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Share Name | Share Symbol | Market | Type |
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Ceconomy AG | TG:CEC | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.07 | -2.53% | 2.694 | 2.67 | 2.718 | 2.76 | 2.666 | 2.76 | 34,429 | 22:50:02 |
RNS Number:7455L Creative Educational Corp 30 May 2003 THE CREATIVE EDUCATION CORPORATION PLC INTERIM REPORT 2003 THE CREATIVE EDUCATION CORPORATION PLC DIRECTOR'S STATEMENT In April 2003, The Creative Education Corporation Plc ("CEC" and the "Company") issued 4 million Ordinary Shares of 1 pence each at a price of 5 pence per share. Subsequently, the Ordinary Shares of the Company were admitted to trading on the Alternative Investment Market. CEC has since acquired the entire share capital of Primary Steps Limited, a company involved in the operation of a number of pre-school nurseries. RAYMOND HARRIS Director 29 May 2003 THE CREATIVE EDUCATION CORPORATION PLC PROFIT AND LOSS ACCOUNT FOR THE 6 MONTHS ENDED 28 FEBRUARY 2003 (Unaudited) 26 Period weeks to 28 ended February 31 August 2003 2002 Notes # # Administrative expenses (4,588) (35,180) Operating loss 3,4 (4,588) (35,180) Other income 5 4,500 - Retained loss for the financial (88) (35,180) period Accumulated losses brought (35,180) - forward Accumulated loss carried (35,268) (35,180) forward Earnings per share 6 (0.00)p (0.20)p The profit and loss account has been prepared on the basis that all operations are continuing operations. There are no recognised gains and losses other than those passing through the profit and loss account. THE CREATIVE EDUCATION CORPORATION PLC BALANCE SHEET AS AT 28 FEBRUARY 2003 (Unaudited) 26 weeks to 28 February Period ended 31 August 2003 2002 Notes # # Current Assets Debtors 7 262,468 100,000 Cash at bank and in hand 108,582 144,170 371,050 244,170 Creditors: amounts falling due within one year 8 (226,318) - Net current assets 144,732 244,170 Net Assets 144,732 244,170 Capital and reserves Called up share capital 9 180,000 180,000 Share Premium 10 - 99,350 Profit and loss account (35,268) (35,180) Shareholders' funds - all equity interests 11 144,732 244,170 The financial statements were approved by the board on 29 May 2003. R I HARRIS THE CREATIVE EDUCATION CORPORATION PLC CASH FLOW STATEMENT FOR THE 6 MONTHS ENDED 28 FEBRUARY 2003 (Unaudited) 26 Period ended weeks to 28 31 August February 2003 2002 Notes # # Net cash inflow/(outflow) from 12 63,762 (135,180) operating activities Net cash inflow/(outflow) before 63,762 (135,180) financing Financing Issue of ordinary share capital - 280,000 Cost of share issues (99,350) (650) Net cash (outflow)/inflow from (99,350) 279,350 financing (Decrease)/Increase in cash 13 (35,588) 144,170 THE CREATIVE EDUCATION CORPORATION PLC NOTES TO THE INTERIM REPORT 1. Accounting policies Basis of preparation The accounts have been prepared under the historical cost convention and on a going concern basis. Deferred taxation Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the accounts. Deferred tax is not provided on timing differences arising from revaluation of fixed assets where there is no commitment to sell the assets. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted. 2. Employees There were no employees during the period. 3. Operating loss Operating losses for the period ended 28 February 2003 include auditors remuneration of #4,000 (2002: nil). 4. Tax on loss on ordinary activities No corporation tax charge has been included due to the availability of tax losses. 5. Other income (Unaudited) 28 February 31 August 2003 2002 # # Interest receivable and similar income 4,500 - 4,500 - THE CREATIVE EDUCATION CORPORATION PLC NOTES TO THE INTERIM REPORT 6. Earnings per share The calculation of earnings per Ordinary Share is based on losses of #88 (2002: loss of #35,180) and on 18,000,000 (2002: 18,000,000) Ordinary Shares of 1p each. 7. Debtors (Unaudited) 28 February 31 August 2003 2002 # # Loan to Primary Steps Limited 150,000 100,000 Other debtors 4,500 - Prepayments and accrued income 107,968 - 262,468 100,000 Interest is levied on the loan to Primary Steps Limited at 1.5% over base per annum from 1 January 2003. The loan is repayable on 31 December 2006. The loan is jointly and severally guaranteed by J. Baker and L. Davis who are both directors of the Company. 8. Creditors: amounts falling due within one year (Unaudited) 28 February 31 August 2003 2002 # # Other creditors 15,000 - Accruals and deferred income 211,318 - 226,318 - THE CREATIVE EDUCATION CORPORATION PLC NOTES TO THE INTERIM REPORT 9. Share capital (Unaudited) 28 February 31 August 2003 2002 # # Authorised 500,000,000 Ordinary Shares of 1p each 5,000,000 5,000,000 Allotted, called up and fully paid: 18,000,000 Ordinary Shares of 1p each 180,000 180,000 10. Statement of movements on reserves (Unaudited) 28 31 August February 2003 2002 Share premium account # # As at 1 September 2002 and 25 September 2001 99,350 - Premium on shares issued during the period - 100,000 Costs of issue (99,350) (650) Balance at 28 February 2003 and 31 August 2002 99,350 During the period ended 28 February 2003, the Company incurred costs of #207,318 in respect of the issue of shares and admission to the Alternative Investments Market. #99, 350 of these costs have been set against the share premium account and the balance of #107,968 has been included within prepayments at note 7 to the financial statements. Of this balance, #95,968 will be set off against the share premium account arising on the shares issued in April 2003 and the remaining #12,000 will be capitalised as a cost of acquiring the entire share capital of Primary Steps Limited in April 2003. THE CREATIVE EDUCATION CORPORATION PLC NOTES TO THE INTERIM REPORT 11. Reconciliation of movements in shareholders' funds (Unaudited) 28 February 31 August 2003 2002 # # Loss for the financial period (88) (35,180) New share capital subscribed - 280,000 Costs of issue set against share premium account (99,350) (650) Net additions to shareholders' funds (99,438) 244,170 Opening shareholders' funds 244,170 - Closing shareholders' funds 144,732 244,170 12. Net cash (outflow)/inflow from operating activities (Unaudited) 28 February 31 August 2003 2002 # # Reconciliation to operating loss: Operating loss (88) (35,180) Increase in debtors (162, 468) (100,000) Increase in creditors 266,318 - 63,762 (135,180) THE CREATIVE EDUCATION CORPORATION PLC NOTES TO THE INTERIM REPORT 13. Reconciliation of net cash flow to movement in net debt (Unaudited) 28 February 31 August 2003 2002 # # (Decrease)/increase in cash (35,588) 144,170 Net debt at 1 September 2002 and 25 September 2001 144,170 - 108,582 144,170 14. Analysis of changes in net debt (Unaudited) 1 September 28 February 2002 Cash flow 2003 # # # Cash at bank and in hand 144,170 (35,588) 108,582 144,170 (35,588) 108,582 25 September 31 August 2001 Cash flow 2002 # # # Cash at bank and in hand - 144,170 144,170 - 144,170 144,170 THE CREATIVE EDUCATION CORPORATION PLC NOTES TO THE INTERIM REPORT 15. Post balance sheet events On 9 April 2003, the Company changed its name from The Creative Educational Corporation Plc to The Creative Education Corporation Plc. Pursuant to a prospectus dated 13 March 2003, the Company issued 4,000,000 Ordinary Shares of 1p each at a price of 5p per share. A premium of #160,000 arose on this issue before set off of costs arising on issue. On 8 April 2003, the Ordinary Shares of the Company were admitted to the Alternative Investment Market. On 8 April 2003, the Company acquired the entire share capital of Primary Steps Limited, the consideration for which was satisfied by the allotment and issue by the Company of 70,000,000 Ordinary Shares of 1p each at a price of 5p per share. The following changes to directorships of the Company have occurred 31 August 2002: Peter Catto Resigned 19 September 2002 Christopher Phillips Appointed 5 September 2002 Rakesh Patel Appointed 16 October 2002 David Alexander Appointed 7 April 2003 Laurence Davis Appointed 7 April 2003 James Stirling Appointed 7 April 2003 John Baker Appointed 7 April 2003 The following are all directors of Primary Steps Limited: John Baker, Laurence Davis, David Alexander and James Stirling. 16. Publication of non-statutory accounts The financial information contained in this statement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the preceding period is based on the statutory accounts for the period ended 31 August 2002. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Register of Companies. Copies of this report can be obtained from the Registered Office at 25 Harley Street, London W1G 9BR. THE CREATIVE EDUCATION CORPORATION PLC INDEPENDENT REVIEW REPORT Introduction We have been instructed by the Company to review the financial information set out on pages 1 to 9 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the Financial Services Authority require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as test of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express and audit opinion on the financial information. Review conclusion On the basis of our review, we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 28 February 2003. FISHER CORPORATE PLC Registered Auditor Acre House 11 - 15 William Road London NW1 3ER 29 May 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR ZBLFXXEBBBBV
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