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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ultimate Sports Group Plc | LSE:USG | London | Ordinary Share | GB00BYV31355 | 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% | 27.50 | 27.00 | 28.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMUSG
RNS Number : 2722C
Ultimate Sports Group PLC
27 June 2016
27 June 2016
Ultimate Sports Group Plc ('USG' or 'the Company')
Final results for the year ended 31 December 2015
Ultimate Sports Group Plc, the AIM listed investment vehicle, is pleased to announce its results for the year ended 31 December 2015.
Chairman's Statement and Chief Executive's Review
For the year ended 31 December 2015 we are reporting a pre-tax loss of GBP356,421 (2014: profit GBP16,590).
USG's net cash balances as at 31 December 2015 were GBP357,915 (2014: GBP709,332). The Directors are not recommending the payment of a dividend.
Name Change and Share Consolidation
In October 2015, shareholders approved the change of name to Ultimate Sports Group Plc.
This change of name reflects the Group's operations more accurately as the Company is now focussed to a great extent on its involvement in Sports related activities.
At the same time, USG also secured shareholder approval to undertake a Share Consolidation in order to reduce the large number of Ordinary Shares previously in issue.
As a consequence, 1 new ordinary share was issued in exchange for 100 old Ordinary shares and new share certificates were issued to shareholders.
Share Placing
In December 2015, USG issued 1 million new Ordinary shares at 20p per share to raise GBP200,000 before expenses.
Ultimate Player.me
As shareholders are aware, we have been developing an innovative online platform for children. This is a "free to view" method of measuring, motivating and incentivising young children to enhance their own personal sporting performance. Ultimate Player now covers 13 different sports.
We are pleased to report that the programme became fully operational in the first few months of 2016 and is now being put through its paces with a core group of coaches, children and parents.
We are enthusiastic about the future development of the Ultimate Player brand as we launch UltimatePlayer.me and tap into our ESS platform which as outlined below is already established and continues to grow.
Pantheon Leisure Plc ("Pantheon")
USG holds 85.87% of the issued share capital of Pantheon which in turn owns 100% of the operating business of Pantheon's sport and leisure division.
Pantheon's sports and leisure division comprises two trading companies, Sport in Schools Limited ('ESS'), also known as The Elms Sport in Schools, and Football Partners Limited ('FPL') - also known as The Elms Small Sided Football.
Pantheon as a group made a profit of GBP67,241 for the 12 months ended 31 December 2015 (2014: Profit GBP400,462).
Sport in Schools Limited ('ESS' - Elms Sport in Schools)
On a turnover of GBP1,243,011 (2014: GBP1,240,527), ESS has contributed a divisional profit of GBP144,679 as compared with GBP115,649 last year.
ESS specialises in the delivery of primary school sport - covering the National Curriculum during the day and The Extended Day before and after school hours (breakfast, lunchtime and after-school clubs).
The majority of the breakfast and lunchtime clubs are provided and paid for by the school, whilst the majority of after-school clubs are paid for by parents.
Holiday camps are a successful area for ESS where we provide sports tuition during the school holidays. The majority of the camps are paid for by parents, whilst a few are paid for by the school.
The ESS directors have developed bespoke skill sets which have been adopted with great enthusiasm by our full time staff and part time coaches. They coach 21,000 children each week and on average coach between 12 to 25 hours a week. All our coaches are highly qualified (minimum level 2), DBS checked, Child protection vetted and are rigorously trained by ESS in all the main disciplines required by the National Curriculum. The management of ESS constantly monitors and assesses the level of performance of our coaches throughout the school year.
Football Partners Limited ('FPL')
Our 5-a-side football operation enjoys full FA accreditation and its activities (conducted through FPL) continue to be influenced by a difficult market as reported by our peer group competitors. Turnover (net of corporate fees) increased by 6.3% to GBP446,510 and this resulted in an operating loss of GBP77,437.
Outlook
We continue to be encouraged by the success of the sports tuition activities of ESS and consider that its potential represents a significant opportunity for growth.
Ultimate Player.me is now fully operational. It is an innovative, secure and exciting way for children to improve their personal sporting skill sets. The objective of the programme is to encourage children to improve their fitness levels and sporting skills - an objective which is totally consistent with Government Policy and initiatives.
We are confident that with sufficient additional equity investment both SIS and UltimatePlayer.me working together and taken together will achieve growth and future value for our shareholders.
Notice of Annual General Meeting
The Annual General Meeting of the Company in respect of the year ended 31 December 2015 will be held at the Hellenic Centre, 16/18 Paddington Street, London W1U 5AS on 31 August 2016 at 11:00 am.
Richard Owen
Chairman
Geoffrey Simmonds
Chief Executive Officer
27 June 2016
Consolidated statement of comprehensive income
for the year ended 31 December 2015
Hot Features
Premium
2015 2014
Notes GBP GBP
As restated
Revenue 6 1,674,521 1,645,643
Cost of sales (976,037) (1,009,236)
------------ -----------------
Gross profit 698,484 636,407
------------ -----------------
Website site and related
costs written off (62,510) (39,601)
Administrative expenses (1,035,747) (1,006,308)
Amortisation of intangible
assets (9,306) -
(1,107,563) (1,045,909)
------------ -----------------
Operating loss 6 (409,079) (409,502)
Finance income 8 1,150 15,247
Finance costs 9 (3,972) (1,343)
Other gains and losses 10 55,480 412,188
------------ -----------------
Profit/(loss) before taxation (356,421) 16,590
Taxation (23,334) 235
------------ -----------------
Profit/(loss) after taxation (379,755) 16,825
------------ -----------------
Attributable to:
Equity holders of the parent
company (377,424) (22,957)
Non-controlling interests (2,331) 39,782
------------ -----------------
(379,755) 16,825
------------ -----------------
Other comprehensive loss:
Revaluation losses on available-for-sale
investments taken to equity (14,553) 14,208
Taxation on items taken
directly to equity 23,334 (235)
Other comprehensive profit/(loss) 8,781 13,973
------------ -----------------
Comprehensive loss attributable
to:
Equity holders of the parent
company (368,643) (8,984)
Minority interest (2,331) 39,782
Total comprehensive loss (370,974) 30,798
============ =================
Loss per share (basic and diluted)
(Loss)/Earnings from operations
per share 11 (0.02655)p 0.00001p
Other comprehensive earnings/(loss)
per share 0.00045p 0.00004p
----------- ---------
Total comprehensive loss
per share (0.02610)p 0.00005p
=========== =========
All losses arise from continuing operations of the group.
Consolidated statement of financial position
as at 31 December 2015
Notes 2015 2014
As Restated
GBP GBP
Non current assets
Goodwill and other intangibles 487,021 226,077
Property, plant and equipment 80,975 116,593
Total non-current assets 567,996 342,670
------------ ------------
Current assets
Available-for-sale investments 12 29,273 177,477
Trade and other receivables 14 182,254 142,180
Cash and cash equivalents 357,915 709,332
------------ ------------
Total current assets 569,442 1,028,989
------------ ------------
Total assets 1,137,438 1,371,659
Current liabilities
Trade and other payables 15 385,114 338,783
Borrowings 16 18,877 18,877
------------ ------------
Total current liabilities 403,991 357,660
------------ ------------
Non-current liabilities
Borrowings 16 47,939 66,816
------------ ------------
Total non-current liabilities 47,939 66,816
------------ ------------
Total liabilities 451,930 424,476
Net assets 685,508 947,183
Equity
Share capital 17 1,526,164 1,426,164
Share premium account 401,039 304,289
Merger reserve 325,584 325,584
Fair value reserve 1,150 92,268
Retained earnings (1,569,380) (1,204,404)
Equity attributable to shareholders'
of the parent company 684,557 943,901
Non- controlling interests 951 3,282
Total Equity 685,508 947,183
============ ============
Consolidated statements of changes in equity
To equity
holders
of the
Share Share Merger Fair value Retained parent Non-controlling
capital premium reserve reserve earnings company interest Total
GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1
January
2014 as
previously
reported 1,211,489 150,000 325,584 100,240 (1,215,840) 571,473 (36,500) 534,973
Prior period
adjustment (21,945) 21,945 - - -
Balance at 1
January
2014 restated 1,211,489 150,000 325,584 78,295 (1,193,895) 571,473 (36,500) 534,973
Issue of new
shares 214,675 154,289 - - - 368,964 - 368,964
Revaluation
profits
taken to
equity - - - (34,392) - (34,392) - (34,392)
Deferred tax
on
items taken
directly
to equity - - - 10,340 - 10,340 - 10,340
Share based
payment - - - - 12,448 12,448 - 12,448
Loss for the
year - - - - (33,532) (33,532) 39,782 6,250
Prior period
adjustment - - - 48,600 - 48,600 - 48,600
Taxation
effect
of prior
period
adjustment (10,575) 10,575 - - -
---------- --------- --------- ----------- ------------ ---------- ---------------- ----------
Revised
reserves
at 1 January
2015 1,426,164 304,289 325,584 92,268 (1,204,404) 943,901 3,282 947,183
Issue of new
shares 100,000 96,750 - - - 196,750 - 196,750
Released on
sale
of available
for
sale
investments - - - (99,900) - (99,900) - (99,900)
Revaluation
profits
taken to
equity - - - (14,552) - (14,552) - (14,552)
Deferred tax
on
items taken
directly
to equity - - - 23,334 - 23,334 - 23,334
Share based
payment - - - - 12,448 12,448 - 12,448
Loss for the
year - - (377,424) (377,424) (2,331) (379,755)
At 31 December
2015 1,526,164 401,039 325,584 1,150 (1,569,380) 684,557 951 685,508
---------- --------- --------- ----------- ------------ ---------- ---------------- ----------
Consolidated statement of cash flows
for the year ended 31 December 2015
Notes 2015 2014
GBP GBP
Cash flow from operating activities
(Loss)/profit before taxation (356,421) 16,590
Adjustments for:
Finance income (1,150) (15,247)
Finance expense 3,972 1,343
Amortisation of intangible 9,306 -
assets
Shares issued other than for
cash - 19,025
Other gains and losses (55,480) (412,188)
Depreciation 46,181 25,472
Profit on disposal of property,
plant and equipment - (29,750)
Share based payments 12,448 12,448
Operating cash flow before
working capital movements (341,144) (382,307)
(Increase)/decrease in receivables (40,074) (50)
Increase/(decrease) in payables 46,333 25,340
Net cash absorbed by operations (334,885) (357,017)
--------------- -------------------
Cash flow from investing activities
Finance income 1,150 15,247
Property, plant and equipment
acquired (10,563) (14,852)
Proceeds from sale of fixed
assets - 29,750
Social media website development
costs (270,250) (166,023)
Proceeds on disposal of available
for sale investments 89,230 449,712
Net cash from investing activities (190,433) 313,834
--------------- -------------------
Cash flow from financing activities
Finance expense (3,972) (1,343)
Funds from share issue 196,750 349,939
Repayment of borrowings (18,877) (8,469)
Net cash from financing activities 173,901 340,127
--------------- -------------------
Net (decrease)/increase in
cash and cash equivalents
in the year (351,417) 296,944
Cash and cash equivalents
at the beginning of the year 709,332 412,388
Cash and cash equivalents
at the end of the year 357,915 709,332
=============== ===================
Notes to the group and parent company financial statements
1. General information
Ultimate Sports Group Plc is a company incorporated in the United Kingdom and its activities are as described in the chairman's statement and directors' report.
These financial statements are prepared in pounds sterling because that is the currency of the primary economic environment in which the group operates.
2. Basis of Accounting
The consolidated financial statements of the group for the year ended 31 December 2015 have been prepared under the historical cost convention except for the revaluation of available-for-sale investments to fair value and are in accordance with International Financial Reporting standards ("IFRS") as adopted by the EU. These policies have been applied consistently except where otherwise stated.
The following new and amended IFRSs have been adopted during the year.
-- Annual Improvements to IFRS 2011-2013 Cycle -- IFRIC interpretation 21 Levies
There were no material changes in the financial statements as a result of adopting new or revised accounting standards during the year.
3. Critical accounting judgements and key sources of estimation uncertainty
Deferred tax asset
At the present time the directors' do not consider that there is sufficient certainty regarding the utilisation of tax losses available in the group. As a result, no deferred tax asset has been recognised.
Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units to which the goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. The carrying amount of goodwill is the deemed cost on first time application of IFRS.
Impairment of investment in subsidiary undertakings
The company holds listed investments through various subsidiary undertakings. The values of these investments have been assessed based on their current quoted market value. These values have been used to estimate the recoverable value of the subsidiary undertakings. Where the estimated recoverable value of the company's investments in these subsidiary undertakings is less than the carrying value, the investment has been written down to the estimated recoverable value.
4. Going concern
The group has generated losses in excess of GBP379,000. It is anticipated that the further development of the website will improve results in the year ended 31 December 2016 and beyond. The directors have prepared financial forecasts covering the 12 months following approval of these financial statements which indicate that on the assumptions that trading conditions will improve as a result of the new website, and sufficient new investment will be provided to enable the group to cover forecast expenditure, to include website development costs, the group will remain within its existing facilities. On these grounds, the directors consider it appropriate to prepare the financial statements on a going concern basis.
5. Business segment analysis
Segmental information with regard to activities is disclosed below.
All turnover, profits, losses, assets and liabilities relate to operations undertaken in the UK.
Year ended 31 December
2015
Social
Sports media
and leisure website Consolidated
GBP GBP
Revenue 1,674,521 - 1,674,521
============= ========= =============
Segment operating
profit/(loss) 67,241 (93,105) (25,864)
============= =========
Group operating expenses* (383,215)
-------------
Operating loss (409,079)
Other gains and losses 55,480
Finance revenues less
finance costs (2,822)
Loss before taxation (356,421)
Taxation (23,334)
-------------
Loss after taxation
from continuing activities (379,755)
=============
Year ended 31 December
2014
Social
Sports media
and leisure website Consolidated
GBP GBP
Revenue 1,645,643 - 1,645,643
============= ========= =============
Segment operating
profit/(loss) (11,626) (39,601) (51,227)
============= =========
Impairment of intangible -
assets
Group operating expenses* (409,502)
Other gains and losses 412,188
Finance revenues less
finance costs 13,904
Profit before taxation 16,590
Taxation 235
-------------
Profit after taxation
from continuing activities 16,825
=============
* 'Group operating expenses' represent the costs of running the group as a whole. The directors consider that the costs of running Pantheon Leisure Plc of GBP53,675 (2014: GBP67,874) form part of these costs as opposed to forming part of the segmental costs of the sports and leisure division.
Financial position at
31 December 2015
Social
Sports media
and leisure website Consolidated
GBP GBP GBP
Segment assets 150,215 453,407 603,622
============= ==============
Non segmental assets 533,816
-------------
Consolidated total assets 1,137,438
=============
Segment liabilities 335,311 24,095 359,406
============= ==============
Non segmental corporate
liabilities 92,524
-------------
451,930
Capital additions 10,563 270,247
Depreciation/amortisation
charges 18,293 9,306
============= ==============
Financial position at
31 December 2014 Consolidated
GBP GBP GBP
Segment assets 153,032 181,241 463,150
============= ==============
Non segmental assets 859,909
-------------
Consolidated total assets 1,323,059
=============
Segment liabilities 329,910 10,479 342,389
============= ==============
Non segmental corporate
liabilities 82,087
-------------
424,476
=============
Capital additions 4,852 166,023
Depreciation charge 18,500 -
============= ==============
Unallocated assets include group cash balances of GBP357,915 (2014: GBP709,332), plant and equipment of GBP48,803 (2014: GBP76,691), goodwill of GBP59,954 (2014: GBP59,954), other assets and receivables attributable to the parent company of GBP67,144 (2014: GBP13,932). Unallocated liabilities include trade and other payables of GBP36,208 (2014: GBP11,892), hire purchase liabilities attributable to the parent company of GBP56,316 (2014: GBP70,193).
6. Operating loss
2015 2014
The operating loss is GBP GBP
stated after charging
/(crediting):
Auditors' remuneration
- audit services 20,200 20,200
Operating lease rentals
- land and buildings 12,001 10,524
Depreciation of property,
plant and equipment 46,181 25,472
Amortisation - Website
development 9,306 -
Profit on disposal of
tangible assets - (29,750)
Included in the audit fee for the group is an amount of GBP3,000 (2014: GBP3,000) in respect of the Company.
The auditors received fees of GBP1,250 (2014: GBP1,250) in respect of the provision of services in connection with advice relating to the group's interim results and general advice.
7. (a) Staff Costs
Employee benefit costs were
as follows: Group
2015 2014
GBP GBP
Wages and salaries 1,172,122 1,172,696
Social security costs 80,516 73,785
Pension contributions 7,910 -
Share based payment 12,448 12,448
1,272,996 1,258,929
========== ==========
The average numbers of employees, including directors during the year, was as follows:-
No. No.
Administration, sales and coaching
staff 85 91
======== ======
(b) Directors' remuneration
2015 2014
An analysis of directors' remuneration
(who are the key management personnel) GBP GBP
is set out below:
Salary and consultancy fees 173,585 173,194
======== ========
Executive directors:
Salaries and benefits 87,585 87,194
Consultancy fees 61,000 61,000
-------- --------
148,585 148,194
======== ========
Non-executive directors:
Salaries and benefits 17,500 17,500
Consultancy fees 7,500 7,500
-------- --------
25,000 25,000
======== ========
2015 2014
Directors consultancy fees comprise: GBP GBP
G Simmonds and Simmonds & Co 45,000 45,000
D Hillel 16,000 16,000
D J Coldbeck 7,500 7,500
------- -------
68,500 68,500
======= =======
The total cost of key management personnel being the executive directors and including employers' national insurance was GBP151,889 (2014: GBP153,305).
Consultancy fees in respect of G Simmonds were paid to Simmonds & Co.
8. Finance income
2015 2014
GBP GBP
Interest revenue - bank deposits 250 247
Dividends received 900 15,000
------ -------
1,150 15,247
====== =======
9. Finance costs
2015 2014
GBP GBP
Interest on obligations under
hire purchase agreements 3,972 1,343
====== ======
10. Other gains and losses
2015 2014
GBP GBP
Profit on disposal of available
for sale investments 55,480 412,188
======= ========
11. Loss per share
Basic loss per share has been calculated on the group's loss attributable to equity holders of the parent company of GBP377,424 (2014: GBP22,957) and on the weighted average number of shares in issue during the year, which was 14,302,364, (2014: 14,113,090 as restated).
Comprehensive loss per share is based on the same number of shares and on the comprehensive loss for the year attributable to the equity holders in the parent company of GBP419,942 (2014: GBP57,584).
In view of the group loss for the year, share warrants and options to subscribe for ordinary shares in the company are anti-dilutive and therefore diluted earnings per share information is not presented. There are options outstanding at 31 December 2015 on 577,500 ordinary shares.
12. Available-for-sale investments
The group holds the following investments which are stated at fair value:
Group Company
2015 2014 2015 2014
GBP GBP GBP GBP
Investments admitted to trading on AIM:
Current assets
Aeorema Communications Plc 9,675 148,500 - -
Messaging International Plc 19,598 28,977 1,688 1,902
Total 29,273 177,477 1,688 1,902
------- -------- ------ ------
The group has not designated any investments as financial assets at fair value through profit or loss.
Details of investment held at 31 December were:-
Aeorema Communications Plc:
30,000 ordinary shares in Aeorema Communications Plc ('Aeorema') representing 0.37% of Aeorema's issued share capital. In May 2015 270,000 shares were sold for GBP89,910 before costs.
At 22 June 2016, the market bid price was 30p per share valuing the group's holding of 30,000 Aeorema shares at GBP9,000.
Messaging International Plc
4,482,288 Ordinary shares in Messaging International Plc ('Messaging') representing 3.9% of Messaging's issued share capital.
At 22 June 2016, the market bid price was 0.35p per share valuing its holding of Messaging shares at GBP15,688.
13. Receivables and loan notes
Non-current assets
Company
In 2014, amounts due within one year included GBP220,000 of loan notes (2014 - GBP220,000). The loan notes are convertible into 50 million new shares in Pantheon Leisure Plc (the borrower) at any time before redemption. The loan notes carry an interest coupon of 7.5% and are repayable on demand at par.
Pantheon Leisure Plc is a subsidiary undertaking of Ultimate Sports Group Plc.
The loan notes are included in investments.
Group
The group has no receivables and loan notes classified as non-current assets.
Current assets
Group Company
2015 2014 2015 2014
GBP GBP GBP GBP
Trade receivables 71,973 49,605 - -
Other receivables 59,202 42,461 25,973 4,050
Amounts due from subsidiary undertakings - - 647,992 444,093
Prepayments and deferred expenditure 51,079 50,114 11,603 9,588
182,254 142,180 685,568 457,731
======== ============= ======== ========
The average credit period given for trade receivables at the end of the year is 16 days (2014:11 days). Trade receivables are stated net of a provision for irrecoverable amounts of GBPNil (2014: GBPNil).
Amounts due from subsidiary undertakings are stated net of provisions for irrecoverable amounts which total GBP548,332 (2014: GBP373,931).
The total charge in the year in respect of irrecoverable receivables in the group accounts was GBPNil (2014: GBPNil).
As at 31 December, the ageing analysis of trade receivables is as follows:
Total Due but not impaired
GBP GBP GBP GBP
<3 months 3 - 6 months >6 months
2015 71,973 71,973 - -
2014 49,605 49,605 - -
========== ============= ==========
14. Trade and other payables
Group Company
2015 2014 2015 2014
GBP GBP GBP GBP
Trade payables 60,145 59,628 - -
Other payables 91,480 79,293 - -
Taxes and social security 107,746 92,144 - -
Amounts due to subsidiary undertakings - - 209,573 162,818
Accruals and deferred income 125,743 107,718 31,508 9,792
385,114 338,783 241,081 172,610
======== ======== ======== ========
The average credit period taken for trade payables at the end of the year is 29 days (2014: 22 days).
15. Bank overdraft
Sport in Schools Limited and Football Partners Limited have bank overdraft facilities of GBP50,000 and GBP20,000 respectively which are secured by guarantees of up to GBP50,000 and GBP20,000 for each company given by Ultimate Sports Group Plc. Both overdrafts are repayable on demand.
16. Borrowings
Group Company
2015 2014 2015 2014
GBP GBP GBP GBP
Due within one year
Interest free loans 5,000 5,000 - -
Hire purchase finance 13,877 13,877 13,877 13,877
Total due within one year 18,877 18,877 13,877 13,877
------- ------- ------- -------
Due after more than one year
Interest free loans 5,500 10,500 - -
Hire purchase finance 42,439 56,316 42,439 56,316
Total due after more than one year 47,939 66,816 42,439 56,316
------- ------- ------- -------
Total borrowings 66,816 85,693 56,316 70,193
======= ======= ======= =======
17. Issued share capital
Number
Shares of 10p each of shares GBP
At 1 January 2015 14,261,638 1,426,164
Shares issued in the
year 1,000,000 100,000
At 31 December 2015 15,261,638 1,526,164
------------ ----------
In October 2015, following a share consolidation all shareholders received one 10p share for every one 0.1p share in issue.
In December 2015 the company issued raised GBP200,000 before costs from a placing at a price of 20p per share resulting in the issue of a further 1,000,000 shares of 10p each.
At 31 December 2015 the company's issued shares carry no rights to fixed income.
Share options and warrants
On 17 January 2011 the company adopted an unapproved share option scheme.
To date the company has granted 577,500 to key executives and employees engaged in the development of the social network.
The market price of the company's shares at 31 December 2015 was 23.5p and the price range during the financial year was 23.5p and 28.5p.
18. Financial commitments
The group is committed to making the following future minimum lease payments under non-cancellable operating leases which fall due as follows:
2015 2014
GBP GBP
Within one year
Land and buildings 12,001 10,000
Other - 820
Between two and five years
Land and buildings 45,499 40,000
Other - -
After five years
Land and buildings 52,500 60,000
110,000 110,820
-------- --------
19. Statement of changes in equity
Retained earnings represent the cumulative retained profit or loss of the group.
Share premium is the amount subscribed for share capital in excess of nominal value and is a capital reserve required by UK company law.
The merger reserve is a non-statutory reserve and represents the difference between the fair value and nominal value of the shares exchanged for shares on acquisition of Reverse Take-Over Investments Plc which took place in 2003.
The fair value reserve represents the cumulative surplus and deficits on recognition of available-for-sale investments at fair value, less tax attributable to the net surplus.
No dividend was paid during the year (2014: Nil).
20. Post balance sheet events
There were no post balance sheet events to be stated by way of note.
21. Related parties
Details of the remuneration of directors are given in note 8. In addition to the information given in that note, the following provides further details of related party transactions involving the company and its directors.
The directors are considered to be the key management personnel of the group.
Simmonds & Co
The group made payments of GBP31,200 [excluding VAT] (2014 GBP31,200) as contributions towards office and secretarial costs to Simmonds & Co, Chartered Accountants, a practice in which G Simmonds is sole proprietor.
22. Notes to statements of cash flows
a) Analysis of net funds
At 31
At 1 January Cash Non-cash December
2015 Flow movements 2015
GBP GBP GBP GBP
Group
Cash and cash equivalents 709,332 (351,417) - 357,915
Borrowings (85,693) 18,877 - (66,816)
Net funds 623,639 (332,540) - 291,099
============= ========== =========== ==========
Company
Cash and cash equivalents 513,278 (303,982) - 209,296
Borrowings (70,193) 13,877 - (56,316)
Net funds 443,085 (290,105) - 152,980
============= ========== =========== ==========
(b) Reconciliation of net cash flow to movement in net funds
Group Company
GBP GBP
(Decrease)/increase in cash
and cash equivalents in the
year (351,417) (303,982)
Cash inflow from new borrowings - -
Cash outflow on borrowings
repaid in the year 18,877 13,877
Movement in net funds/(debt) (332,540) (290,105)
========== ==========
General
A copy of the report and accounts are being posted to shareholders today and will be available on the Company's website www.ultimatesportsgroup.me later today.
For further information please visit www.ultimatesportsgroup.me or contact:
Geoffrey Simmonds Ultimate Sports Group Tel: 020 7935
Plc 0823
Marc Milmo Cantor Fitzgerald Europe Tel: 020 7894
7000
Catherine Cantor Fitzgerald Europe Tel: 020 7894
Leftley 7000
Neil Badger Dowgate Capital Stockbrokers Tel: 01293
Ltd 517 744
Jason Robertson Dowgate Capital Stockbrokers Tel: 01293
Ltd 517 744
Elisabeth St Brides Partners Tel: 020 7236
Cowell Ltd 1177
Charlotte St Brides Partners Tel: 020 7236
Heap Ltd 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR AKQDQABKDQAB
(END) Dow Jones Newswires
June 27, 2016 02:00 ET (06:00 GMT)
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