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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bright Future | LSE:BRF | London | Ordinary Share | GB0031880445 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8737D Bright Futures Group PLC 01 June 2006 BRIGHT FUTURES GROUP PLC RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005 CHAIRMAN'S STATEMENT For the year ended 31 December 2005 In light of the difficulties being encountered in the retail sector, the Directors concluded that the business of the Company was unlikely to achieve a significant return for it's shareholders in the foreseeable future. In view of this, an offer was accepted from Sussex Wellbeing Limited to acquire the share capital of the trading subsidiaries Cascade Ventures Limited, The Mobility Group Limited, Youreable Limited, Scootermart Mobility Centres Limited, ScooterMart Limited and Ortho Kinetics (UK) Limited together with the trading business and associated assets and liabilities of Bright Futures Group plc. Completion of the disposal took place on 30 March 2006. The subsidiaries were disposed of for a consideration of #913,719. Following the disposal of the trading subsidiaries Bright Futures Group plc no longer has a trading business. The funds from the disposal, which after the deduction of transaction costs and other expenses are approximately #750,000 as at the end of May, will be used by the Company to consider new trading opportunities. The existing Board of Directors have been with Bright Futures throughout its development but have concluded that as the company has now ceased to have any trading operations, it would be in the best interests of shareholders for them to stand down in favour of individuals who specialise in identifying and acquiring small businesses. Anthony Leon DL FCA Non-executive Chairman Principal Activities The principal activities of the Group during the year were the supply of battery scooters, lifting chairs and aids for disabled individuals. The Group also operated a website that catered for the needs of the disabled. Review of Business and Future Developments The review of the business is set out in the Chairman's Statement. Results and Dividends The loss for the period, after taxation, amounted to #3,077,414 (2004 - #202,871). The Directors do not recommend the payment of a dividend. On 30 March 2006 the Company completed the sale of all of its subsidiaries, and of certain of its assets and liabilities, to Sussex Wellbeing Limited for a cash consideration of #913,719. This has resulted in a write down in the Company's investments of #2,877,213, and an impairment charge to the Group's goodwill on consolidation of #2,036,014. During the year costs of #190,035 were incurred following reorganisation within the Group. Post Balance Sheet Events As explained in the Chairman's Statement the share capital of the subsidiary companies and certain of Bright Futures Groups plc's assets and liabilities were acquired by Sussex Wellbeing Limited on 30 March 2006 for a consideration of #913,719. This report was approved by the Board on 30 May 2006 and signed on its behalf. CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 31 December 2005 Year ended Year ended 31 Dec 2005 31 Dec 2004 Note # # TURNOVER 2 3,524,842 4,631,539 Cost of sales (1,957,031) (2,687,375) ---------------------------------- GROSS PROFIT 1,567,811 1,944,164 Goodwill impairment 9 (2,036,014) - Goodwill amortisation (129,768) (122,822) Operating costs (2,487,240) (2,030,128) ---------------------------------- Administrative expenses (4,653,022) (2,152,950) ---------------------------------- OPERATING LOSS 3 (3,085,211) (208,786) Net interest receivable and similar charges 7,797 6,652 ---------------------------------- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (3,077,414) (202,134) TAX ON LOSS ON ORDINARY ACTIVITIES 6 - (737) ---------------------------------- LOSS FOR THE FINANCIAL PERIOD (3,077,414) (202,871) ---------------------------------- Loss per share - basic and diluted 8 (6.43)p (0.57)p Loss per share before goodwill amortisation - basic and diluted 8 (1.91)p (0.22)p The Group has no recognised gains or losses other than the results for the year as set out above. All of the activities of the Group are classed as discontinuing following the sale of the trading subsidiaries on 30 March 2006. The Company will have certain administrative expenses going forward relating to non-executive directors and costs associated with being listed on the AIM market. CONSOLIDATED BALANCE SHEET As at 31 December 2005 2005 2004 Note # # FIXED ASSETS Intangible fixed assets 9 96,664 2,162,446 Tangible fixed assets 10 439,985 353,987 ---------------------------- 536,649 2,516,433 ---------------------------- CURRENT ASSETS Stocks 12 722,129 839,792 Debtors 13 380,547 709,168 Cash at bank and in hand 403,395 1,011,428 ---------------------------- 1,506,071 2,560,388 CREDITORS: amounts falling due within one year 14 (488,533) (614,217) ---------------------------- NET CURRENT ASSETS 1,017,538 1,946,171 ---------------------------- TOTAL ASSETS LESS CURRENT LIABILITIES 1,554,187 4,462,604 CREDITORS: amounts falling due after more than one year 15 (137,309) (63,312) PROVISONS FOR LIABILITIES 17 (95,000) - ---------------------------- NET ASSETS 1,321,878 4,399,292 ---------------------------- CAPITAL AND RESERVES Called up share capital 19 2,392,501 2,392,501 Share premium account 20 147,821 147,821 Other reserve 20 - 2,023,515 Profit and loss account 20 (1,218,444) (164,545) ---------------------------- EQUITY SHAREHOLDERS' FUNDS 21 1,321,878 4,399,292 ---------------------------- COMPANY BALANCE SHEET As at 31 December 2005 2005 2004 Note # # FIXED ASSETS Investments 11 663,710 3,540,923 ---------------------------- CURRENT ASSETS Debtors 13 250,000 1,578,652 CREDITORS: amounts falling due within one year 15 (470) (533,830) ---------------------------- NET CURRENT ASSETS 249,530 1,044,822 ---------------------------- TOTAL ASSETS LESS CURRENT LIABILITIES 913,240 4,585,745 ---------------------------- CAPITAL AND RESERVES Called up equity share capital 19 2,392,501 2,392,501 Share premium account 20 147,821 147,821 Other reserves 20 - 2,317,500 Profit and loss account 20 (1,627,082) (272,077) ---------------------------- EQUITY SHAREHOLDERS' FUNDS 21 913,240 4,585,745 ---------------------------- CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 2005 2005 2005 2004 2004 # # # # Net cash flow from operating activities (364,177) (177,712) RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 14,778 6,652 Interest element of hire purchase (6,981) - ----------------------------------------------------------- NET CASH INFLOW FROM RETURNS ON INVESTMENT AND 7,797 6,652 SERVICING OF FINANCE TAXATION - (7,117) CAPITAL EXPENDITURE Receipts from sale of tangible fixed assets - 5,812 Payments to acquire tangible fixed assets (229,145) (131,516) ----------------------------------------------------------- NET CASH OUTFLOW FROM CAPITAL EXPENDITURE (229,145) (125,704) ----------------------------------------------------------- CASH OUTFLOW BEFORE FINANCING (585,525) (303,881) FINANCING Issue of equity share capital - 870,000 Professional costs charged to share premium account - (35,502) Capital element of hire purchase (22,508) (7,744) ----------------------------------------------------------- NET CASH INFLOW FROM FINANCING (22,508) 826,754 ----------------------------------------------------------- (DECREASE)/INCREASE IN CASH (608,033) 522,873 ----------------------------------------------------------- RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Year ended Year ended 31 Dec 2005 31 Dec 2004 # # Operating loss (3,085,211) (208,786) Amortisation 129,768 122,822 Impairment 2,036,014 - Depreciation 125,213 92,413 Loss on disposal of fixed assets 50,462 - Decrease/(increase) in stocks 117,663 (32,661) Decrease in debtors 328,621 52,346 Decrease in creditors (161,707) (203,846) Increase in provisions 95,000 - -------------------------------------- Net cash outflow from operating profits (364,177) (177,712) -------------------------------------- RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 2005 2004 # # (Decrease)/increase in cash in the year (608,033) 522,873 Cash flow in respect of hire purchase 22,508 7,744 -------------------------------------- Change in net funds resulting from cash flows (585,525) 530,617 New hire purchase (132,528) (93,425) -------------------------------------- Movement in net funds in the year (718,053) 437,192 Net funds at 31 December 2004 919,005 481,813 -------------------------------------- Net funds at 31 December 2005 200,952 919,005 -------------------------------------- ANALYSIS OF CHANGES IN NET FUNDS Other At Non-cash At 1 Jan 2005 Cashflows changes 31 Dec 2005 # # # # Net Cash: Cash in hand and at bank 1,011,428 (608,033) - 403,395 Debt: Hire purchase agreements (92,423) 22,508 (132,528) (202,443) --------------------------------------------------------------------- Net funds 919,005 (585,525) (132,528) 200,952 --------------------------------------------------------------------- NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2005 1. ACCOUNTING POLICIES Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention and are prepared in accordance with applicable accounting standards. Basis of consolidation The consolidated accounts incorporate the accounts of the Company and all group undertakings. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and amortised over its estimated useful life from the year of acquisition. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the Group accounts by virtue of section 230 of the Companies Act 1985. Turnover and revenue recognition The turnover shown in the Group profit and loss account represents goods and services sold to customers outside the Group, less returns, discounts and VAT. Income is recognised when goods are despatched to our customers in the retail stores. Website income is recognised when the service has been provided. Amortisation Amortisation is calculated so as to write off the cost of intangible assets less their estimated residual value, over the useful economic life of the assets as follows: Goodwill - 20 years Domain names - 33% p.a. straight line Goodwill is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. Depreciation Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Plant & office equipment and website - 20% to 33% p.a. straight line Retail store fittings - 20% straight line Motor vehicles - 33% p.a. straight line Investments Fixed asset investments are stated at cost except where in the opinion of the Directors, there has been an impairment of the value of the investments, in which case an appropriate adjustment is made to the carrying value. Stock Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items Finance leases and hire purchase contracts Assets obtained under hire purchase agreements and finance leases are capitalised as tangible fixed assets. Assets acquired by finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods, The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligations outstanding in each period. Operating lease agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. Deferred taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions: * deferred tax assets are recognised only to the extent that the Directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted; * deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Foreign currency Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. Pensions The Company makes payments into an individual employee's personal pension. The pension charge represents the amounts payable by the Company to the fund in respect of the year. 2. TURNOVER The turnover and loss before tax are attributable to the one principal activity of the Group which is the supply of products and services for the disabled community. An analysis of turnover is given below: Year ended Year ended 31 Dec 2005 31 Dec 2004 # # United Kingdom 3,506,049 4,570,174 Overseas 18,793 61,365 ------------------------------------ 3,524,842 4,631,539 ------------------------------------ 3. OPERATING LOSS Operating loss is stated after charging: Year ended Year ended 31 Dec 2005 31 Dec 2004 # # Amortisation - charged in the period 129,768 122,822 Impairment 2,036,014 - Depreciation 125,213 92,413 Auditors' remuneration - as auditors 15,000 17,745 - for other services 2,850 2,850 Director recruitment and compensation for loss of office - 45,000 Loss on disposal of fixed assets 50,462 - Reorganisation costs 190,035 - ------------------------------------ During the year costs of #190,035 were incurred in the reorganisation of the group. These costs related to the exiting of the wholesale and franchisee market and the rationalisation of the retail portfolio of the Group. 4. PARTICULARS OF EMPLOYEES The average number of staff employed by the group during the financial period amounted to: Year ended Year ended 31 Dec 2005 31 Dec 2004 Number Number Administrative 16 16 Sales and retail 33 33 Support 5 - Website development 1 1 Directors 2 2 ------------------------------------ 57 52 ------------------------------------ The aggregate payroll costs of the above were: Year ended Year ended 31 Dec 2005 31 Dec 2004 # # Wages and salaries 1,010,833 965,867 Social security costs 93,254 76,066 Other pension costs 20,000 20,000 ------------------------------------ 1,124,087 1,061,933 ------------------------------------ 5. DIRECTORS' EMOLUMENTS The Directors' aggregate emoluments in respect of qualifying services were: Year ended Year ended 31 Dec 2005 31 Dec 2004 # # Emoluments receivable 173,925 162,852 Compensation for loss of office - 30,000 Fees paid to non-executive directors 19,500 19,500 Group pension contributions to money purchase pension schemes 20,000 20,000 ------------------------------- Emoluments receivable 213,425 232,352 ------------------------------- During the year retirement benefits were accruing to 1 director (2004 - 1) in respect of money purchase pension schemes Remuneration of highest paid director Year ended Year ended 31 Dec 2005 31 Dec 2004 # # Emoluments receivable 113,925 105,542 Company pension contributions to money purchase pension schemes 20,000 20,000 ------------------------------- Total emoluments 133,925 125,542 ------------------------------- 6. TAX ON LOSS ON ORDINARY ACTIVITIES Year ended Year ended 31 Dec 2005 31 Dec 2004 Current tax: # # UK Corporation tax based on the results for the period at 19% - - Adjustments in respect of prior periods - 737 ------------------------------- - 737 ------------------------------- Factors affecting current tax charge The tax assessed on the loss on ordinary activities for the year is higher than the standard rate of corporation tax in the UK of 19%. 2005 2004 # # Loss on ordinary activities before tax (3,077,414) (202,134) ------------------------------- Tax on loss on ordinary activities at 19% (584,709) (38,405) Expenses not deductible for tax purposes 412,749 28,367 Differences between capital allowances and depreciation 27,586 13,474 Utilisation of losses brought forward (13,827) (13,568) Losses of year carried forward 158,201 10,564 Marginal tax rate differences - (432) ------------------------------- - - ------------------------------- Deferred tax There are Group losses of approximately #1,366,000 (2004 - #628,000) carried forward. A deferred tax asset has not been recognised in respect of these losses due to the uncertainty over the future utilisation of these losses against suitable future profits. 7. LOSS ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY The loss dealt with in the accounts of the parent company was #3,672,505 (2004 - profit of #73,821). This loss was made after a write down of investment value of #2,877,213. 8. LOSS PER SHARE The calculation of basic and diluted earnings per share on the loss of #3,077,414 (2004 - #202,871) and a weighted average number of ordinary shares in issue during the period of 47,850,020 (2004 - 35,885,539). The loss attributable to ordinary shareholders and weighted average number of ordinary shares for the purpose of calculating the diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options would have the affect of reducing the loss per ordinary share and is, therefore, not dilutive under the terms of FRS 14. 9. INTANGIBLE FIXED ASSETS Group Goodwill Domain name Total Cost # # # At 1 January 2005 3,939,330 21,000 3,960,330 Additions 100,000 - 100,000 ------------------------------------------------ At 31 December 2005 4,039,330 21,000 4,060,330 Amortisation At 1 January 2005 1,776,884 21,000 1,797,884 Charge for the period 129,768 - 129,768 Impairment 2,036,014 - 2,036,014 ------------------------------------------------ At 31 December 2005 3,942,666 21,000 3,963,666 Net book value At 31 December 2005 96,664 - 96,664 ------------------------------------------------ At 31 December 2004 2,162,446 - 2,162,446 ------------------------------------------------ The goodwill brought forward represents the excess of fair value of consideration paid for the acquisition of subsidiary companies in 2002 over the fair value of assets acquired. An impairment review was undertaken and an appropriate charge has been made to reduce the carrying value of goodwill. The Group acquired trade and assets for the sum of #210,000 during the year. The fair value of the stock and fixtures and fittings acquired was #110,000, which gave rise to goodwill of #100,000. 10. TANGIBLE FIXED ASSETS Plant, office Retail equipment and store Motor website fittings vehicles Total Group # # # # Cost At 1 January 2005 450,783 225,001 84,928 760,712 Additions 237,767 23,906 - 261,673 Disposals (19,560) (43,709) - (63,269) --------------------------------------------------------------------- 31 December 2005 668,990 205,198 84,928 959,116 Depreciation At 1 January 2005 296,034 49,521 61,170 406,725 Charge for the period 67,052 49,503 8,658 125,213 Disposals (1,038) (11,769) - (12,807) --------------------------------------------------------------------- 31 December 2005 362,048 87,255 69,828 519,131 Net book value 31 December 2005 306,942 117,943 15,100 439,985 --------------------------------------------------------------------- 31 December 2004 154,749 175,480 23,758 353,987 --------------------------------------------------------------------- Hire purchase agreements Included within the net book value of #439,985 (2004 - #353,987) is #215,109 (2004 - 92,766) relating to assets held under hire purchase agreements. The depreciation charged to the accounts in the year in respect of such assets is #31,949 (2004 - #657). 11. INVESTMENTS Total Company # Cost At 31 December 2004 and 2005 6,361,026 Provision At 1 January 2005 2,820,103 Charge for year 2,877,213 ---------- At 31 December 2005 5,697,316 Net book value At 31 December 2005 663,710 ---------- At 31 December 2004 3,540,923 ---------- Details of subsidiary undertakings at the balance sheet date are as follows: Name of company Country of Class of Nature of business Proportion of incorporation share Ortho-Kinetics (UK) Limited England Ordinary Supply of mobility products 100% Scooter Mart Limited England Ordinary Dormant 100% Scootermart Mobility Centres Supply of mobility products to Limited England Ordinary franchised retail outlets 100% Youreable Limited England Ordinary Creation and maintenance of a website for the disabled 100% The Mobility Group Limited England Ordinary Dormant 100% Cascade Ventures Limited England Ordinary Dormant 100% 12. STOCKS 2005 2004 Group Company Group Company # # # # Goods for resale 722,129 - 839,792 - ---------------------------------------------------------- 13. DEBTORS 2005 2004 Group Company Group Company # # # # Trade debtors 263,539 - 548,384 - Amounts owed by Group undertakings - 250,000 - 1,573,862 Other debtors 58,175 - 84,082 3,373 Payments and accrued income 58,822 - 76,702 1,417 ---------------------------------------------------------- 380,547 250,000 709,168 1,578,652 ---------------------------------------------------------- The above debtors include the following amounts which fall due after one year: 2005 2004 Group Company Group Company # # # # Trade debtors 12,123 - 5,746 - Amounts owed by Group undertakings - - - 1,327,859 ---------------------------------------------------------- 12,123 - 5,746 1,327,859 ---------------------------------------------------------- 14. CREDITORS: amounts falling due within one year 2005 2004 Group Company Group Company # # # # Bank loans and overdrafts - 470 - 21,919 Hire purchase agreements 65,134 - 29,111 - Trade creditors 219,271 - 410,531 23,371 Amounts owed to Group undertakings - - - 440,106 Social security and other taxes 25,746 - 28,518 6,596 Other creditors 1,535 - 8,408 - Accruals and deferred income 176,847 - 137,649 41,838 ---------------------------------------------------------- 488,533 470 614,217 533,830 ---------------------------------------------------------- 15. CREDITORS: amounts falling due after more than one year 2005 2004 Group Company Group Company # # # # Hire purchase agreements 137,309 - 63,312 - ---------------------------------------------------------- 16. COMMITMENTS UNDER HIRE PURCHASE AGREEMENTS Future commitments under hire purchase agreements are as follows: 2005 2004 Group Company Group Company # # # # Amounts payable within 1 year 65,134 - 29,111 - Amounts payable between 2 and 5 years 137,309 - 63,312 - ---------------------------------------------------------- 202,443 - 92,423 - ---------------------------------------------------------- 17. PROVISIONS 2005 2004 Group Company Group Company # # # # Additions 95,000 - - - ---------------------------------------------------------- The provision above relates to estimated future costs to be incurred regarding 3 property leases. The provision is expected to unwind over the next 12 months. 18. COMMITMENTS UNDER OPERATING LEASES At 31 December 2005 the Group had annual commitments under non-cancellable operating leases as set out below: 2005 2004 Land and Other Land and Other buildings buildings Group # # # # Operating leases which expire Within 1 year 19,206 3,873 - - Within 2 to 5 years 209,680 - 184,680 15,665 After more than 5 years 70,250 - - - ---------------------------------------------------------- 19. SHARE CAPITAL 2005 2004 Authorised share capital: # # 50,000,000 ordinary shares on #0.05 each 2,500,000 2,500,000 ------------------------------- Allotted, called up and fully paid: 47,850,020 ordinary shares of #0.05 each 2,392,501 2,392,501 ------------------------------- The Group has an obligation under the warrant to Altium Capital Limited issued on 26 July 2002 to issue up to a further 375,000 ordinary shares at an issue price of 20p per ordinary share during the period 1 February 2003 to 1 February 2008. Directors' options are set out on page 4. On 22 October 2003 under the Enterprise Management Incentive Scheme, 400,000 options were granted to two members of management. The options may have been exercised at 12.5p between 22 October 2006 and 22 October 2013. However, following the sale of the subsidiary companies on 30 March 2006, these options lapsed. 20. RESERVES Other Share Profit and Reserves Premium Loss Group account account # # # As at 1 January 2005 2,023,515 147,821 147,821 Retained loss for the period - - (3,077,414) Transfer - goodwill amortisation and impairment (2,023,515) - 2,023,515 ------------------------------------------ As at 31 December 2005 - 147,821 (1,218,444) ------------------------------------------ Company As at 1 January 2005 2,317,500 147,821 (272,077) Retained loss for the period - - (3,672,505) Transfer - impairment of investments (2,317,500) - 2,317,500 ------------------------------------------ As at 31 December 2005 - 147,821 (1,627,082) ------------------------------------------ The transfer between Group reserves represents the release from the merger reserve of #2,023,515 (2004 - #122,822) corresponding to the amortisation of goodwill in the year. 21. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 2005 2004 Group Company Group Company # # # # (Loss)/profit for the financial period (3,077,414) (3,672,505) (202,871) 73,821 New equity share capital subscribed - - 725,000 725,000 Net premium on new share capital subscribed - - 109,498 109,498 -------------------------------------------------- (3,077,414) (3,672,505) 834,498 908,319 Opening shareholders' equity funds 4,399,292 4,585,745 3,767,665 3,677,426 -------------------------------------------------- Closing shareholders' equity funds 1,321,878 913,240 4,399,292 4,585,745 -------------------------------------------------- 22. FINANCIAL INSTRUMENTS The Group's financial instruments comprise cash and liquid resources that arise directly from operations. The main purpose of the financial instruments is to fund the Group's operations. As a matter of policy the Group does not trade in financial instruments, nor does it enter into any derivative transactions. The Group's operations have been financed to date through the use of the funds raised on the placing of shares in August 2002 and October 2004. The Group has not borrowed funds during the year. The Directors have taken advantage of the exemption permitted by FRS 13 in not disclosing short term debtors and creditors as financial assets and financial liabilities in the notes below. The main risk to the Group and the policies adopted by the directors to minimise their effects on the Group are as follows: Credit risk The Directors believe that credit risk has been mitigated as debts are spread over a large number of debtors. Due to the nature of the markets in which the Group operates and especially within the retail sector, sales are made in cash, which reduces the overall credit risk. However, where the Directors perceive a high credit risk within the Group, steps are taken to reduce the risks. Foreign currency risk The Group's functional currently is sterling and all bank balances are held in sterling accounts. Certain purchases are made from overseas suppliers who may be paid in foreign currency. The number of transactions involved is not significant. The Group incurs a minimal amount of costs in foreign currency. The Directors therefore do not consider that foreign currency is a significant issue for the Group. Interest rate and liquidity risk All of the Group's cash balances and short-term deposits are held in such a way that enables the achievement of the correct balances between access to working capital and a competitive rate of interest. The Directors constantly monitor the working capital requirements of the Group and they are satisfied that the Group has sufficient working capital to continue as a going concern for a period of at least 12 months from the dates that the accounts are approved. 23. PENSION COMMITMENTS The Company has made during the year, payments into an individual employee's personal pension. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to #20,000 (2004 - #nil). Contributions totalling #3,333 (2004 - #nil) were payable to the fund at the balance sheet date and are included in creditors. 24. CAPITAL COMMITMENTS The amounts contracted at the year end but not provided were #nil (2004 - #12,436) 25. CONTINGENT LIABILITY There is an unlimited bank cross guarantee to cover the bank borrowings of all Group members of Bright Futures Group plc. As at 31 December 2005, Bright Futures Group plc had an overdraft of #470 (2004 - #21,919). 26. RELATED PARTY TRANSACTIONS Ortho-Kinetics Sales Limited During the year, the Group entered into transactions in the ordinary course of business with Ortho-Kinetics Sales Limited, a company owned by Mr M Dolan, a director of Bright Futures Group plc. The sales to Ortho-Kinetics Sales Limited were #8,516 (2004 - #45,622); the balance at the year end was #2,150 (2004 - #8,419). 27. POST BALANCE SHEET EVENTS On 30 March 2006 the Company completed the sale of all of its subsidiaries and of certain of its assets and liabilities to Sussex Wellbeing Limited for a cash consideration of #913,719. As a result of this disposal a write down in the Company's investments has been recognised in the sum of #2,877,213 and the goodwill on consolidation has been impaired by #2,036,014. This information is provided by RNS The company news service from the London Stock Exchange END FR SDAFMFSMSEDI
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