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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Caplay | LSE:CLY | London | Ordinary Share | GB0002924651 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.075 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:9039O
Caplay PLC
28 February 2008
For immediate release
28 February 2008
Caplay PLC
("Caplay" or the "Company")
Interim results for the six months ended 30 November 2007
The Board of Caplay is pleased to announce its un-audited interim results for
the six months ended 30 November 2007 (the "Period"). As previously notified the
Board is pursuing a dual strategy of identifying opportunities to increase
shareholder value while also minimizing costs. Although the Board continues to
review a number of investment opportunities it has yet to conclude any
transactions. However, as highlighted in the Company's preliminary results
statement, the quality of the investment propositions being considered is
improving and the Board remains optimistic that it will identify an attractive
transaction to help recover shareholder value. In regard to the financial
performance over the period, turnover was £nil, although the loss for the period
was restricted to £125,368, of which £90,363 was a revaluation of the company's
investment in PTS.
The company's investment comprises 7,229,000 shares in Private Trading Systems
Plc ("PTS"), a company listed on the PLUS market. At 30 November 2007, the
market value of PTS was 2.5p per share, giving a market value of £180,725.
Commenting on the results, Chairman Tony Fabrizi said:
" We are disappointed not to have concluded a transaction in the Period but we
continue to investigate opportunities and remain optimistic that we will
identify an attractive transaction in due course. In the meantime, we will
continue to minimise the company's ongoing costs with the aim of maintaining a
healthy cash balance."
Enquires:
Caplay PLC +44 207 7375 9060
Tony Fabrizi, Chairman
Nominated Advisor + 44 207 628 3396
Michael Cornish, Beaumont Cornish Limited
Caplay Plc
Group Income Statement
For the six months ended 30 November 2007
Six months ended Year ended
Notes 30 November 31 May
---------------- --------
2007 2006 2007
(unaudited) (unaudited) (unaudited)
£ £ £
Continuing operations
Revenue - - -
Administrative expenses (35,005) (45,305) (168,735)
Other losses (90,363) (2,528,467) (2,433,502)
--------- --------- ---------
Operating loss (125,368) (2,573,772) (2,602,237)
Finance income 22,351 19,705 41,094
Finance expense - (39) (39)
--------- --------- ---------
Loss before taxation (103,017) (2,554,106) (2,561,182)
Taxation - - -
--------- --------- ---------
Loss for the period (103,017) (2,554,106) (2,561,182)
========= ========= =========
Loss per share - basic and
diluted (0.04)p (0.91)p (0.91)p
========= ========= =========
Statement of changes in shareholders' equity
for the six months ended 30 November 2007
Six months ended Year ended
30 November 31 May
------------------ ---------
2007 2006 2007
(unaudited) (unaudited) (unaudited)
£ £ £
Opening shareholders' equity 1,062,350 3,623,532 3,623,532
Loss for the period (103,017) (2,554,106) (2,561,182)
--------- --------- ---------
Closing shareholders' equity 959,333 1,069,426 1,062,350
========= ========= =========
Balance sheet
as at 30 November 2007
30 November 31 May
------------------ ---------
2007 2006 2007
(unaudited) (unaudited) (unaudited)
£'000 £'000 £'000
ASSETS
Non current assets
Property, plant and equipment 78 1,166 594
Investments in associate 6,057 6,057 6,057
--------- --------- ---------
6,135 7,223 6,651
--------- --------- ---------
Current assets
Trade and other receivables 10,805 13,391 16,132
Other financial assets at fair
value through profit or loss 180,725 176,123 271,088
Cash and cash equivalents 816,772 927,809 846,658
--------- --------- ---------
1,008,302 1,117,323 1,133,878
--------- --------- ---------
Total assets 1,014,437 1,124,546 1,140,529
LIABILITIES
Current liabilities
Trade and other payables (55,104) (55,120) (78,179)
--------- --------- ---------
Total current liabilities (55,104) (55,120) (78,179)
--------- --------- ---------
Total assets less current
liabilities 959,333 1,069,426 1,062,350
========= ========= =========
SHAREHOLDERS' EQUITY
Called up share capital 6,800,000 6,800,000 6,800,000
Share premium account 6,112,612 6,112,612 6,112,612
Retained earnings (11,953,279) (11,843,186) (11,850,262)
--------- --------- ---------
Total shareholders' equity 959,333 1,069,426 1,062,350
========== ========== ==========
Cash flow statement
for the six months ended 30 November 2007
Six months ended Year ended
30 November 31 May
------------------ ---------
2007 2006 2007
(unaudited) (unaudited) (unaudited)
£'000 £'000 £'000
Cash flows from operating activities
Operating loss (125,368) (2,573,772) (2,602,237)
Depreciation 516 571 1,143
Fair value losses on financial
assets at fair value through profit
or loss 90,363 2,528,467 2,433,502
Decrease/(increase) in trade and
other receivables 5,327 82,712 79,971
(Decrease)/increase in trade and
other payables (23,075) (6,394) 16,665
--------- --------- ---------
Cash (used in)/generated from
operations (52,237) 31,584 (70,956)
Finance income 22,351 19,705 41,094
Finance expense - (39) (39)
--------- --------- ---------
Net cash (used in)/generated from
operating activities (29,886) 51,250 (29,901)
--------- --------- ---------
Net increase/(decrease) in cash and
cash equivalents (29,886) 51,250 (29,901)
Cash and cash equivalents at start
of period 846,658 876,559 876,559
--------- --------- ---------
Cash and cash equivalents at end of
period 816,772 927,809 846,658
========= ========= =========
Notes to the consolidated half-yearly financial information
1 General information
The principal activity of Caplay Plc ('the Company') is that of a holding
company.
The Company is incorporated in the Scotland under the Companies Act 1985.
The comparative figures for the year ended 31 May 2007 and the six months ended
30 November 2006 have been restated for the adoption of IFRS. The comparative
figures for the year ended 31 May 2007 are not the Company's statutory accounts
for that financial year. The Company's statutory accounts for the year ended 31
May 2007, prepared under UK GAAP, have been delivered to the Registrar of
Companies; the report of the auditors on these accounts was unqualified and did
not contain a statement under Section 237 (2) or (3) of the Companies Act 1985.
The interim financial information has not been audited and does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
2 First-time adoption of International Financial Reporting Standards
For the periods up to and including the year ended 31 May 2007, the Group
prepared its audited financial statements under UK GAAP. For the year ending 31
May 2008, the Group is required to prepare its annual financial statements in
accordance with International Financial Reporting Standards as adopted by the
European Union. As such, those financial statements will take account of the
requirements and options of IFRS 1 "First-Time Adoption of International
Financial Reporting Standards" as they relate to the 2007 comparatives included
therein.
The financial information within this report for the six months ended 30
November 2007 has been prepared in accordance with the Group's accounting
policies, based on IFRS that are expected to apply for the year ending 31 May
2008.
The transition to IFRS is explained in note 11.
3 Basis of preparation
The Group financial statements have been prepared in accordance with
International Financial Reporting Standards ('IFRS') and International Financial
Reporting Interpretations Committee ('IFRIC') interpretations that have been
adopted for use in the European Union and with those parts of the Companies Act
1985 applicable to companies reporting under IFRS.
The financial statements have been prepared under the historical cost
convention.
4 Basis of consolidation
The Group financial statements consolidate those of the Company and its
subsidiaries for the six months ended 30 November 2007. The results and net
assets of undertakings acquired or disposed of during a financial year are
included in the Group income statement and balance sheet from the effective date
of acquisition or to the effective date of disposal.
5 Accounting policies
Revenue recognition
Revenue is measured at the fair value of the consideration received or
receivable, once the right to consideration has been obtained, and represents
amounts receivable for goods and services provided in the normal course of
business, net of discounts, VAT and other sales-related taxes.
Taxation
The tax expense represents the sum of tax currently payable and deferred tax.
The tax currently payable is based on the taxable loss for the period using the
tax rates that have been enacted or substantially enacted by the balance sheet
date. Taxable loss differs from the net loss as reported in the income statement
because it excludes items of income or expense that are taxable or deductible in
other years and it further excludes items that are never taxable or deductible.
Deferred tax is provided in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes. Deferred tax is determined
using tax rates that have been enacted or substantially enacted at the balance
sheet date and are expected to apply when the related deferred income tax asset
is realised or the deferred tax liability is settled.
Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited to equity, in which case the deferred tax
is also dealt with in equity.
Deferred tax assets are only recognised to the extent that it is probable that
future taxable profit will be available against which the asset can be utilised.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation.
The carrying value of property, plant and equipment are reviewed for impairment
when events or changes in circumstances indicate the carrying value may not be
recoverable.
Depreciation is provided at the following rates per annum to write off the cost
of property, plant and equipment, less estimated residual value, from the date
on which they are brought into use:
Computer equipment 33% on cost per annum
Investments
Financial assets at fair value through profit or loss are financial assets held
for trading. A financial asset is classified in this category if acquired
principally for the purpose of selling in the short term. Assets in this
category are classified as current assets.
Financial assets carried at fair value through profit or loss are initially
recognised at fair value and transaction costs are expensed in the income
statement. Financial assets are derecognised when the rights to receive cash
flows from the investments have expired or have been transferred and the company
has transferred substantially all risks and rewards of ownership. Financial
assets at fair value through profit or loss are subsequently carried at fair
value.
Gains or losses arising from changes in the fair value of the financial assets
at fair value through profit or loss are presented in the income statement
within 'other (losses)/gains - net' in the period in which they arise.
Trade and other receivables
Trade and other receivables are recognised and carried at the lower of their
original amount less an allowance for any doubtful amounts. An allowance is made
when collection of the full amount is no longer considered possible.
Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and short-term
deposits with an original maturity of three months or less. The Group considers
overdrafts (repayable on demand) to be an integral part of its cash management
activities and these are included in cash and cash equivalents for the purposes
of the cash flow statement.
Trade payables
Trade payables are stated at their nominal value.
Financial instruments
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into. An equity instrument is
any contract that evidences a residual interest in the assets of the entity
after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share
capital) are equivalent to a similar debt instrument, those financial
instruments are classed as financial liabilities. Financial liabilities are
presented as such in the balance sheet. Finance costs and gains or losses
relating to financial liabilities are included in the profit and loss account.
Finance costs are calculated so as to produce a constant rate of return on the
outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the
definition of a financial liability then this is classed as an equity
instrument. Dividends and distributions relating to equity instruments are
debited direct to equity.
New standards and interpretations
During the period the International Accounting Standards Board ('IASB') issued
the following standards which are effective for annual accounting periods
beginning on or after the stated effective date. These standards are not
effective for and have not been applied in the preparation of this financial
information. The Group does not anticipate that the adoption of these standards
will have a material impact on the Group's financial statements on adoption.
Date effective
International Accounting Standards (IFRS/IAS)
IFRS 7 Financial instruments: Disclosures 1 January 2007
IFRS 8 Operating segments 1 January 2009
IAS 1 Amendments - presentation of financial statements:
Capital disclosures 1 January 2007
The International Financial Reporting Interpretations Committee have also issued
interpretations which the Group does not consider will have a significant impact
on the financial statements.
7 Taxation
On the basis of these accounts there is no provision for taxation.
8 Earnings per ordinary shares
Six months ended Year ended
30 November 31 May
------------------ ---------
2007 2006 2007
Basic:
Loss for the financial period 103,017 2,554,106 2,561,182
Weighted average number of
ordinary shares 280,000,000 280,000,000 280,000,000
Loss per share 0.04p 0.91p 0.91p
========== ========== ==========
9 Dividends
The directors do not recommend the payment of a dividend in respect of the
period.
10 Capital expenditure
Six months ended 30 November 2007 Tangible and intangible assets
£
Opening net book value at 1 June 2007 593
Depreciation and amortisation (515)
Closing net book value at 30 November 2007 78
Six months ended 30 November 2006 Tangible and intangible assets
£
Opening net book value at 1 June 2006 1,737
Depreciation and amortisation (571)
Closing net book value at 30 November 2006 1,166
11 Explanation of transition to IFRS
Reconciliation of equity. There were no adjustments required to net assets under
UK GAAP in order to arrive at net assets under IFRS. As shown in the following
tabl;es, there have been adjustments between current assets and non-current
assets to reclassify investments from non-current assets to other financial
assets at fair value through profit or loss in current assets; within equity to
reclassify revaluation reserve to income statement; and within the income
statement to reclassify the write down the fair value of the financial assets
through profit or loss as opposed to through the revaluation reserve.
Reconciliation of balance sheet presentation
at 1 June 2006 (date of transition) UK IFRS
GAAP effect IFRS
£ £ £
ASSETS
Non current assets
Property, plant and equipment 1,737 - 1,737
Investments 2,710,647 (2,704,590) 6,057
--------- --------- --------
2,712,384 (2,704,590) 7,794
--------- --------- --------
Current assets
Trade and other receivables 96,103 - 96,103
Other financial assets at fair value
through profit or loss - 2,704,590 2,704,590
Cash and cash equivalents 876,559 - 876,559
--------- --------- --------
972,662 2,704,590 3,677,252
--------- --------- --------
Total assets 3,685,046 - 3,685,046
LIABILITIES
Current liabilities
Trade and other payables (61,514) (61,514)
--------- --------- --------
Total current liabilities (61,514) - (61,514)
--------- --------- --------
Total assets less current
liabilities 3,623,532 - 3,623,532
========= ========= ========
SHAREHOLDERS' EQUITY
Called up share capital 6,800,000 - 6,800,000
Share premium account 6,112,612 - 6,112,612
Revaluation reserve 1,687,631 (1,687,631) -
Retained earnings (10,976,711) 1,687,631 (9,289,080)
--------- --------- ---------
Total shareholders' equity 3,623,532 - 3,623,532
========== ========= =========
Reconciliation of balance sheet
presentation
at 30 November 2006 UK IFRS
GAAP effect IFRS
£ £ £
ASSETS
Non current assets
Property, plant and equipment 1,166 - 1,166
Investments 182,180 (176,123) 6,057
--------- -------- ---------
183,346 (176,123) 7,223
--------- -------- ---------
Current assets
Trade and other receivables 13,391 13,391
Other financial assets at fair value
through profit or loss - 176,123 176,123
Cash and cash equivalents 927,809 927,809
--------- -------- ---------
941,200 176,123 1,117,323
--------- -------- ---------
Total assets 1,124,546 - 1,124,546
LIABILITIES
Current liabilities
Trade and other payables (55,120) - (55,120)
--------- -------- ---------
Total current liabilities (55,120) - (55,120)
--------- -------- ---------
Total assets less current liabilities 1,069,426 - 1,069,426
========= ======== =========
SHAREHOLDERS' EQUITY
Called up share capital 6,800,000 - 6,800,000
Share premium account 6,112,612 - 6,112,612
Revaluation reserve - - -
Retained earnings (11,843,186) - (11,843,186)
--------- -------- ---------
Total shareholders' equity 1,069,426 - 1,069,426
========== ======== ==========
Reconciliation of balance sheet presentation
at 31 May 2007 UK IFRS
GAAP effect IFRS
£ £ £
ASSETS
Non current assets
Property, plant and equipment 594 594
Investments 277,145 (271,088) 6,057
--------- -------- --------
277,739 (271,088) 6,651
--------- -------- --------
Current assets
Trade and other receivables 16,132 16,132
Other financial assets at fair value
through profit or loss - 271,088 271,088
Cash and cash equivalents 846,658 846,658
--------- -------- --------
862,790 271,088 1,133,878
--------- -------- --------
Total assets 1,140,529 - 1,140,529
LIABILITIES
Current liabilities
Trade and other payables (78,179) - (78,179)
--------- -------- --------
Total current liabilities (78,179) - (78,179)
--------- -------- --------
Total assets less current liabilities 1,062,350 - 1,062,350
========= ======== ========
SHAREHOLDERS' EQUITY
Called up share capital 6,800,000 - 6,800,000
Share premium account 6,112,612 - 6,112,612
Revaluation reserve - - -
Retained earnings (11,850,262) - (11,850,262)
--------- -------- ---------
Total shareholders' equity 1,062,350 - 1,062,350
========== ======== ==========
Reconciliation of income statement presentation
for the six months ended 30 November 2006 UK IFRS
GAAP effect IFRS
£ £ £
Continuing operations
Revenue - - -
Administrative expenses (45,305) - (45,305)
Other losses (840,836) (1,687,631) (2,528,467)
--------- ---------
Operating loss (886,141) (1,687,631) (2,573,772)
Finance income 19,705 - 19,705
Finance expense (39) - (39)
--------- --------- ---------
Loss before taxation (866,475) (1,687,631) (2,554,106)
Taxation - - -
--------- --------- ---------
Loss for the period (866,475) (1,687,631) (2,554,106)
========= ========= =========
Reconciliation of income statement presentation
for the year ended 31 May 2007 UK IFRS
GAAP effect IFRS
£ £ £
Continuing operations
Revenue - - -
Administrative expenses (168,735) - (168,735)
Other losses (745,871) (1,687,631) (2,433,502)
--------- ---------
Operating loss (914,606) (1,687,631) (2,602,237)
Finance income 41,094 - 41,094
Finance expense (39) - (39)
--------- --------- ---------
Loss before taxation (873,551) (1,687,631) (2,561,182)
Taxation - - -
--------- --------- ---------
Loss for the period (873,551) (1,687,631) (2,561,182)
========= ========= =========
12. Copies of this announcement are available from the Company's website as
required by AIM Rule 26 which can be found at www.caplay-plc.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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