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Share Name | Share Symbol | Market | Type |
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Resinco Capital Partners Inc | CSE:RIN | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.00 | 1.00 | 1.04 | 0 | 01:00:00 |
RNS Number:0760Q Riceman Insurance Investments PLC 23 September 2003 RICEMAN INSURANCE INVESTMENTS PLC PRELIMINARY ANNOUNCEMENT OF RESULTS YEAR ENDED 31 MARCH 2003 Chairman AND CHIEF EXECUTIVE'S REVIEW The Company incurred an audited pre-tax loss for the year ended 31 March 2003 of #73,008 against a loss of #48,202 for the year ended 31 March 2002. No dividend is recommended. During the year, I identified and reviewed with the Company's professional advisers a number of possible opportunities for the further development of the Company. Considerable management time was incurred pursuing one particular possible transaction but, regrettably, for technical and commercial reasons the Board and its advisers decided that it would not be appropriate to progress the matter further. No other proposals were identified which were regarded as of sufficient merit to be put before shareholders. The Board will write further to shareholders as soon as any firm proposals can be placed before them. A resolution will be put before shareholders at the forthcoming Annual General Meeting to change the name of the Company to RII plc, in order to remove the connection with the Company's former activities. Kamran Amin Chairman and Chief Executive 23 September 2003 Profit and Loss Account Year Ended 31 March 2003 31 March 31 March 2003 2002 Note # # TURNOVER - - Administration expenses (78,905) (57,646) --------- ---------- OPERATING LOSS 2 (78,905) (57,646) Interest receivable 3 5,927 9,447 Interest payable and similar charges 4 (30) (3) --------- --------- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (73,008) (48,202) Taxation 6 - - ---------- ---------- LOSS ON ORDINARY ACTIVITIES AFTER TAXATION 11 (73,008) (48,202) ========== ========== BASIC LOSS PER SHARE 12 (0.11)p (0.07)p ========== ========== All activities derive from continuing operations. There are no recognised gains or losses other than the loss attributable to shareholders disclosed in the above profit and loss account. Balance Sheet 31 March 2003 31 March 31 March 2003 2002 Note # # CURRENT ASSETS Debtors 7 394 17,552 Cash at bank 208,141 236,539 ----------- ----------- 208,535 254,091 CREDITORS: amounts falling due within one year 8 (34,897) (7,445) ----------- ----------- NET CURRENT ASSETS 173,638 246,646 ----------- ----------- TOTAL NET ASSETS 173,638 246,646 =========== =========== CAPITAL AND RESERVES Called up share capital 9 65,939 65,939 Share premium account 10 1,896,685 1,896,685 Profit and loss account 11 (1,788,986) (1,715,978) ----------- ----------- TOTAL EQUITY SHAREHOLDERS' FUNDS 13 173,638 246,646 =========== =========== Cash Flow Statement Year ended 31 March 2003 31 March 31 March 2003 2002 Note # # NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES 14(a) (34,295) (90,862) RETURNS ON INVESTMENTS AND SERVICING OF FINANCE 14(b) 5,897 9,444 ----------- ----------- CASH INFLOW/(OUTFLOW) BEFORE THE USE OF LIQUID RESOURCES AND FINANCING (28,398) (81,418) ----------- ----------- Increase/(decrease) in cash 14(c) (28,398) (81,418) =========== =========== Notes to the Financial Statements - Year ended 31 March 2003 1. ACCOUNTING POLICIES The financial statements are prepared in accordance with applicable accounting standards. The particular accounting policies adopted are described below. Accounting convention The financial statements are prepared under the historical cost convention. Leases Rental costs under operating leases are charged to the profit and loss account in equal annual amounts over the period of the lease. 2. OPERATING LOSS 2003 2002 # # Operating loss is shown after charging:- Auditors' remuneration - audit 2,526 3,713 - other services 9,811 344 ====== ====== 3. INTEREST RECEIVABLE 2003 2002 # # Bank interest receivable 5,927 9,447 ====== ====== 4. INTEREST PAYABLE AND SIMILAR CHARGES 2003 2002 # # Bank interest on overdraft 30 3 ====== ====== 5. INFORMATION REGARDING DIRECTORS AND EMPLOYEES 2003 2002 # # Chairman's emoluments - 25,000 Emoluments of other Directors not included above - - ------ ------- - 25,000 ====== ======= The following table shows a breakdown of the remuneration of individual Directors for the year ended 31 March 2003: Salaries and fees 2003 2002 # # K Amin - 25,000 A F Moshiri - - ------ ------- - 25,000 ====== ======= Directors' interests The Directors' interests, as defined by the Companies Act 1985, in the shares of the Company were as follows: Ordinary 0.1p Shares Note 31.3.03 31.3.02 K Amin 100,000 100,000 A F Moshiri 1 8,700,000 8,700,000 ======== ======== Directors' share options No Directors held any unexercised options over ordinary shares under the Executive Share Option Scheme during the year. There have been no changes since 31 March 2003. The mid-market price of the Company's shares at 31 March 2003 was 0.625p and the range during the year was 0.25p to 1.50p. Under the rules of the Executive Share Option Scheme, options may be exercised at any time during the period commencing on the first and expiring on the day preceding the seventh anniversary of the date of grant. There have been no other changes in Directors' interests in the Ordinary share capital of the Company since 31 March 2003. Notes:- (1) 4,000,000 Ordinary Shares are held beneficially, the remaining 4,700,000 Ordinary Shares being held by the Trustees of the Caspian Settlement for the benefit of A F Moshiri's children. Staff costs, including Directors' remuneration:- 2003 2002 # # Wages and salaries - 25,000 Social security costs - 2,706 ------- -------- - 27,706 ======= ======== The average weekly number of persons employed, excluding Directors: Administration - - ======== ======== 6. TAXATION There is no charge to UK Corporation tax due to losses incurred during the year. 7. DEBTORS 2003 2002 # # Other debtors - 16,943 Prepayments and accrued income 394 609 ------- -------- 394 17,552 ======= ======== 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2003 2002 # # Other creditors 28,845 2,125 Accruals and deferred income 6,052 5,320 -------- -------- 34,897 7,445 ======== ======== 9. CALLED UP SHARE CAPITAL 2003 2002 # # Authorised 1,000,000,000 Ordinary Shares of 0.1p each 1,000,000 1,000,000 ========== ========== Allotted, Called up and Fully Paid 65,938,530 Ordinary Shares of 0.1p each 65,939 65,939 ======== ======== The following Option in respect of Ordinary Shares exercisable at 12p per share had been granted under the Share Option Scheme and was outstanding at 31 March 2003:- Date Outstanding Granted Lapsed Outstanding Exercise Exercise Dates: of Grant 1.4.02 during year during year 31.3.03 Price From To 15.9.95 100,000 - (100,000) - 12p 15.9.96 14.9.02 The above option lapsed on 14 September 2002. There are no unexercised share options held by Directors. 10. SHARE PREMIUM ACCOUNT # As at 31 March 2002 and 31 March 2003 1,896,685 ========== The Share Premium arose as a result of the proceeds derived from the allotment of 15,938,530 Ordinary shares of 0.1p under the terms of subscription agreements dated 15 September, 1995. 11. PROFIT AND LOSS ACCOUNT 2003 2002 # # Profit and loss account brought forward (1,715,978) (1,667,776) Retained loss for the financial year (73,008) (48,202) ------------ ------------ Profit and loss account carried forward (1,788,986) (1,715,978) ============ ============ 12. LOSS PER SHARE The calculation of basic loss per share is based on the loss after taxation of #73,008 (2002 - #48,202) and on 65,938,530 Ordinary Shares (2002 - 65,938,530) being the number of shares in issue during the year. 13. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS 2003 2002 # # Loss for the financial period (73,008) (48,202) Opening shareholders' funds 246,646 294,848 ---------- --------- Closing shareholders' funds 173,638 246,646 ========== ========= This amount is all attributable to equity interests 14. CASH FLOW STATEMENT (a) Reconciliation of operating loss to cash (outflow)/inflow from operating activities 2003 2002 # # Operating loss (78,905) (57,646) Decrease in debtors 17,158 4,725 Increase/(decrease) in creditors 27,452 (37,941) --------- --------- Cash (outflow)/inflow from operating activities (34,295) (90,862) ========= ========= (b) Analysis of cash flows from headings netted in the cash flow statement 2003 2002 Returns on investment and servicing of finance # # Interest received 5,927 9,447 Interest paid (30) (3) -------- -------- Net cash inflow from returns on investments and servicing of finance 5,897 9,444 ======== ======== (c) Analysis of cash At At 1 April Cash 31 March 2002 flow 2003 # # # Cash at bank and in hand 236,539 (28,398) 208,141 ======= ======= ======= 15. CONTINGENCIES A claim has been made against the Company in respect of an alleged agreement for the provision of services. This claim has been strongly rejected by the Company who are currently seeking legal advice but, at the present time, there is no certainty as to the outcome of the situation or the potential amounts involved. 16. APPROVAL The Preliminary Announcement was approved by the Board on 23 September 2003. 17. BASIS OF PREPARATION The results for the year ended 31 March 2003 represent the results of Riceman Insurance Investments plc, which had no subsidiaries during the year. The preliminary financial information has been prepared on a basis consistent with the audited financial statements for the year ended 31 March 2002. 18. FINANCIAL STATEMENTS This announcement does not constitute a full financial statement of the Company's affairs for the year ended 31 March 2003. The auditors have reported on the full financial statements for the year ended 31 March 2003 and have accompanied them with an unqualified audit report. The financial statements have yet to be delivered to the Register of Companies. The report and financial statements will be posted to shareholders on 24 September 2003, and the Annual General Meeting of the Company will be held on 17 October 2003. The financial information for the year ended 31 March 2002 has been extracted from the audited financial statements for that period, which have been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain any statement under s 237(2) or (3) of the Companies Act 1985. The Report and Accounts will be available to the public for a period of one month from 25 September 2003 (Saturdays, Sundays and bank holidays excepted) from the registered office at 56 Queen Anne Street, London W1G 8LA. Enquiries: Kamran Amin, Chairman - (020) 7589 7590 This information is provided by RNS The company news service from the London Stock Exchange END FR LJMATMMTTBIJ
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