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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Asia Capital | LSE:ASI | London | Ordinary Share | GB00B0742X18 | 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:4160F
Asia Capital PLC
30 June 2006
Asia Capital plc
30 June 2006
ASIA CAPITAL PLC (the "Company")
Preliminary results for the year ended 31 December 2005
Asia Capital plc ("Asia Capital") announces its results for the year ended 31
December 2005.
Extracts from the Chairman's statement and the Report of the directors
I am pleased to report the financial results for Asia Capital plc for the year
ended 31 December 2005.
Pre-tax losses for the financial year were #301,000 compared with losses of
#224,000 in the previous period. Loss per share was 0.37p compared with the
previous year's loss per share of 0.28p.
The financial year 2005, and the start of the current financial year, have been
frustrating in terms of the delivery of our objective of identifying a suitable
acquisition for reversal into the Company. Although the process of identifying
the right transaction is taking longer than ideally we would like, this
frustration is tempered by the satisfaction that we have been careful not to
take the Company down the route of completing an inappropriate transaction.
During the year, we worked hard to seek out a suitable transaction to meet our
key criterion, namely that any transaction should provide an opportunity for
significant capital growth. At the interim stage, we reported that we had
reached an advanced stage of discussions in connection with one potential
acquisition though, unfortunately, it proved impossible to take that particular
opportunity through to completion. In the meantime, Asia Capital remains an
attractive shell, offering as it does a stock market listing and tax losses.
Outlook
Shareholders should be aware that, in accordance with the AIM Rules, if no
transaction has been announced by 22 September 2006, the Company's shares will
be suspended from trading on AIM.
We continue our search for a suitable opportunity and, to expedite this process,
we are maintaining the broadest criteria in terms of the type and sector of
company we would consider. Some observers believe that, following recent market
volatility the IPO market might slow, which in turn could add to the
attractiveness of a shell such as Asia Capital as a route to a stock market
listing. We are committed to creating shareholder value and look forward to
updating shareholders in due course.
Results and dividends
The consolidated profit and loss account is set out below and shows the loss for
the year. No dividend is recommended in respect of the year.
Nigel Robertson
Chairman
30 June 2006
Extracts from the Financial Statements as at 31 December 2005.
Consolidated profit and loss account for the year 31 December 2005
Note 2005 2004
#'000 #'000
Administrative Expenses (247) (217)
_____ _____
Operating Loss (247) (217)
_____ _____
Gain on liquidation of a subsidiary - 36
Interest receivable and similar income 1 4
Interest payable and similar charges (55) (47)
_____ _____
Loss on ordinary activities before taxation (301) 224)
Taxation on loss on ordinary activities - -
_____ _____
Loss for the financial year (301) (224)
_____ _____
Loss per share
- Basic and diluted 2 (0.37)p (0.28)p
_____ _____
All recognised gains and losses have been included in the profit and loss
account.
All amounts relate to continuing activities.
Consolidated and company balance sheet at 31 December 2005
Group Group Company Company
2005 2004 2005 2004
#'000 #'000 #'000 #'000
Current assets
Debtors 14 30 14 30
Cash at bank and in hand 13 7 13 7
_____ _____ _____ _____
27 37 27 37
Creditors: amounts falling due within one year 1,566 403 1,566 403
_____ _____ _____ _____
Net current liabilities (1,539) (366) (1,539) (366)
_____ _____ _____ _____
Total assets less current liabilities (1,539) (366) (1,539) (366)
Creditors: amounts falling due after more than one year - 872 - 872
_____ _____ _____ _____
Net liabilities (1,539) (1,238) (1,539) (1,238)
_____ _____ _____ _____
Capital and reserves
Called up share capital 823 8,230 823 8,230
Deferred share capital 44,064 36,657 44,064 36,657
Share premium account 9,804 9,804 9,804 9,804
Profit and loss account (56,230) (55,929) (56,230) (55,929)
_____ _____ _____ _____
Shareholder' deficit (1,539) (1,238) (1,539) (1,238)
_____ _____ _____ _____
Consolidated cash flow statement for the year 31 December 2005
2005 2005 2004 2004
#'000 #'000 #'000 #'000
Net cash outflow from operating activities (69) (448)
Returns on investments and
Servicing of finance:
Interest received 1 4
Interest paid (55) (47)
_____ _____
Net cash outflow from returns
On investments and servicing of finance (54) (43)
Acquisitions and disposals:
Cash disposed of with business operation - (2)
_____ _____
Net cash outflow from acquisitions and disposals - (2)
Financing:
Redemption of loans - (27)
Issue of loans 129 450
_____ _____
Net cash inflow from financing 129 423
_____ _____
Increase/(decrease) in cash 6 (70)
_____ _____
Notes to the financial statements
1 Accounting policies
The financial statements have been prepared under the historical cost convention
and are in accordance with applicable accounting standards. The following
principal accounting policies have been applied:
Basis of consolidation
The consolidated financial statements incorporate the results of Asia Capital
plc and all of its subsidiaries as at 31 December 2005 using the acquisition
method of accounting. The results of subsidiary undertakings are included from
the date of acquisition and until the date of disposal.
Goodwill
Goodwill arising on an acquisition of a subsidiary undertaking represents the
difference between the fair value of the consideration paid on acquisition of a
business and the fair value of its identifiable net assets at the date of
acquisition, less any provision for impairment. It is capitalised and amortised
through the profit and loss account over the directors' estimate of its useful
economic life which is three years.
Impairment of fixed assets and goodwill
The need for any fixed asset impairment write down is assessed by comparison of
the carrying value of the asset against the higher of realisable value and value
in use.
Investments
Fixed asset investments are carried at cost unless the directors are of the
opinion that an impairment in value has occurred, in which case a provision is
made to reflect the impairment in value.
Depreciation
Depreciation is provided to write off the cost, less estimated residual values,
of all fixed assets, evenly over their expected useful lives. It is calculated
at the following rates:
Computer Equipment - over three years
Fixtures and Fittings - over three years
2 Loss per share
The calculation of loss per share is based on the loss for the year of #301,000
(2004 - #224,000) and on the weighted average number of shares in issue during
the year of 82,302,984 (2004 - 82,302,984).
The effect of all potential ordinary shares is antidilutive and therefore
dilutive EPS is the same as basic EPS.
3 Basis of preparation
The financial information set out above does not constitute the company's
statutory accounts as defined in Section 240 of the Companies Act 1985 for the
years ended 31 December 2005 or 2004, but is derived from those accounts.
Statutory accounts for 2004 have been delivered to the Registrar of Companies
and those for 2005 will be delivered following the company's annual general
meeting. The auditors reported on those accounts; their reports were unqualified
with the 2005 accounts containing an emphasis of matter paragraph regarding
going concern. The reports for 2004 and 2005 did not contain statements under
Section 237(2) or (3) of the Companies Act 1985.
4 Going Concern
The financial statements have been prepared on the going concern basis which
assumes that the group will continue in operational existence for the
foreseeable future. The group incurred a loss of #301,000 for the year and has
incurred further losses since the balance sheet date. The group remains
dependent on the continued financial support from a major shareholder who has
confirmed to the directors that he intends to maintain such support for the
foreseeable future. Accordingly, they consider the going concern basis of
preparation to be appropriate.
The financial statements do not include adjustments that would result if the
financial support from the major shareholder were no longer available.
5 Share Capital
On 15 April 2005 the capital was reorganised by first subdividing each ordinary
1p share into 1 share of 0.1p and 9 deferred shares of 0.1p, and, secondly, all
of the ordinary shares of 0.1p each were consolidated and divided into new
ordinary shares on the basis of 10 shares of 0.1p each for 1 new ordinary
share.Also as part of the Share Capital Organisation in April 2005 each of the
issued existing Deferred Shares at the close of business on 13 April 2005 was
sub-divided into ten Deferred Shares of 0.1p each.
6 Annual Report
Copies of the annual accounts are being sent to shareholders and are available
from 22 Soho Square, London, W1D 4NS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAKKNALSKEFE
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