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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Abraxus Inv. | LSE:AXU | London | Ordinary Share | GB0008463787 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.75 | 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:7074E
Abraxus Investments PLC
28 September 2007
ABRAXUS INVESTMENTS PLC
Annual report and accounts for the year ended 31 March 2007
Chairman's statement
I am pleased to set out below the Directors' Report and Financial Statements of
Abraxus Investments PLC (''Abraxus'') for the year ended 31 March 2007. Contents
Comparatives are for the year ended 31 March 2006.
Financial Results:
Turnover for the year was #nil (2006 - #nil) with a loss on ordinary activities
before taxation of #15,447 (2006 - loss #451,526). At 31 March 2007 the Group
had cash balances of #1,641,334 (2006: #397,881). The Board is not recommending
the payment of a dividend.
Operational Review:
Sale of Hungarian Subsidiary
On 20 July 2006, the Company announced that the disposal of its wholly owned
Hungarian subsidiary, First AB Kft, had been completed. The Company confirmed
that it had received gross proceeds of #1,053,762 from the successful bidder,
Real Asset Holdings Ltd. After deducting selling costs of #20,662, the net
proceeds from the sale totaled #1,033,100, representing a profit on disposal of
#8,256. In addition to the sale proceeds, the Company has received full
repayment of the 866,238 Euro loan made to First AB kft. Total monies received
from the purchaser was #1.65 million. Following the disposal of the property,
the Company has terminated its relationship agreement with Mr Uri Heller.
Resolution of Shareholder Dispute
On 26 January 2007, the Company announced that Alon Liberman, Director,
acquired, through Shairline Trading Ltd, in which he is beneficially interested,
9,341,740 ordinary shares in the Company, representing 27.11% of the issued
share capital. Alon Liberman, together with his existing holding of 833,333
Ordinary Shares, representing 2.42% of the issued share capital, is now
interested in 10,175,073 Ordinary Shares, representing 29.53% of the issued
share capital.
On the same day, Mission Capital Plc announced that it had sold its entire
holding of 10,041,740 ordinary shares in the Company. The sale by Mission
Capital Plc of its shareholding in the Company marked the end of the shareholder
deadlock so that the Company is now able to implement its stated strategy
Conclusion
Following the sale of its Subsidiary, the Company is now treated as an ''
investing company'' under AIM rules and following the sale, the Company has cash
deposits in excess of #1.6 million. I am pleased to say that the differences
between certain groups of shareholders have been resolved and I would like to
take this opportunity to thank shareholders for their patient support in what
has been a difficult time for the Company. The Board looks forward to
delivering enhanced shareholder value and will advise shareholders when a
suitable investment opportunity arises.
D. Sparks
Chairman
28 September 2007
Group profit and loss account for the year ended 31 March 2007
Notes 2007 2006
# #
Administrative expenses (216,843) (489,255)
Operating loss 2 (216,843) (489,255)
Profit on disposal of subsidiary 96,221 -
Interest receivable and similar
income 4 105,175 37,729
Loss on ordinary activities
before taxation (15,447) (451,526)
Taxation 5 - -
Retained loss for the year (15,447) (451,526)
Loss per ordinary share
Basic and diluted 6 (0.04p) (1.31p)
Group balance sheet as at 31 March 2007
Notes 2007 2006
# #
Fixed assets
Tangible fixed assets 8 - 1,402,376
Current assets
Debtors 10 5,903 103,738
Cash and short term deposits
at bank 1,641,334 397,881
1,647,237 501,619
Creditors: amounts falling due
within one year 11 (135,013) (376,324)
Net current assets 1,512,224 125,295
Total assets less current
liabilities 1,512,224 1,527,671
Capital and reserves
Called up share capital 12 1,722,222 1,722,222
Share premium account 13 7,435,193 7,435,193
Profit and loss account 13 (7,645,191) (7,629,744)
Equity shareholders' funds 13 1,512,224 1,527,671
Company balance sheet as at 31 March 2007
Notes 2007 2006
# #
Fixed assets
Investments 9 - 1,024,844
Current assets
Debtors 10 5,903 514,375
Cash and short 1,641,334 197,195
term deposits at
bank
1,647,237 711,570
Creditors: amounts
falling due within 11 (135,013) (120,778)
one
year
Net current assets 1,512,224 590,792
Total assets less 1,512,224 1,615,636
current
liabilities
Capital and
reserves
Called up share 12 1,722,222 1,722,222
capital
Share premium 13 7,435,193 7,435,193
account
Profit and loss 13 (7,645,191) (7,541,779)
account
Equity 13 1,512,224 1,615,636
shareholders'
funds
Group cash flow statement for the year ended 31 March 2007
Notes 2007 2006
# #
Net cash outflow
from operating 14 (352,064) (240,550)
activities
Returns on
investments and
servicing of
finance
Interest received 105,175 37,729
Cash outflow
before use of
liquid resources
and
financing (246,888) (202,821)
Capital
expenditure and
financial
investments
Net proceeds of
sale of subsidiary
& disposal of
fixed assets 1,490,431 (472,770)
Increase/ 1,243,453 (675,591)
(decrease) in cash
for the year
Analysis of changes in net funds 31 March 31 March
2006 Cash flow 2007
# # #
Cash at bank and 397,881 1,243,453 1,641,334
in hand
397,881 1,243,453 1,641,334
Reconciliation of net cash flow to movement in net funds 2007 2006
# #
Increase/ 1,243,453 (675,591)
(decrease) in cash
for the year
Movement in net 1,243,453 (675,591)
funds in the year
Net funds at 31 397,881 1,073,472
March 2006
Net funds at 31 1,641,334 397,881
March 2007
Notes to the financial statements
For the year ended 31 March 2007
1. Accounting policies
The financial statements are prepared in accordance with applicable UK
accounting standards.
(a) Accounting convention
The financial statements are prepared under the historical cost convention.
(b) Basis of consolidation
The group profit and loss account and balance sheet include the financial
statements of the company and all its subsidiaries for the year to 31 March
2007, consolidated under the acquisition method.
(c) Tangible fixed assets
Depreciation is provided to write off the cost or revalued amounts less
estimated residual value (based on prices prevailing at the date of acquisition
or revaluation) in equal monthly installments over the estimated useful economic
lives of the assets.
(d) Investments
Investments held as fixed assets are stated at cost less provision for any
impairment.
(e) Deferred taxation
Deferred taxation is provided in full on timing differences that 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 crystallize 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 financial statements. 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.
(f) Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the
rates of exchange ruling at the balance sheet date. Transactions in foreign
currencies are translated into sterling at the average rate of exchange for the
period. Exchange differences are taken into account in arriving at operating
profit.
2. Operating loss 2007 2006
# #
This is stated after charging:
Auditor's remuneration - audit services 5,500 6,000
- other fees 2,000 2,000
3. Staff costs, employees and directors' emoluments
i) Directors' remuneration:
2007 2006
# #
Fees 80,000 83,354
ii) Staff costs (including directors' emoluments)
2007 2006
# #
Wages and salaries 80,000 83,354
The average number of employees (including directors) during the
year was 5 (2006 : 5).
4. Interest receivable and similar income
2007 2006
# #
Bank interest 105,175 37,729
5. Tax on loss on ordinary activities
There was no tax charge on the loss on ordinary activities in both current and
preceding year.
Factors affecting tax charge for period
2007 2006
# #
Loss on ordinary activities before tax (15,447) (451,526)
Loss on ordinary activities multiplied
by standard rate of corporation tax in
the UK of 30% (2006: 30%) (4,634) (135,458)
Effects of:
Tax losses carried forward 4,634 135,458
Current tax for period - -
No deferred tax asset has been recognised in respect of tax losses carried
forward in the accounts as there is insufficient evidence that the asset will be
recoverable within the meaning of Financial Reporting Standard No 19 'Deferred
Tax'.
6. Loss per ordinary share
Basic loss per share is calculated by dividing the loss attributable to ordinary
shareholders by the weighted average number of ordinary shares in issue during
the year.
Diluted loss per share is calculated by adjusting the weighted average number of
ordinary shares in issue on the assumption of exercise of all dilutive options.
There were no dilutive options outstanding at 31 March 2007
2007 2006
# #
Loss attributable to ordinary shareholders (15,447) (451,526)
Weighted average number of ordinary shares 34,444,444 34,444,444
Loss per share (0.04p) (1.31p)
7. Profit and loss account
The company has taken advantage of s230 of the Companies Act 1985 and has not
presented its own profit and loss account.
8. Tangible fixed assets
Group Freehold
property
#
Cost:
At 1 April 2006 1,402,376
Disposals (1,402,376)
At 31 March 2007 -
Accumulated
depreciation:
At 1 April 2006 -
and at 31 March
2007
Net book value:
At 31 March 2007 -
At 31 March 2006 1,402,376
9. Investments
Company Shares in
subsidiary
undertakings
#
Cost:
At 1 April 2006 1,024,844
Disposals (1,024,844)
As at 31 March -
2007
Provision for
impairment:
At 1 April 2006 -
and at 31 March
2007
Net book value:
At 31 March 2007 -
At 31 March 2006 1,024,844
The investments
of the group are
as follows:
Subsidiary
undertakings Ordinary
Shares Registered Principal Carrying
% holding in Activity value
Abraxus 100 England Dormant Nil
Investments (UK)
Limited
Arachnid Systems 100 England Dormant Nil
Limited
08004homes.com 100 England Dormant Nil
Limited
On 20 July 2006, the Company completed the sale of First AB kft and received
gross proceeds of #1,053,762 from the successful bidder, Real Asset Holdings
Ltd. After deducting selling costs of #20,662, the net proceeds from the sale
total #1,033,100, representing a profit on disposal of #8,256.
10. Debtors 2007 2006
Group Company Group Company
# # # #
Other debtors 2,413 2,413 103,597 14,209
Intercompany - - - 500,025
receivable
Payments and 3,491 3,491 141 141
accrued income
5,903 5,903 103,738 514,375
11. Creditors: amounts falling due
within one year 2007 2006
Group Company Group Company
# # # #
Other creditors 34,253 34,253 286,190 34,253
Accruals and 100,760 100,760 90,134 86,525
deferred income
135,013 135,013 376,324 120,778
12. Called up share capital
2007 2006
# #
Authorised:
108,888,888 5,444,444 5,444,444
ordinary shares
of 5p each (2006
: 108,888,888)
Called up and
allotted:
34,444,444 1,722,222 1,722,222
ordinary shares
of 5p each (2006
: 34,444,444)
13. Reconciliation of shareholders' funds and
movement on reserves
Group Share Profit Total
Share premium and loss shareholders'
capital account account funds
# # # #
At 1 April 2006 1,722,222 7,435,193 (7,629,744) 1,527,671
Loss for the year - - (15,447) (15,447)
At 31 March 2007 1,722,222 7,435,193 (7,645,191) 1,512,224
Company Share Profit Total
Share premium and loss shareholders'
capital account account funds
# # # #
At 1 April 2006 1,722,222 7,435,193 (7,541,779) 1,615,636
Loss for the year - - (103,412) (103,412)
At 31 March 2007 1,722,222 7,435,193 (7,645,191) 1,512,224
14. Reconciliation of operating loss to net cash outflow from operating activities
2007 2006
# #
Operating loss (208,537) (489,255)
Decrease in 97,835 77,456
debtors
(Decrease) / (241,311) 171,249
Increase in
creditors
Net cash outflow (352,064) (240,550)
from operating
activities
15. Transactions with connected parties
Transactions in the year relate to payments of #25,531 (2006: #25,917) to
Sunnyside Services Inc, a company connected with one of the directors in respect
of advisory services.
16. Controlling party
The directors believe there is no ultimate controlling party.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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