Final Results

    RNS Number : 5779E
  Abraxus Investments PLC
  29 September 2008
   



    Abraxus Investments PLC


    Final Results for the Year Ended 31 March 2008


    Chairman's statement


    I am pleased to set out below the Director's Report and Financial Statements of Abraxus Investments PLC ("Abraxus") for the year ended
31 March 2008.Comparatives are for the year ended 31 March 2007.

    Financial Results:
    Turnover for the year was nil (2007 - nil) with a loss on ordinary activities before taxation of £41,627 (2007 - loss £15,447). At 31
March 2008 the Company had cash balances of £1,512,031 (2007: £1,641,334). The Board is not recommending the payment of a dividend.

    Operational Review:
    The Company's activities during the period under review were devoted to identifying and investigating various investment opportunities.
This is an ongoing activity and while we are at an advanced stage of examining one such opportunity (which would be a Reverse Takeover under
the AIM Rules), I cannot say at the moment given the global economic uncertainty when we will be successful in completing a suitable deal. 
The Company will continue to keep shareholders advised of future developments in our investment strategy. As a result of these discussions
the Company's shares will be suspended, with immediate effect, from trading on AIM.


    D.Sparks
    Chairman
    29 September 2008


    Enquiries
    Shore Capital and Corporate Limited
    Nominated advisor to the company

    Christian Littlewood
    Edward Mansfield
    Tel [phone]
      Income Statement

    For the year ended 31 March 2008


                                              Notes   2008 £     2007 £
 Administrative expenses                             (117,316)  (216,843)
 Operating loss                                 2    (117,316)  (216,843)

 Profit on disposal of subsidiary                            -     96,221

 Finance income                                 4       75,689    105,175
 Loss on ordinary activities before taxation    5     (41,627)   (15,447)

 Taxation                                                    -          -
 Retained loss for the year                           (41,627)   (15,447)
 Loss per ordinary share
 Basic and diluted                              6      (0.12p)    (0.04p)

    Statement of Changes in Shareholders' Equity

    For the year ended 31 March 2008


                                  Share capital    Share premium    Retained earnings    Total Equity
                                        £                £                  £                 £
 At 1 April 2006 Loss for the          1,722,222        7,435,193          (7,629,744)       1,527,671
 period                                        -                -             (15,447)        (15,447)
 At 31 March 2007                      1,722,222        7,435,193          (7,645,191)       1,512,224
 Loss for the period                           -                -             (41,627)        (41,627)
 At 31 March 2008                      1,722,222        7,435,193          (7,686,818)       1,470,597


    Balance Sheet

    As at 31 March 2008

                               Notes    2008 £       2007 £
 Assets
 Current
 Trade and other receivables     8          4,227        5,903
 Cash and cash equivalents              1,512,031    1,641,334
 Total assets                           1,516,258    1,647,237

 Equity
 Called up share capital        10      1,722,222    1,722,222
 Share premium account                  7,435,193    7,435,193
 Retained earnings                    (7,686,818)  (7,645,191)
 Total equity                           1,470,597    1,512,224

 Current liabilities
 Trade and other payables        9         45,661      135,013

 Total equity and liabilities           1,516,258    1,647,237

    Approved by the Board of Directors and authorised for issue on 29 September 2008 and signed on its behalf by:

    J. Anthony


    Cashflow Statement

    For the year ended 31 March 2008

                                                   Notes   2008 £     2007 £
 Operating
 Loss for the year before interest                        (117,316)  (216,843)
 Profit on disposal of fixed assets/subsidiary                    -      8,166
 Change in trade and other receivables                        1,676     97,835
 Change in trade and other payables                        (89,352)  (241,311)
                                                          (204,992)  (352,153)

 Investing
 Interest received                                   4       75,689    105,175
 Disposal of fixed assets/subsidiary                              -  1,490,431
                                                             75,689  1,595,606

 Net (decrease)/increase in cash and cash                 (129,303)  1,243,453
 equivalents
 Cash and cash equivalents, beginning of period           1,641,334    397,881
 Cash and cash equivalents, end of period                 1,512,031  1,641,334



    Notes to the Financial Statements
    For the year ended 31 March 2008

    1. Accounting policies
    These are the first financial statements prepared in accordance with International Financial Reporting Standards as adopted by the
European Union ('IFRS') and issued by the International Accounting Standards Board ('IASB'). No adjustments to the prior year comparatives,
which were prepared under United Kingdom Generally Accepted Accounting Practice ("UK GAAP"), were necessary. As such a reconciliation of the
effect of the transition is not required. The date of transition to IFRS was 1 April 2006.

    The Directors are not aware of any Standard or interpretation in issue but not yet effective that would materially impact upon the
financial statements.

    The financial statements have been prepared under the historical cost convention, except for financial assets and liabilities which are
carried at amortised cost, and on a going concern basis.

    Critical accounting judgments and key sources of estimation uncertainty
    The preparation of the financial statements in conformity with IFRS requires management to exercise certain critical accounting
judgements and estimates in the process of applying the Company's accounting policies. The Directors base their estimates on historical
experience and various other assumptions that they believe are reasonable. Actual results may differ from these estimates under different
assumptions or conditions.

    Going concern
    The Board is of the opinion that the Company will have sufficient funding to meet its working capital needs. As a result, the Directors
consider it appropriate to prepare the financial statements on a going concern basis.

    Equity
    Share capital is determined using the nominal value of shares that have been issued. The share premium account includes any premiums
received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from the
premium paid.

    Financial assets and liabilities 

    Assets
    The Company's financial assets comprise cash and cash equivalents and trade and other receivables which are classified as loans and
receivables and are initially recognised at fair value. Receivables are non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market. They arise when the Company provides money, goods or services directly to a debtor with no
intention of trading the receivables. Loans and receivables are subsequently measured at amortised cost using the effective interest method,
less provision for impairment. Any impairment is recognised in profit or loss.

    Cash and cash equivalents include cash at bank and in hand as well as bank deposits. Cash equivalents are held for the purpose of
meeting short-term cash commitments rather than for investment or other purposes.

    Liabilities
    The Company's financial liabilities comprise trade and other payables and are recognised when the Company becomes party to the
contractual agreements of the instrument.

    All interest and related charges are recognised as an expense in the income statement. Trade payables are recognised initially at their
fair value and subsequently measured at amortised cost less settlement payments.

    Dividend distributions to shareholders are recognised when the dividends are approved by the shareholders' meeting.

    Interest-bearing bank loans and overdrafts are initially measured at fair value, and are subsequently measured at amortised cost, using
the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of
borrowings is recognised over the term of the borrowings in accordance with the Company's accounting policy for borrowing costs.

    2. Operating loss

                                               2008    2007
                                                £       £

 This is stated after charging:
 Auditor's remuneration     - audit services   5,500   5,500
                 - taxation                    2,000   2,000


    3. Staff costs employees and Directors' emoluments

                                                     2008    2007
                                                      £       £

 i) Directors' remuneration
 Fees                                               65,000  80,000

 ii) Staff costs (including Directors' emoluments)
 Wages and salaries                                 65,000  80,000

    The Directors consider that key management personnel consists of the Directors only, as such, compensation for key management personnel
is not disclosed separately. 

    The average number of employees (including directors) during the year was 4 (2007:5). No social security costs or pension costs were
incurred by the Company during the year (2007:nil).

    4. Finance income and costs

                                            2008   2007 £
                                             £

 Interest income from short term deposits  75,689  105,175

    5. Tax loss on ordinary activities

    There was no tax charge on the loss on ordinary activities in both current and preceding year.


                                                             2008 £    2007 £

 Loss on ordinary activities before tax                     (41,627)  (15,447)

 Loss on ordinary activities multiplied by standard rate    (12,488)   (4,634)
 of corporation tax in the UK of 30% (2007: 30%)

 Effects of:
 Expenses not deductible for tax purposes                      9,946         -
 Income not taxable                                         (10,276)         -
 Increase in tax losses                                       12,818     4,634

 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.

    6. Loss per ordinary share
    Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders after taxation 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 2008

                                                          2008 £      2007 £

 Net loss after taxation attributable to ordinary       (41,627)    (15,447)
 shareholders
 Weighted average number of ordinary shares             34,444,444  34,444,444
 Loss per ordinary share                                (0.12p)     (0.04p)

     7. Investments
    The investments of the Company are as follows:

    Subsidiary undertakings

                                    Ordinary
                                      shares  Registered  Principal  Carrying
                                   % holding          in   activity     value

 Abraxus Investments (UK) Limited        100     England    Dormant       Nil


    8. Trade and other receivables

                                  2008    2007
                                   £       £

 Other debtors                    4,227   2,413
 Prepayments and accrued income       -   3,491

                                  4,227   5,903

    9. Current liabilities

                                2008   2007 £
                                 £

 Other creditors                    -   34,253
 Accruals and deferred income  45,661  100,760

                               45,661  135,013

    10. Share Capital

                                                           2008 £     2007 £

 Authorised:
 108,888,888 ordinary shares of 5p each (2007:            5,444,444  5,444,444
 108,888,888) 

 Issued and fully paid:
 34,444,444 ordinary shares of 5p each (2007:             1,722,222  1,722,222
 34,444,444)

    11.Controlling party
    The Directors believe there is no ultimate controlling party.

    12. Financial risk management
    The Company uses various financial instruments which include loans, cash and various items, such as other receivables and trade and
other payables that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the
Company's operations and manage its working capital requirements.

    The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail
below. The main risks arising from the Company financial instruments are market risk, currency risk, liquidity risk, interest rate risk and
credit risk. The Directors review and agree policies for managing each of these risks. These policies have remained unchanged from previous
years.

    Market risk
    The Company is exposed to market risk through its use of financial instruments and specifically to currency risk, interest rate risk and
certain other price risks, which result from both its operating and investing activities. The Company's risk management is coordinated at
its headquarters, in close co-operation with the Board of Directors, and focuses on actively securing the Company's short to medium term
cash flows by minimising the exposure to financial markets.

    The Company does not actively engage in the trading of financial assets for speculative purposes or does it write options.
    
Currency risk
    The Company is exposed to translation and transaction foreign exchange risk. As the majority of the Company's transactions are
denominated in sterling, the Directors deem the Company's exposure to exchange rate fluctuations to be minimal.

    Interest rate risk
    The Company's exposure to upside interest rate risk is limited to the interest bearing deposit accounts in which the Company invests
surplus funds. Bank deposit accounts are held at variable interest rates based on Natwest Treasury base rate.
    The Directors do not consider the impact of possible interest rate changes based on current market conditions to be material to the net
result for the year or the equity position at the year end.

    Credit risk
    The Company's exposure to credit risk is limited to the carrying amount of financial asset recognised at the balance sheet date.

    Generally, the maximum credit risk exposure of financial assets is the carrying amount of the financial assets as shown on the face of
the balance sheet (or in the detailed analysis provided in the notes to the financial statements). Credit risk, therefore, is only disclosed
in circumstances where the maximum potential loss differs significantly from the financial asset's carrying amount.

    The Company's other receivables are actively monitored to avoid significant concentrations of credit risk. There is no significant
concentration of credit risk. The Directors consider that all the above financial assets that are not impaired for each of the reporting
dates under review are of good credit quality. No amounts were past due at the year end (2007: £ nil).

    None of the Company's financial assets are secured by collateral or other credit enhancements.

    The credit risk for liquid funds and other short-term financial assets is considered negligible, since the counterparties are reputable
banks with high quality external credit ratings.

    Liquidity risk
    The Company manages its liquidity needs by carefully monitoring scheduled debt servicing payments for long-term financial liabilities as
well as cash-outflows due in day-to-day business. Liquidity needs are monitored in various time bands, on a day-to-day and week-to-week
basis, as well as on the basis of a rolling 30-day projection. Long-term liquidity needs for a 180-day and a 360-day lookout period are
identified monthly.

    All current liabilities were due within six months at 31 March 2008 and 31 March 2007

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