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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Asia Capital | LSE:ASI | London | Ordinary Share | GB00B0742X18 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4160F Asia Capital PLC 30 June 2006 Asia Capital plc 30 June 2006 ASIA CAPITAL PLC (the "Company") Preliminary results for the year ended 31 December 2005 Asia Capital plc ("Asia Capital") announces its results for the year ended 31 December 2005. Extracts from the Chairman's statement and the Report of the directors I am pleased to report the financial results for Asia Capital plc for the year ended 31 December 2005. Pre-tax losses for the financial year were #301,000 compared with losses of #224,000 in the previous period. Loss per share was 0.37p compared with the previous year's loss per share of 0.28p. The financial year 2005, and the start of the current financial year, have been frustrating in terms of the delivery of our objective of identifying a suitable acquisition for reversal into the Company. Although the process of identifying the right transaction is taking longer than ideally we would like, this frustration is tempered by the satisfaction that we have been careful not to take the Company down the route of completing an inappropriate transaction. During the year, we worked hard to seek out a suitable transaction to meet our key criterion, namely that any transaction should provide an opportunity for significant capital growth. At the interim stage, we reported that we had reached an advanced stage of discussions in connection with one potential acquisition though, unfortunately, it proved impossible to take that particular opportunity through to completion. In the meantime, Asia Capital remains an attractive shell, offering as it does a stock market listing and tax losses. Outlook Shareholders should be aware that, in accordance with the AIM Rules, if no transaction has been announced by 22 September 2006, the Company's shares will be suspended from trading on AIM. We continue our search for a suitable opportunity and, to expedite this process, we are maintaining the broadest criteria in terms of the type and sector of company we would consider. Some observers believe that, following recent market volatility the IPO market might slow, which in turn could add to the attractiveness of a shell such as Asia Capital as a route to a stock market listing. We are committed to creating shareholder value and look forward to updating shareholders in due course. Results and dividends The consolidated profit and loss account is set out below and shows the loss for the year. No dividend is recommended in respect of the year. Nigel Robertson Chairman 30 June 2006 Extracts from the Financial Statements as at 31 December 2005. Consolidated profit and loss account for the year 31 December 2005 Note 2005 2004 #'000 #'000 Administrative Expenses (247) (217) _____ _____ Operating Loss (247) (217) _____ _____ Gain on liquidation of a subsidiary - 36 Interest receivable and similar income 1 4 Interest payable and similar charges (55) (47) _____ _____ Loss on ordinary activities before taxation (301) 224) Taxation on loss on ordinary activities - - _____ _____ Loss for the financial year (301) (224) _____ _____ Loss per share - Basic and diluted 2 (0.37)p (0.28)p _____ _____ All recognised gains and losses have been included in the profit and loss account. All amounts relate to continuing activities. Consolidated and company balance sheet at 31 December 2005 Group Group Company Company 2005 2004 2005 2004 #'000 #'000 #'000 #'000 Current assets Debtors 14 30 14 30 Cash at bank and in hand 13 7 13 7 _____ _____ _____ _____ 27 37 27 37 Creditors: amounts falling due within one year 1,566 403 1,566 403 _____ _____ _____ _____ Net current liabilities (1,539) (366) (1,539) (366) _____ _____ _____ _____ Total assets less current liabilities (1,539) (366) (1,539) (366) Creditors: amounts falling due after more than one year - 872 - 872 _____ _____ _____ _____ Net liabilities (1,539) (1,238) (1,539) (1,238) _____ _____ _____ _____ Capital and reserves Called up share capital 823 8,230 823 8,230 Deferred share capital 44,064 36,657 44,064 36,657 Share premium account 9,804 9,804 9,804 9,804 Profit and loss account (56,230) (55,929) (56,230) (55,929) _____ _____ _____ _____ Shareholder' deficit (1,539) (1,238) (1,539) (1,238) _____ _____ _____ _____ Consolidated cash flow statement for the year 31 December 2005 2005 2005 2004 2004 #'000 #'000 #'000 #'000 Net cash outflow from operating activities (69) (448) Returns on investments and Servicing of finance: Interest received 1 4 Interest paid (55) (47) _____ _____ Net cash outflow from returns On investments and servicing of finance (54) (43) Acquisitions and disposals: Cash disposed of with business operation - (2) _____ _____ Net cash outflow from acquisitions and disposals - (2) Financing: Redemption of loans - (27) Issue of loans 129 450 _____ _____ Net cash inflow from financing 129 423 _____ _____ Increase/(decrease) in cash 6 (70) _____ _____ Notes to the financial statements 1 Accounting policies The financial statements have been prepared under the historical cost convention and are in accordance with applicable accounting standards. The following principal accounting policies have been applied: Basis of consolidation The consolidated financial statements incorporate the results of Asia Capital plc and all of its subsidiaries as at 31 December 2005 using the acquisition method of accounting. The results of subsidiary undertakings are included from the date of acquisition and until the date of disposal. Goodwill Goodwill arising on an acquisition of a subsidiary undertaking represents the difference between the fair value of the consideration paid on acquisition of a business and the fair value of its identifiable net assets at the date of acquisition, less any provision for impairment. It is capitalised and amortised through the profit and loss account over the directors' estimate of its useful economic life which is three years. Impairment of fixed assets and goodwill The need for any fixed asset impairment write down is assessed by comparison of the carrying value of the asset against the higher of realisable value and value in use. Investments Fixed asset investments are carried at cost unless the directors are of the opinion that an impairment in value has occurred, in which case a provision is made to reflect the impairment in value. Depreciation Depreciation is provided to write off the cost, less estimated residual values, of all fixed assets, evenly over their expected useful lives. It is calculated at the following rates: Computer Equipment - over three years Fixtures and Fittings - over three years 2 Loss per share The calculation of loss per share is based on the loss for the year of #301,000 (2004 - #224,000) and on the weighted average number of shares in issue during the year of 82,302,984 (2004 - 82,302,984). The effect of all potential ordinary shares is antidilutive and therefore dilutive EPS is the same as basic EPS. 3 Basis of preparation The financial information set out above does not constitute the company's statutory accounts as defined in Section 240 of the Companies Act 1985 for the years ended 31 December 2005 or 2004, but is derived from those accounts. Statutory accounts for 2004 have been delivered to the Registrar of Companies and those for 2005 will be delivered following the company's annual general meeting. The auditors reported on those accounts; their reports were unqualified with the 2005 accounts containing an emphasis of matter paragraph regarding going concern. The reports for 2004 and 2005 did not contain statements under Section 237(2) or (3) of the Companies Act 1985. 4 Going Concern The financial statements have been prepared on the going concern basis which assumes that the group will continue in operational existence for the foreseeable future. The group incurred a loss of #301,000 for the year and has incurred further losses since the balance sheet date. The group remains dependent on the continued financial support from a major shareholder who has confirmed to the directors that he intends to maintain such support for the foreseeable future. Accordingly, they consider the going concern basis of preparation to be appropriate. The financial statements do not include adjustments that would result if the financial support from the major shareholder were no longer available. 5 Share Capital On 15 April 2005 the capital was reorganised by first subdividing each ordinary 1p share into 1 share of 0.1p and 9 deferred shares of 0.1p, and, secondly, all of the ordinary shares of 0.1p each were consolidated and divided into new ordinary shares on the basis of 10 shares of 0.1p each for 1 new ordinary share.Also as part of the Share Capital Organisation in April 2005 each of the issued existing Deferred Shares at the close of business on 13 April 2005 was sub-divided into ten Deferred Shares of 0.1p each. 6 Annual Report Copies of the annual accounts are being sent to shareholders and are available from 22 Soho Square, London, W1D 4NS. This information is provided by RNS The company news service from the London Stock Exchange END FR EAKKNALSKEFE
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