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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bright Things | LSE:BGT | London | Ordinary Share | GB00B00S8650 | 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% | 1.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
| Depreciation on property plant and | | 8 | | 33 | | equipment | | | | | +--------------------------------------------+----------+----------+----------+----------+ | Amortisation of intangible assets | | 13 | | 70 | +--------------------------------------------+----------+----------+----------+----------+ | Goodwill and IP impairment | | - | | 19 | +--------------------------------------------+----------+----------+----------+----------+ | Finance income | | (10) | | (27) | +--------------------------------------------+----------+----------+----------+----------+ | | | _______ | | _______ | +--------------------------------------------+----------+----------+----------+----------+ | Cash used in operating activities before | | (1,472) | | (797) | +--------------------------------------------+----------+----------+----------+----------+ | changes in working capital and provisions | | | | | +--------------------------------------------+----------+----------+----------+----------+ | Decrease in trade and other receivables | | 20 | | 120 | +--------------------------------------------+----------+----------+----------+----------+ | Decrease in inventory | | - | | 7 | +--------------------------------------------+----------+----------+----------+----------+ | Increase/(decrease) in trade and other | | 200 | | (248) | | payables | | | | | +--------------------------------------------+----------+----------+----------+----------+ | | | _______ | | _______ | +--------------------------------------------+----------+----------+----------+----------+ | Cash used in operations | | (1,252) | | (918) | +--------------------------------------------+----------+----------+----------+----------+ | | | | | | +--------------------------------------------+----------+----------+----------+----------+ | Investing activities | | | | | +--------------------------------------------+----------+----------+----------+----------+ | Purchase of property, plant and equipment | (3) | | (3) | | +--------------------------------------------+----------+----------+----------+----------+ | Purchase of intangible fixed assets | (23) | | (189) | | +--------------------------------------------+----------+----------+----------+----------+ | Finance income | 10 | | 27 | | +--------------------------------------------+----------+----------+----------+----------+ | | _______ | | _______ | | +--------------------------------------------+----------+----------+----------+----------+ | Net cash from/(used in) investing | | (16) | | (165) | | activities | | | | | +--------------------------------------------+----------+----------+----------+----------+ | | | | | | +--------------------------------------------+----------+----------+----------+----------+ | Financing activities | | | | | +--------------------------------------------+----------+----------+----------+----------+ | Proceeds from issue of new share capital | 785 | | 955 | | +--------------------------------------------+----------+----------+----------+----------+ | Costs of issue of new share capital | (34) | | (135) | | +--------------------------------------------+----------+----------+----------+----------+ | | _______ | | _______ | | +--------------------------------------------+----------+----------+----------+----------+ | Net cash from financing activities | | 751 | | 820 | +--------------------------------------------+----------+----------+----------+----------+ | | | | | | +--------------------------------------------+----------+----------+----------+----------+ | | | | | | +--------------------------------------------+----------+----------+----------+----------+ | Net decrease in cash and cash equivalents | | (517) | | (263) | +--------------------------------------------+----------+----------+----------+----------+ | | | | | | +--------------------------------------------+----------+----------+----------+----------+ | Cash and cash equivalents at beginning of | | 601 | | 864 | | the year | | | | | +--------------------------------------------+----------+----------+----------+----------+ | | | _______ | | _______ | +--------------------------------------------+----------+----------+----------+----------+ | Cash and cash equivalents at end of the | | 84 | | 601 | | year | | | | | +--------------------------------------------+----------+----------+----------+----------+ | | | _______ | | _______ | +--------------------------------------------+----------+----------+----------+----------+ Notes 1 Accounting policies Principal accounting policies The Company is a public company incorporated and domiciled in the United Kingdom. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation The financial statements have been prepared in accordance with EU Endorsed International Financial Reporting Standards ('IFRS') and the Companies Act 1985 applicable to companies reporting under IFRS. The Group has adopted all of the standards and interpretations issued by the International Accounting Standards Board and the International Financial Reporting Interpretations Committee that are relevant to its operations and effective for the year ended 31 March 2009. Going concern The Board continually monitors the financial position of the Group, taking into account the latest cash flow forecasts and the ability of the Group to generate cash. Subsequent to the year end, the Company has raised additional funds through a private placing of GBP750,500 and will shortly complete a further equity fund raising through a private placement of GBP940,000. The Board has prepared the financial statements on a going concern basis having given consideration to forecast sales and the marketability of SocialGO, together with the above fundraising activity, for the period to 30 September 2010. Given the level of paid subscription taken up since commercial launch, the Board believe it's most recent sales forecasts, which incorporate continued growth in paid subscriptions to SocialGO, to be achievable. However, given that SocialGO represents a new product in a relatively new market, there remains an inherent uncertainty in the level of growth that will actually be achieved. The Board are confident that any shortfall in forecast growth in revenues, were this to happen, could be sufficiently mitigated by a reduction in the Group's cost base to ensure that the Group will have sufficient working capital to operate as a going concern for the foreseeable future. The Board therefore believe that it is appropriate to draw up the financial statements on a going concern basis. Basis of Consolidation The consolidated Group financial statements incorporate the results of Bright Things Plc and its subsidiary undertaking, Bright Entertainment Limited, using the merger accounting method. The results also include the results of its other subsidiaries, Bright Things International Limited (date of incorporation 16 February 2005) and Bright Things Inc (date of incorporation 6 April 2005), PushPlay Interactive LLC (purchase date 28 June 2005) using the purchase accounting method. On 27 December 2007 the Group acquired 100% of the voting equity instruments of CommonWorld Limited, a company whose sole activity was the development of intellectual property supporting a social networking platform ("SocialGO"). This transaction has been deemed to be a purchase of an asset rather than a business combination. On this basis, the acquisition of the SocialGO IP has been recorded at cost (see note 11). The Company has taken advantage of the exemption provided under section 230 of the Companies Act 1985 not to publish its individual income statement and related notes. Merger accounting In the Group financial statements, applying the exemption from the requirement to restate pre-transition date acquisitions available under IFRS1, merged
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