Final Results

 

TIDMBDT 
 
RNS Number : 9154N 
Bidtimes PLC 
21 June 2010 
 
                                                                    21 June 2010 
 
                                  Bidtimes Plc 
                                ("the Company") 
 
          Final results for the ten month period ended 31 December 2009 
 
Chairman's statement 
 
I am pleased to present the final results of the Company for the ten month 
period ended 31 December 2009. The Company decided to change its accounting year 
end from 28 February to 31 December, as announced on 16 February 2010, to bring 
it in line with the calendar year. 
 
During the period the Company continued to pursue the investment strategy as set 
out in the annual report to 28 February 2009, albeit with a limited budget in 
order to build value for its shareholders. 
 
During the ten month period the Company made a loss of GBP101,358 after 
taxation, compared with a loss of GBP153,696 in the twelve months ended 28 
February 2009. 
 
Very limited exploration work has been carried out on the exploration licence 
over the Kyber Pass project, the Company's joint venture interest in South 
Australia. 
 
Additionally, during the period under review the Company has continued to 
identify and assess other investment opportunities in the energy sector, 
particularly the alternative energy sector, in line with its investment 
strategy.   The Company is also assessing an opportunity in the clean energy 
sector. 
 
Despite the general lack of strategic direction from the Copenhagen Climate 
Conference in late 2009, the Directors believe that considerable opportunities 
exist within this industry with the potential to create shareholder value and 
these opportunities will be actively pursued. 
 
 
 
A.T. Brennan 
Executive Chairman 
 
ENQUIRIES: 
 
+-------------------------------+--------------+ 
| Bidtimes plc                  |              | 
+-------------------------------+--------------+ 
| Julian Moore, Non-Executive   |   T: +44 (0) | 
| Director                      | 778 782 5269 | 
|                               |              | 
+-------------------------------+--------------+ 
| Merchant John East Securities Limited        | 
| (Nominated Adviser and Broker)               | 
+----------------------------------------------+ 
| Simon Clements                |   T: +44 (0) | 
| David Worlidge                | 20 7628 2200 | 
+-------------------------------+--------------+ 
Income Statement for the ten month period ended 31 December 2009 
 
+--------------------------+------+-----------+-----------+ 
|                          |Note  |           |     Year  | 
|                          |      |    Period |    ended  | 
|                          |      |     ended |        28 | 
|                          |      |        31 |  February | 
|                          |      |  December |      2009 | 
|                          |      |      2009 |           | 
+--------------------------+------+-----------+-----------+ 
|                          |      |       GBP |       GBP | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Revenue                  |  2   |         - |         - | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Administrative expenses  |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Amounts written off      |      |         - |   (4,136) | 
| investments              |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Other administrative     |      | (101,486) | (153,137) | 
| expenses                 |      |           |           | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           | (157,273) | 
|                          |      | (101,486) |           | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Operating loss           |      | (101,486) | (157,273) | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Loss on ordinary         |      | (101,486) | (157,273) | 
| activities before        |      |           |           | 
| taxation and finance     |      |           |           | 
| costs                    |      |           |           | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Finance income           |      |       332 |     3,814 | 
+--------------------------+------+-----------+-----------+ 
| Finance costs            |      |     (204) |     (237) | 
+--------------------------+------+-----------+-----------+ 
| Net finance income       |      |       128 |     3,577 | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Loss on ordinary         |  2   | (101,358) | (153,696) | 
| activities before        |      |           |           | 
| taxation                 |      |           |           | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Taxation                 |  3   |         - |         - | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Loss on ordinary         |      | (101,358) | (153,696) | 
| activities after         |      |           |           | 
| taxation                 |      |           |           | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Attributable to:         |      |           |           | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Equity shareholders of   |      | (101,358) | (153,696) | 
| the Company              |      |           |           | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Loss transferred to      |      | (101,358) | (153,696) | 
| reserves                 |      |           |           | 
+--------------------------+------+-----------+-----------+ 
|                          |      |           |           | 
+--------------------------+------+-----------+-----------+ 
| Basic loss per share     |  4   |   (0.10)p |   (0.22)p | 
| (pence)                  |      |           |           | 
+--------------------------+------+-----------+-----------+ 
 
All activities relate to continuing operations. 
Balance Sheet for the ten month period ended 31 December 2009 
 
+--------------------------+------+-------------+-------------+ 
|                          |Note  |             |      As at  | 
|                          |      |       As at |         28  | 
|                          |      |          31 |    February | 
|                          |      |    December |        2009 | 
|                          |      |        2009 |             | 
+--------------------------+------+-------------+-------------+ 
|                          |      |         GBP |         GBP | 
+--------------------------+------+-------------+-------------+ 
|                          |      |             |             | 
+--------------------------+------+-------------+-------------+ 
| Current assets           |      |       1,519 |       2,956 | 
+--------------------------+------+-------------+-------------+ 
| Trade and other          |  5   |     219,318 |     319,897 | 
| receivables              |      |             |             | 
+--------------------------+------+-------------+-------------+ 
| Cash and cash            |      |     220,837 |     322,853 | 
| equivalents              |      |             |             | 
+--------------------------+------+-------------+-------------+ 
|                          |      |             |             | 
+--------------------------+------+-------------+-------------+ 
| Total assets             |      |     220,837 |     322,853 | 
+--------------------------+------+-------------+-------------+ 
|                          |      |             |             | 
+--------------------------+------+-------------+-------------+ 
| Current liabilities      |      |             |             | 
+--------------------------+------+-------------+-------------+ 
| Trade and other payables |      |    (40,695) |    (41,353) | 
+--------------------------+------+-------------+-------------+ 
|                          |      |             |             | 
+--------------------------+------+-------------+-------------+ 
| Total liabilities        |      |    (40,695) |    (41,353) | 
+--------------------------+------+-------------+-------------+ 
|                          |      |             |             | 
+--------------------------+------+-------------+-------------+ 
| Net assets               |      |     180,142 |     281,500 | 
+--------------------------+------+-------------+-------------+ 
|                          |      |             |             | 
+--------------------------+------+-------------+-------------+ 
| Shareholder funds        |      |             |             | 
+--------------------------+------+-------------+-------------+ 
| Issued capital           |      |   1,268,676 |   1,268,676 | 
+--------------------------+------+-------------+-------------+ 
| Share premium account    |      |     714,948 |     714,948 | 
+--------------------------+------+-------------+-------------+ 
| Retained earnings        |      | (1,803,482) | (1,702,124) | 
+--------------------------+------+-------------+-------------+ 
|                          |      |             |             | 
| Total equity             |      |     180,142 |     281,500 | 
+--------------------------+------+-------------+-------------+ 
|                          |      |             |             | 
+--------------------------+------+-------------+-------------+ 
|                          |      |             |             | 
+--------------------------+------+-------------+-------------+ 
|                          |      |             |             | 
+--------------------------+------+-------------+-------------+ 
 
 
Cash flow statement for the ten month period ended 31 December 2009 
 
+-------------------------------+-----------+----------+ 
|                               |           |    Year  | 
|                               |    Period |   ended  | 
|                               |     ended |       28 | 
|                               |        31 | February | 
|                               |  December |     2009 | 
|                               |      2009 |          | 
+-------------------------------+-----------+----------+ 
|                               |       GBP |      GBP | 
+-------------------------------+-----------+----------+ 
|                               |           |          | 
+-------------------------------+-----------+----------+ 
| Cash outflow from operating   | (100,707) | (86,803) | 
| activities                    |           |          | 
+-------------------------------+-----------+----------+ 
|                               |           |          | 
+-------------------------------+-----------+----------+ 
| Cash inflow from investing    |           |          | 
| activities                    |           |          | 
+-------------------------------+-----------+----------+ 
| Finance income received       |       332 |    3,814 | 
+-------------------------------+-----------+----------+ 
|                               |           |          | 
+-------------------------------+-----------+----------+ 
| Net cash inflow from          |       332 |    3,814 | 
| investing activities          |           |          | 
+-------------------------------+-----------+----------+ 
|                               |           |          | 
+-------------------------------+-----------+----------+ 
| Cash (outflow)/inflow from    |           |          | 
| financing activities          |           |          | 
+-------------------------------+-----------+----------+ 
| Finance cost paid             |     (204) |    (237) | 
+-------------------------------+-----------+----------+ 
| Proceeds from the issue of    |         - |  400,000 | 
| share capital                 |           |          | 
+-------------------------------+-----------+----------+ 
|                               |           |          | 
+-------------------------------+-----------+----------+ 
| Net cash (outflow)/inflow     |     (204) |  399,763 | 
| from financing activities     |           |          | 
+-------------------------------+-----------+----------+ 
|                               |           |          | 
+-------------------------------+-----------+----------+ 
| Net (decrease)/increase in    | (100,579) |  316,774 | 
| cash and cash equivalents     |           |          | 
+-------------------------------+-----------+----------+ 
|                               |           |          | 
+-------------------------------+-----------+----------+ 
| Cash and cash equivalents at  |   319,897 |    3,123 | 
| beginning of period           |           |          | 
+-------------------------------+-----------+----------+ 
|                               |           |          | 
+-------------------------------+-----------+----------+ 
| Cash and cash equivalents at  |   219,318 |  319,897 | 
| end of period                 |           |          | 
+-------------------------------+-----------+----------+ 
 
 
Statement of recognised income and expense for the ten month period ended 31 
December 2009 
+-------------------------------+-----------+-----------+ 
|                               |           |     Year  | 
|                               |    Period |    ended  | 
|                               |     ended |        28 | 
|                               |        31 |  February | 
|                               |  December |      2009 | 
|                               |      2009 |           | 
+-------------------------------+-----------+-----------+ 
|                               |       GBP |       GBP | 
+-------------------------------+-----------+-----------+ 
|                               |           |           | 
+-------------------------------+-----------+-----------+ 
| Loss for the financial period | (101,358) | (153,696) | 
+-------------------------------+-----------+-----------+ 
|                               |           |           | 
+-------------------------------+-----------+-----------+ 
| Total losses recognised since |           |           | 
| the last financial statements | (101,358) | (153,696) | 
+-------------------------------+-----------+-----------+ 
|                               |           |           | 
+-------------------------------+-----------+-----------+ 
| Attributable to:              |           |           | 
+-------------------------------+-----------+-----------+ 
| Equity Shareholders of the    | (101,358) | (153,696) | 
| company                       |           |           | 
+-------------------------------+-----------+-----------+ 
 
 
Notes to the financial statements for the ten month period ended 31 December 
2009 
1.         Basis of preparation 
The financial statements have continued to be prepared in accordance with IFRS 
(International Financial Reporting Standards) as adopted by the European Union, 
and with those parts of the Companies Act 2006 applicable to companies reporting 
under IFRS. 
 
Bidtimes plc's financial statements were previously prepared in accordance with 
United Kingdom accounting standards (United Kingdom Generally Accepted 
Accounting Practice) until 28 February 2007. The date of transition to IFRS was 
1 March 2007. 
 
The preparation of financial statements in conformity with IFRS requires 
management to make judgements, estimates and assumptions that affect the 
application of policies and reported amounts in the financial statements. The 
areas involving a higher degree of judgements or complexity, or areas where 
assumptions or estimates are significant to the financial statements are 
disclosed with the notes. 
 
 
Going concern 
Following the Company raising GBP440,000 by way of a placing in the prior 
financial year, a large portion of these funds remain on deposit within the 
Company, and are available to provide support for the financial operations of 
the Company. Therefore, after making enquiries, the board have a reasonable 
expectation that the Company has adequate resources to continue in operational 
existence for the foreseeable future. For this reason, the Directors believe 
that it is appropriate to prepare the financial statements on the going concern 
basis. 
 
Revenue 
 
Revenue is the total amount receivable by the company for services provided, 
including VAT. 
 
Investments 
 
Investments which are traded on an open market are included in the balance sheet 
at their open market values, other investments are included at cost.  Impairment 
losses on investments are recognised in the profit and loss account, unless they 
arise on a previously revalued fixed asset. Impairment losses on revalued fixed 
assets are recognised in the statement of total recognised gains and losses 
until the carrying value of the asset falls below historical cost. Impairments 
below historical cost are recognised in the income statement. 
 
Financial instruments 
 
In accordance with IFRS 7 financial liabilities and equity instruments are 
classified according to the substance of the contractual arrangements entered 
into. An equity instrument is any contract that evidences a residual interest in 
the assets of the entity after deducting all of its financial liabilities. 
Where the contractual obligations of financial instruments (including share 
capital) are equivalent to a similar debt instrument, those financial 
instruments are classed as financial liabilities. Financial liabilities are 
presented as such in the balance sheet. Finance costs and gains or losses 
relating to financial liabilities are included in the income statement. Finance 
costs are calculated on a straight line basis. 
Where the contractual terms of share capital do not have any terms meeting the 
definition of a financial liability then this is classed as an equity 
instrument. Dividends and distributions relating to equity instruments are 
debited direct to equity. 
Cash and cash equivalents 
 
Cash and cash equivalent include cash at bank and in hand as well as short term 
highly liquid investments such as bank deposits. 
Equity 
 
Share capital is determined using the nominal value of shares that have been 
issued. Premiums received on the initial issuing of share capital have been 
credited to the share premium account and any costs incurred or associated with 
the issuing of shares have been deducted from share premium, net of any related 
income tax benefits. 
Retained earnings include all current and prior period results as disclosed 
within the income statement. 
2.         Turnover and loss on ordinary activities before taxation 
The turnover and loss on ordinary activities is stated after charging: 
+----------------------------+----------+----------+ 
|                            |   Period |     Year | 
|                            |    ended |    ended | 
|                            |       31 |       28 | 
|                            | December | February | 
|                            |     2009 |     2009 | 
+----------------------------+----------+----------+ 
|                            |      GBP |      GBP | 
+----------------------------+----------+----------+ 
| Auditors' remuneration     |          |          | 
+----------------------------+----------+----------+ 
| - audit services -         |    5,875 |    5,750 | 
| statutory audit            |          |          | 
+----------------------------+----------+----------+ 
| Other interest payable     |      204 |      237 | 
+----------------------------+----------+----------+ 
| Provision for diminution   |        - |    4,136 | 
| in value write downs of    |          |          | 
| investments                |          |          | 
+----------------------------+----------+----------+ 
| Bad debts                  |        - |      811 | 
+----------------------------+----------+----------+ 
 
3.         Taxation on loss on ordinary activities 
No taxation charge arises on the loss for the period (Year ended 28 February 
2009: GBPNil). 
 
The tax assessed for the year is different to the standard rate of corporation 
tax in the UK of 28 per cent. (Year ended 28 February 2009: 28.2 per cent.). 
The differences are explained as follows: 
 
+----------------------------+-----------+-----------+ 
|                            |    Period |      Year | 
|                            |     ended |     ended | 
|                            |        31 |        28 | 
|                            |  December |  February | 
|                            |      2009 |      2009 | 
+----------------------------+-----------+-----------+ 
|                            |       GBP |       GBP | 
+----------------------------+-----------+-----------+ 
|                            |           |           | 
+----------------------------+-----------+-----------+ 
| Loss on ordinary           | (101,358) | (153,696) | 
| activities before tax      |           |           | 
+----------------------------+-----------+-----------+ 
| Loss on ordinary           |  (28,380) |  (43,342) | 
| activities before tax      |           |           | 
| multiplied by the standard |           |           | 
| rate of corporation tax in |           |           | 
| the UK of 28%              |           |           | 
| (Year ended 28 February    |           |           | 
| 2009: 28.2%)               |           |           | 
+----------------------------+-----------+-----------+ 
Effect of: 
+----------------------------+--------+--------+ 
| Disallowable expenses      |      - | 11,326 | 
+----------------------------+--------+--------+ 
| Losses carried forward     | 28,380 | 32,016 | 
+----------------------------+--------+--------+ 
| Current tax charge for     |      - |      - | 
| year                       |        |        | 
+----------------------------+--------+--------+ 
 
Unrelieved trading tax losses of GBP827,301 (Year ended 28 February 2009: 
GBP725,943) are available to offset against future taxable trading profits. 
 
4.         Loss per share 
The calculation of the basic loss per share is based on the loss on ordinary 
activities after tax and on the weighted average number of ordinary shares in 
issue during the period.  The impact of the share options is anti dilutive. 
 
+--------+-----------+------------+---------+-----------+------------+---------+ 
|        |        31 December 2009          |        28 February 2009          | 
+--------+----------------------------------+----------------------------------+ 
|        |           |   Weighted |    Loss |           |   Weighted |    Loss | 
|        |           |    average |     per |           |    average |     per | 
|        |      Loss |     number |   share |      Loss |     number |   share | 
|        |       GBP |         of | (pence) |       GBP |         of | (pence) | 
|        |           |     shares |         |           |     shares |         | 
+--------+-----------+------------+---------+-----------+------------+---------+ 
|        |           |            |         |           |            |         | 
+--------+-----------+------------+---------+-----------+------------+---------+ 
| Basic  |           |            |         |           |            |         | 
| loss   | (101,358) | 97,373,523 |  (0.10) | (153,696) | 70,633,797 |  (0.22) | 
| per    |           |            |         |           |            |         | 
| share  |           |            |         |           |            |         | 
+--------+-----------+------------+---------+-----------+------------+---------+ 
 
5.         Cash and cash equivalents 
Cash and cash equivalents comprise of the following components: 
 
+--------------------------------+----------+----------+ 
|                                |   Period |     Year | 
|                                |    ended |    ended | 
|                                |       31 |       28 | 
|                                | December | February | 
|                                |     2009 |     2008 | 
+--------------------------------+----------+----------+ 
|                                |      GBP |      GBP | 
+--------------------------------+----------+----------+ 
|                                |          |          | 
+--------------------------------+----------+----------+ 
| Current accounts               |   17,108 |   48,019 | 
+--------------------------------+----------+----------+ 
| Deposit accounts               |  202,210 |  271,878 | 
+--------------------------------+----------+----------+ 
|                                |  219,318 |  319,897 | 
+--------------------------------+----------+----------+ 
 
6.         Reconciliation of net cash flow to movement in net funds 
+--------------------------------+-----------+----------+ 
|                                |    Period |     Year | 
|                                |     ended |    ended | 
|                                |        31 |       28 | 
|                                |  December | February | 
|                                |      2009 |     2009 | 
+--------------------------------+-----------+----------+ 
|                                |       GBP |      GBP | 
+--------------------------------+-----------+----------+ 
|                                |           |          | 
+--------------------------------+-----------+----------+ 
| (Decrease)/Increase in cash    | (100,579) |  316,774 | 
+--------------------------------+-----------+----------+ 
| Net proceeds from disposal of  |         - |        - | 
| freehold property investment   |           |          | 
+--------------------------------+-----------+----------+ 
|                                | (100,579) |  316,774 | 
+--------------------------------+-----------+----------+ 
| Net funds at the beginning of  |   319,897 |    3,123 | 
| the year                       |           |          | 
+--------------------------------+-----------+----------+ 
|                                |           |          | 
+--------------------------------+-----------+----------+ 
| Net funds at the end of the    |   219,318 |  319,897 | 
| year                           |           |          | 
+--------------------------------+-----------+----------+ 
 
7.         Reconciliation of cash outflow from operating activities 
+--------------------------------+-----------+-----------+ 
|                                |    Period |      Year | 
|                                |     ended |     ended | 
|                                |        31 |        28 | 
|                                |  December |  February | 
|                                |      2009 |      2009 | 
+--------------------------------+-----------+-----------+ 
|                                |       GBP |       GBP | 
+--------------------------------+-----------+-----------+ 
|                                |           |           | 
+--------------------------------+-----------+-----------+ 
| Operating loss                 | (101,486) | (157,273) | 
+--------------------------------+-----------+-----------+ 
| Decrease in debtors            |     1,437 |    56,752 | 
+--------------------------------+-----------+-----------+ 
| (Decrease)/Increase in         |     (658) |     9,582 | 
| creditors                      |           |           | 
+--------------------------------+-----------+-----------+ 
| Amounts written off            |         - |     4,136 | 
| investments                    |           |           | 
+--------------------------------+-----------+-----------+ 
|                                |           |           | 
+--------------------------------+-----------+-----------+ 
| Net cash outflow from          | (100,707) |  (86,803) | 
| operating activities           |           |           | 
+--------------------------------+-----------+-----------+ 
 
8.         Analysis of changes in cash and cash equivalents and net funds 
+--------------+---------+-----------+----------+----------+ 
|              |     At  |      Cash |          |       At | 
|              |       1 |      flow |      Non |       31 | 
|              |   March |           |     cash | December | 
|              |    2009 |           | movement |     2009 | 
+--------------+---------+-----------+----------+----------+ 
|              |     GBP |       GBP |      GBP |      GBP | 
+--------------+---------+-----------+----------+----------+ 
|              |         |           |          |          | 
+--------------+---------+-----------+----------+----------+ 
| Cash at bank | 319,897 | (100,579) |        - |  219,318 | 
| and in hand  |         |           |          |          | 
+--------------+---------+-----------+----------+----------+ 
|              |         |           |          |          | 
+--------------+---------+-----------+----------+----------+ 
| Cash and     | 319,897 | (100,579) |        - |  219,318 | 
| cash         |         |           |          |          | 
| equivalents  |         |           |          |          | 
+--------------+---------+-----------+----------+----------+ 
|              |         |           |          |          | 
+--------------+---------+-----------+----------+----------+ 
|              | 319,897 | (100,579) |        - |  219,318 | 
+--------------+---------+-----------+----------+----------+ 
 
9.         Post balance sheet events 
Since the balance sheet date the Company has continued to identify and assess 
other investment opportunities in the energy sector, particularly the 
alternative energy sector in line with its investment strategy and is also 
currently assessing an opportunity in the clean energy sector. 
 
10.        Dividend 
The Directors do not recommend the payment of a dividend. 
 
11.        Availability of report and accounts 
Copies of the report and accounts will be posted to shareholders shortly, will 
be available from the Company's registered office, Meriden House, 6 Great 
Cornbow, Halesowen, West Midlands B63 3AB and from the Company's website 
www.bidtimes.com. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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