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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ardent Grp | LSE:ARN | London | Ordinary Share | GB00B01NRD93 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:8804R
Ardent Group PLC
28 September 2005
28 September 2005
Ardent Group plc
Final Results for the year ended 30 June 2005
CHAIRMAN'S STATEMENT
These accounts cover the period to 30 June 2005. The Company has yet to make an
acquisition, and therefore generated no income during the period. The Company
made an operating loss of #160,987, and had net assets of #971,148, including
cash of #993,460 at the period end.
Since I last reported to you, the Director's have continued to pursue Ardent's
strategy of identifying and acquiring businesses within the media and leisure
sectors. Despite considering many potential deals within these sectors, the
Board has still yet to identify a target that meets their criteria and
consequently no acquisition has been made. The Board continues to seek a
suitable investment and I am confident that such an opportunity will soon be
identified.
C R Akers
Non-executive Chairman
26th September 2005
REPORT OF THE DIRECTOS
The directors present their report together with the audited financial
statements for the period ended 30 June 2005.
Principal activities, name and business review
The company's principal activity is the acquisition of businesses within the
leisure and media sectors.
The company was incorporated on 3 June 2004, and current activity is set out in
the Chairman's statement.
Results and dividends
The profit and loss account for the year is set out on page 6. No dividend has
been declared or is proposed for the period.
Directors
The directors who served during the period are set out below, together with
their beneficial interests in the ordinary shares of the company:
At 30 June 2005 At incorporation
C R Akers (appointed 3 June 2004) 2,000,000 2,000,000
S J Yorke (appointed 3 June 2004) 962,500 962,500
Creditor payment policy
The company's current policy and practice concerning the payment of suppliers is
to settle terms of payment when agreeing the terms of the transactions, to
ensure that the suppliers are aware of the terms and to abide by the agreed
terms. The company's creditor days at 30 June 2005 were 60 days.
International Financial Reporting Standards (IFRS)
The board recognises that IFRS are expected to apply to the company from 1
January 2007 as an AIM listed company, and are developing a corporate reporting
structure and policies to meet that deadline.
Directors' responsibilities for the financial statements
United Kingdom company law requires the directors to prepare financial
statements for each financial year which give a true and fair view of the state
of affairs of the company and the group and of the profit or loss of the group
for that period. In preparing those financial statements, the directors are
required to:
- select suitable accounting policies and then apply them consistently
- make judgements and estimates that are reasonable and prudent
- state whether applicable accounting standards have been followed, subject
to any material departures disclosed and explained in the financial
statements
- prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records, for
safeguarding the assets of the company and for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Auditors
The directors appointed Grant Thornton UK LLP as first auditors to the company.
A resolution to ratify this appointment will be proposed at the annual general
meeting.
ON BEHALF OF THE BOARD
M W Giffin
Company Secretary
26th September 2005
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
Ardent group plc
We have audited the financial statements of Ardent Group plc for the period
ended 30 June 2005 which comprise the profit and loss account, the balance
sheet, the cash flow statement and notes 1 to 15. These financial statements
have been prepared under the accounting policies set out therein.
This report is made solely to the company's members, as a body, in accordance
with Section 235 of the Companies Act 1985. Our audit work has been undertaken
so that we might state to the company's members those matters we are required to
state to them in an auditors' report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the company and the company's members as a body, for our audit work,
for this report, or for the opinions we have formed.
Respective responsibilities of the directors and auditors
The directors' responsibilities for preparing the annual report and the
financial statements in accordance with United Kingdom law and accounting
standards are set out in the statement of directors' responsibilities.
Our responsibility is to audit the financial statements in accordance with
relevant legal and regulatory requirements and United Kingdom auditing
standards.
We report to you our opinion as to whether the financial statements give a true
and fair view and are properly prepared in accordance with the Companies Act
1985. We also report to you if, in our opinion, the directors' report is not
consistent with the financial statements, if the company has not kept proper
accounting records, if we have not received all the information and explanations
we require for our audit, or if information specified by law regarding
directors' remuneration and transactions with the company is not disclosed.
We read other information contained in the annual report, and consider whether
it is consistent with the audited financial statements. This other information
comprises only the chairman's statement and directors' report. We consider the
implications for our report if we become aware of any apparent misstatements or
material inconsistencies with the financial statements. Our responsibilities do
not extend to any other information.
Basis of opinion
We conducted our audit in accordance with United Kingdom auditing standards
issued by the Auditing Practices Board. An audit includes examination, on a
test basis, of evidence relevant to the amounts and disclosures in the financial
statements. It also includes an assessment of the significant estimates and
judgements made by the directors in the preparation of the financial statements,
and of whether the accounting policies are appropriate to the company's
circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state
of the company's affairs at 30 June 2005 and of it's loss for the period then
ended and have been properly prepared in accordance with the Companies Act 1985.
GRANT THORNTON UK LLP
REGISTERED AUDITORS
CHARTERED ACCOUNTANTS
LONDON
26th SEPTEMBER 2005
Note: The maintenance and integrity of the Ardent Group PLC website is the
responsibility of the directors: the work carried out by the auditors does not
involve consideration of these matters and, accordingly, the auditors accept no
responsibility for any changes that may have occurred to the financial
statements since they were initially presented on the website.
Legislation in the United Kingdom governing the preparation and dissemination of
the financial statements may differ from legislation in other jurisdictions.
PROFIT AND LOSS ACCOUNT
For the period ended 30 JUNE2005
Note 2005
#
Turnover -
Cost of sales -
Gross profit -
Administrative expenses (160,987)
Operating loss (160,987)
Interest receivable 26,698
Loss on ordinary activities before taxation 2 (134,288)
Tax on profit on ordinary activities 4 -
Loss for the period (134,288)
Loss per share 5 1.19p
All transactions arise from continuing operations.
There are no recognised gains or losses other than loss for the period.
BALANCE SHEET AT 30 JUNE 2005
Note 2005
#
Current assets
Debtors 6 15,925
Cash at bank and in hand 993,460
1,009,385
Creditors: amounts falling due within one year 7 (38,237)
Net current assets 7 971,148
Capital and reserves
Called up share capital 8 118,750
Share premium account 9 986,686
Profit and loss account 9 (134,288)
Equity shareholders' funds 10 971,148
The financial statements were approved by the Board of Directors on 26th
September 2005 and were signed on its behalf by:
C R Akers - Director
CASH FLOW STATEMENT
For the period ended 30 JUNE 2005
Note 2005
#
Net cash outflow from operating activities 11 (122,749)
Returns on investments and servicing of finance
Bank interest received 10,773
Management of liquid resources
Cash on deposit 12 (987,000)
Financing
Issue of new shares 1,200,000
Costs of share issue 9 (94,564)
Net cash inflow from financing 1,105,436
Increase in cash 12 6,460
1. BASIS OF PREPARATION
The financial statements have been prepared in accordance with applicable
accounting standard and under the historical cost convention. The company's
principal accounting policies are set out below.
DEFERRED TAXATION
Deferred tax is recognised on all timing differences where the transactions or
events that give the company an obligation to pay more tax in the future, or a
right to pay less tax in the future, have occurred by the balance sheet date.
Deferred tax assets are recognised when it is more likely than not that they
will be recovered. Deferred tax is measured using rates of tax that have been
enacted or substantively enacted by the balance sheet date.
FINANCIAL INSTRUMENTS
Financial assets are recognised in the balance sheet at the lower of cost and
net realisable value. Provision is made for diminution in value where
appropriate. Income and expenditure arising on financial instruments is
recognised on the accruals basis, and credited or charged to the profit and loss
account in the financial period to which it relates.
2. LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION
The loss on ordinary activities before taxation is stated after charging:
2005
#
Auditors' remuneration:
Audit services 5,000
Non-audit services - general advice 5,000
3. DIRECTORS AND EMPLOYEES
The directors, who are the only employees of the group, were paid #29,335 in
emoluments for their services to the company. There were no contributions to
pension schemes.
4. TAX ON LOSS ON ORDINARY ACTIVITIES
No tax charge arises for the period and there are no adjusting items between the
profits for accounting and taxation purposes. Subject to agreement with the
Inland Revenue, the group has UK losses of approximately #134,288 for relief
against future trading profits. No deferred tax asset has been recognised in
respect of these losses as the company has not yet completed the acquisition of
its first target.
5. LOSS PER SHARE
The calculated of the basic loss per share is based on the loss attributable to
ordinary shareholders of #134,288 divided by the weighted average number of
shares in issue during the year.
The weighted average number of shares used in the calculations are set out
below:
2005
Number of
shares
11,302,083
6. DEBTORS
2005
#
Accrued income 15,925
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2005
#
Other taxes and social security 1,650
Accruals and deferred income 36,587
38,237
8. SHARE CAPITAL
2005
#
Authorised
250,000,000 ordinary shares of 1 penny each 2,500,000
Allotted, called up and fully paid
11,875,000 ordinary shares of 1 penny each 118,750
The company issued the following 1 penny ordinary shares during the period:
Date of issue Number of shares Issue price Cash consideration
#
15 June 2004 2,950,000 2p 59,000
24 June 2004 1,400,000 2p 28,000
25 June 2004 650,000 20 13,000
26 July 2004 6,875,000 16 1,100,000
All shares were issued to provide working capital for the company.
9. RESERVES Share Profit
premium and loss
account account
# #
At 3 June 2004 - -
Loss for the period - (134,288)
Premium on shares issued 1,081,250 -
Issue costs (94,564) -
At 30 June 2005 986,686 (134,288)
10. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2005
#
Loss for the financial period (134,288)
Issue of new shares (net of expenses) 1,105,436
Opening shareholders' funds -
Closing shareholders' funds 971,148
11. RECONCILIATION OF OPERATING LOSS TO OPERATING CASH FLOWS
2005
#
Operating loss (160,986)
Increase in creditors 38,237
Net cash outflow from operating activities (122,749)
12. ANALYSIS OF CHANGES IN NET FUNDS
At 3 June At 30 June
2004 Cash flow 2005
# # #
Cash in hand - 6,460 6,460
Cash on deposit - 987,000 987,000
- 993,460 993,460
13. FINANCIAL INSTRUMENTS
Financial Risk
The company's financial instruments comprise cash and liquid resources, and
various items, such as trade debtors and trade creditors that arise directly
from its operations.
The main risks arising from the company's financial instruments are interest
rate and liquidity. The Board reviews and agrees policies for managing each of
these risks and they are summarised below. These policies have remained
unchanged during the year.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is
available to meet foreseeable needs and to invest cash assets safely and
profitably.
Interest rate risk
The company finances its operations through equity group funds are invested in
deposit accounts with the objective of maintaining a balance between
accessibility of funds and competitive rates of return. The average rate of
return on financial assets was LIBOR plus 2.5%.
Fair values
The directors consider there to be no material difference between the book value
and fair value of the company's financial instruments in either financial year.
14. CAPITAL COMMITMENTS
The company had no capital commitments at 30 June 2005.
15. CONTINGENT LIABILITIES
There were no contingent liabilities at 30 June 2005.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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