accordance with the accounting policies which will be adopted in the Company’s next annual financial statements, which are the same as those policies used in the preparation of the financial statements for the year ended 31 October 2011, unless the company becomes a group in which case IFRS accounting will be adopted.

The interim results do not constitute statutory financial statements as defined in section 435 of the Companies Act 2006.

Comparative figures for the year ended 31 October 2011 are an abridged version of the Company’s full financial statements, which carry an unqualified audit report, do not contain a statement made under section 489(2) or (3) of the Companies Act 2006 and have been delivered to the Registrar of Companies.

2. The credit/charge to taxation relates to UK direct taxation.

3 Movement in shareholders funds

                  Unaudited               Unaudited               Audited    
6 Months to 6 Months to Year to
30 April 30 April 31 October
2012 2011 2011
£ £ £
 
Loss for the year (114,256) (84,968) (366,743)
 
Final Dividends
- 25p per share - - -
 
________ ________ ________
Net Movement in
Shareholders’ funds (114,256) (84,968) (366,743)
 
Shareholders’ funds:
At 1 November 2011 325,846 692,589 692,589
________ ________ ________
 
At 30 April 2012 211,590 607,621 325,846

No dividends were approved by the annual general meeting held on 11 April 2012

(10 March 2011).


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