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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Imunon Inc | TG:CBO | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.805 | 0.785 | 0.83 | 0.00 | 21:00:01 |
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RNS Number:3588Q
Cabouchon Collection PLC (The)
30 September 2003
THE CABOUCHON COLLECTION PLC
YEAR END RESULTS TO 31 MARCH 2003
CHAIRMAN'S STATEMENT
The loss of #549,069, before amortisation of goodwill and investment write
downs, is a result of the continuing difficulty we have experienced in expanding
our consultant network and therefore our sales volume. Sales in the year are
nearly 35% higher than the previous year (taking a full year comparison rather
than the shorter period shown in our consolidated accounts) but this increase
was not sufficient to cover our costs, which had been established to service a
much higher level of activity.
These results have placed a great strain on our working capital. We were,
however, able to sell our Jubilee shares and this, together with the sale of
share warrants as referred to in note 16 to the accounts raised a total of over
#160k.
Consultant numbers have increased, but much more slowly than anticipated.
However, on a more optimistic note, we have established a very active network in
Singapore, under an enthusiastic leader, which is now beginning to produce
increasing sales volume. Singapore is relatively new to network marketing and we
are hopeful that this area will prove lucrative.
As well as expansion of our network market, we have been looking at other ways
of marketing our products. In the last two months, our MD, Julie Wing has twice
appeared in one hour programmes on Ideal World, a digital shopping channel.
Considering the timing of the programmes - during the traditionally quiet summer
period - the direct sales from the programmes have been encouraging and the
channel is now discussing further scheduling.
In my last Chairman's Statement, I said that Cabouchon was still at the early
stages of its development. We now have sound infrastructure and an attractive
and well made product. Our challenge is to find the right sales arena. This
will be our focus in the coming months. Relationships with shopping channels are
an obvious target and we are currently piloting another route which could also
prove successful.
What is not in doubt is the attractiveness of the company's products. When our
jewellery is shown to potential customers, journalists and others, we receive
nothing but praise for the design, range, quality and value for money. The
company can be highly profitable on a relatively small level of sales. We are
therefore determined to continue experimenting until we find a successful
format.
The annual report and accounts will be sent to shareholders in due course but
are available on The Cabouchon Collection's website and in hard copy from Grant
Thornton at Grant Thornton House , Melton Street, London NW1 2EP.
David B. Pearl
Chairman
30 September 2003
Note 2003 For the 7 months
ended 31 March
2002
# #
Turnover 2 148,074 60,411
Cost of sales (115,605) (25,333)
Gross profit 32,469 35,078
Administrative expenses (1,125,359) (248,301)
Operating loss (1,092,890) (213,223)
Amounts written off investments 13 (352,125) -
Other interest receivable and similar income 3 831 2,120
Loss on ordinary activities before taxation 2 (1,444,184) (211,103)
Tax on loss on ordinary activities 4 - -
Loss for the financial period transferred from reserves 17 (1,444,184) (211,103)
Basic loss per share 6 (6) pence (1) pence
There were no recognised gains or losses other than the loss for the period.
All of the activities of the group are classified as continuing.
Note 2003 2003 2002 2002
# # # #
Fixed assets
Intangible assets
Goodwill 8 300,000 942,131
Tangible assets 9 30,260 32,925
330,260 975,056
Current assets
Stock 11 41,417 79,478
Debtors 12 - 5,028
Investments 13 97,875 -
Cash at bank and in hand 4 236,391
139,296 320,897
Creditors: amounts falling due within one year 14 (257,036) (89,249)
Net current (liabilities)/assets (117,740) 231,648
Total assets less current liabilities 212,520 1,206,704
Creditors: amounts falling due after more than one 15 (4,500)
year (4,500)
208,020 1,202,204
Capital and reserves
Called up share capital 16 1,530,000 1,080,000
Share premium account 17 333,307 333,307
Profit and loss account 17 (1,655,287) (211,103)
Shareholders' funds 18 208,020 1,202,204
The financial statements were approved by the Board of Directors on 30 September 2003
D B Pearl
Chairman
Note 2003 2003 2002 2002
# # # #
Fixed assets
Investments 10 100,000 940,000
Current assets
Debtors 12 - 164,406
Investments 13 97,875 -
97,875 164,406
Creditors: amounts falling due within one year 14 - (5,803)
Net current assets 97,875 158,603
197,875 1,098,603
Capital and reserves
Called up share capital 16 1,530,000 1,080,000
Share premium account 17 333,307 333,307
Profit and loss account 17 (1,665,432) (314,704)
Shareholders' funds 197,875 1,098,603
The financial statements were approved by the Board of Directors on 30 September
2003
D B Pearl
Chairman
Note 2003 2002
# #
Net cash inflow from operating activities 19 (318,275) (256,853)
Returns on investments and servicing of finance
Interest received 831 2,120
Net cash inflow from returns on investments and servicing of 831 2,120
finance
Capital expenditure and financial investment
Purchase of tangible fixed assets (4,115) (32,590)
Net cash outflow from capital expenditure and financial (4,115) (32,590)
investment
Acquisitions and disposals
Net cash acquired with subsidiary - 50,407
Net cash inflow from acquisitions and disposals - 50,407
Financing
New loan finance 82,000 -
Proceeds from issue of shares - 700,000
Acquisition expenses - (226,693)
Net cash inflow from financing 82,000 473,307
(Decrease)/ Increase in cash 20 (239,559) 236,391
1 Basis of preparation of the financial statements
The company meets its day to day working capital requirements through careful
cash flow management.
The nature of the company's business is such that there can be considerable
unpredictable variation in the timing of cash inflows due to the seasonality of
the sales of its products. The directors have prepared projected cash flow
information for the period ending 12 months from the date of their approval of
these financial statements. On the basis of this cash flow information, the
directors consider that the group will continue to operate within the working
capital facility provided by the directors and third party funding. They have
indicated their willingness to continue to provide this support. On this basis,
the directors consider it appropriate to prepare the financial statements on the
going concern basis.
2 Turnover and loss on ordinary activities before taxation
The loss on ordinary activities is stated after:
2003 For the 7 months
ended 31 March
2002
# #
Auditor's remuneration
Audit services 10,300 10,000
Non-audit services 20,000 34,223
Depreciation and amortisation:
Goodwill 98,310 40,962
Provision for impairment loss on goodwill 543,821 -
Tangible fixed assets 6,780 875
Other operating lease rentals 32,911 11,000
3 Other interest receivable and similar income
2003 For the 7 months
ended 31 March
2002
# #
Bank interest 831 2,120
4 Tax on loss on ordinary activities
Unrelieved tax losses of #702,131 (2002: #170,141) remain available to offset
against future taxable trading profits.
The tax assessed for the period is lower than the standard rate of corporation
tax in the UK of 19% (2002: 30%). The differences are explained below:
Note 2003 2002
# #
Loss on ordinary activities before tax (900,363) (211,103)
Loss on ordinary activities multiplied by the standard rate of
UK corporation tax (171,069)
(63,331)
Expenses not deductible for tax purposes 85,582 12,289
Accelerated capital allowances (588) -
Marginal relief (10% nil band) (43) -
Tax losses carried forward 86,118 51,042
Current tax charge for period - -
No recognition of deferred tax asset has been made in these financial statement
due to the uncertainty of its recovery.
5 Directors and employees
Staff costs during the period were as follows:
2003 For the 7 months
ended 31 March
2002
# #
Wages and salaries 164,485 59,764
Social security costs 14,661 4,685
179,146 64,449
The average number of employees of the group during the period was 9 (2002: 8).
Remuneration in respect of directors was as follows:
2003 For the 7 months
ended 31 March
2002
# #
Fees 20,106 10,000
Emoluments 75,000 45,177
The Chairman waived remuneration of #7,500 during the year.
6 Loss for the financial year
2003 For the 7 months
ended 31 March
2002
# #
Loss attributable to ordinary shareholders (1,444,184) (211,103)
Weighted average number of shares 23,227,397 19,046,764
Basic loss per share (6p) (1p)
The weighted average number of shares is calculated by time apportioning each
share issue during the year.
7 Loss for the financial period
The parent company has taken advantage of Section 230 of the Companies Act 1985
and has not included its own profit and loss account in these financial
statements. The loss for the period was #1,350,728 (2002: #314,704).
8 Intangible fixed assets
Group
#
Goodwill on consolidation
Cost
At 31 March 2003 and 31 March 2002 983,093
Amortisation
At 1 April 2002 40,962
Charge for the period 98,310
Provision for impairment losses 543,821
At 31 March 2003 683,093
Net book amount at 31 March 2003 300,000
Net book amount at 31 March 2002 942,131
Goodwill on consolidation arose from the acquisition of the company's
subsidiary, Cabouchon International Limited on 5 November 2001. Goodwill is
being amortised on a straight line basis over a period of ten years.
In calculating the impairment loss during the year the group has used a
discount rate of 14%. In carrying out the impairment review, detailed cashflows
have been included for a period of two years before a steady growth has been
assumed.
9 Tangible fixed assets
Group
Computer
equipment
#
Cost
At 1 April 2002 33,800
Additions 4,115
At 31 March 2003 37,915
Depreciation
At 1 April 2002 875
Charged for the period 6,780
At 31 March 2003 7,655
Net book amount at 31 March 2003 30,260
Net book amount at 31 March 2002 32,925
10 Fixed asset investments
Total fixed asset investments comprise:
Group Company
2003 2003
# #
Shares in subsidiary undertaking - 100,000
Company Shares in group
under-takings
#
Cost or valuation
At 31 March 2003 and 31 March 2002 940,000
Amounts written off
At 1 April 2002 -
Provision for impairment losses (see note 8) 840,000
840,000
Net book amount at 31 March 2003 100,000
Net book amount at 31 March 2002 940,000
At 31 March 2003 and 31 March 2002 the company held 100% of the allotted equity
share capital of the following:-
Country of Class of Nature of Capital and Profit for
registration and share business reserves the financial
incorporation capital held year
Name of undertaking
Subsidiary undertaking:
Cabouchon International Limited United Kingdom Ordinary Sale of high (659,064) (450,157)
quality
costume
jewellery
11 Stocks
Group Company Group Company
2003 2003 2002 2002
# # # #
Finished goods and goods for resale 41,417 - 79,478 -
12 Debtors
Group Company Group Company
2003 2003 2002 2002
# # # #
Amounts owed by other group undertakings - - - 155,434
Other debtors - - - 3,944
Prepayments and accrued income - - 5,028 5,028
- - 5,028 164,406
13 current asset investments
Group Company Group Company
2003 2003 2002 2002
# # #
Additions to cost 450,000 450,000 - -
Provision against valuation (352,125) (352,125) - -
Stock Exchange and market value of listed investments 97,875 97,875 - -
14 Creditors: amounts falling due within one year
Group Company Group Company
2003 2003 2002 2002
# # # #
Bank loans and overdrafts 3,172 - - -
Trade creditors 90,817 - 57,613 -
Social security and other taxes 62,786 - 19,522 -
Accruals 18,261 - 12,114 5,803
Directors loans 82,000 - - -
257,036 - 89,249 5,803
15 Creditors: amounts falling due after more than one year
Group Company Group Company
2003 2003 2002 2002
# # # #
Directors loan 4,500 - 4,500 -
16 Share capital
2003 2002
# #
Authorised
100,000,000 ordinary shares of 5p each 5,000,000 5,000,000
Allotted, called up and fully paid
30,600,000 ordinary shares of 5p each 1,530,000 1,080,000
Allotments during the period.
An option agreement dated 14 November 2001 between the company and Christows
Group Limited pursuant to which the company has granted Christows Group Limited
an option to subscribe for 540,000 Ordinary Shares at 25 pence per share. The
option is exercisable at any time during the period expiring on the third
anniversary of admission. The options do not have a dilutive effect.
During the year the company allotted 9,000,000 shares at 5 pence per share in
exchange for 450,000 shares of #1 per share in Jubilee Investment Trust plc.
On 26 June 2003 the company sold its entire holding of shares in Jubilee
Investment Trust plc. On 23 May 2002 the company made a placing of warrants to
subscribe for ordinary shares. The warrants entitled the holders to subscribe
for 23,200,000 shares at 6p per share at any time up to 6 months from the date
of issue. These two transactions raised over #160,000 in working capital for the
group.
17 share premium account and reserves
Group Share Profit and
premium loss account
account
# #
At 1 April 2002 333,307 (211,103)
Retained loss for the period - (1,444,184)
At 31 March 2003 333,307 (1,655,287)
Company Share Profit and
premium loss account
account
# #
At 1 April 2002 333,307 (314,704)
Retained profit for the period - (1,350,728)
At 31 March 2003 333,307 (1,665,432)
18 Reconciliation of movements in shareholders' funds
Group Group
2003 2002
# #
Loss for the financial period (1,444,184) (211,103)
Issue of shares 450,000 1,413,307
Net (decrease)/ increase in shareholders' funds (994,184) 1,202,204
Opening shareholders' funds 1,202,204 -
208,020 1,202,204
19 Net cash outflow from operating activities
2003 2002
# #
Operating loss (1,092,890) (213,223)
Depreciation 6,780 875
Amortisation 98,310 40,962
Provision for impairment losses 543,821 -
Decrease/(Increase) in stocks 38,061 (50,579)
Decrease/(Increase) in debtors 5,028 (5,028)
Increase in creditors 82,615 (29,860)
Net cash outflow from continuing operating activities (318,275) (256,853)
20 Reconciliation of net cash flow to movement in net debt
2003 2002
# #
Decrease in cash in the period (239,559) 236,391
Cash inflows from increase in debt financing (82,000) -
Loan acquired with subsidiary - (4,500)
Movement in net debt in the period (321,559) 231,891
Opening net debt 231,891 -
Closing net debt (89,668) 231,891
21 Analysis of changes in net debt
At Cashflow At
1 April 31 March
2002 2003
# # #
Cash at bank and in hand 236,391 (236,387) 4
Overdrafts - (3,172) (3,172)
236,391 (239,559) (3,168)
Debt due in less than one year - (82,000) (82,000)
Debt due after one year (4,500) - (4,500)
231,891 (321,559) (89,668)
22 Leasing commitments
Operating lease payments amounting to #22,000 are due within one year. The
leases to which these amounts relate expire as follows:-
2003 2002
Land and Land and
buildings buildings
# #
In five years or more 22,000 22,000
23 Capital commitments
Neither the group nor the company had any commitments at 31 March 2003 or 31
March 2002.
24 Contingent liabilities
There were no contingent liabilities at 31 March 2003 or 31 March 2002.
25 Related party transactions
During the year an allotment of 9,000,000 5p shares was made as consideration
for 450,000 #1 shares in Jubilee Investment Trust plc. The directors D Pearl and
K Bone are also directors of Jubilee Investment Trust plc.
26 Financial instruments
The group uses financial instruments, other than derivatives, comprising cash
and various items such as debtors, creditors and other items that arise directly
from it's operations. The main purpose of these financial instruments is to
help finance the group's operations.
The main risks arising from the group's financial instruments are liquidity risk
and currency risk. The directors review and agree policies for managing these
risks and these are summarised below.
Liquidity risk
The group seeks to manage financial risk to ensure sufficient liquidity is
available to meet foreseeable needs and to invest cash assets safely and
profitably. During the year this has been assisted by the utilisation of loans
from Mr D Pearl and Mrs J A Wing as detailed in notes 14 and 15.
Currency risk
The group manages its currency risk by extending no credit terms to overseas
customers and does not take credit from overseas suppliers.
Fair value
The fair value of the group's financial instruments are considered equal to the
book value.
--------------------------
The accompanying accounting policies and notes form an integral part of these
financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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