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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bidtimes | LSE:BDT | London | Ordinary Share | GB0007773046 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMBDT
RNS Number : 1607J
Bidtimes PLC
27 June 2011
27 June 2011
Bidtimes Plc
("Bidtimes" or "the Company")
Final Results for the year end 31 December 2010
Chairman's statement
I am pleased to present the annual results of the Company for the year ended 31 December 2010 in which the Company continued to pursue its stated investment strategy, with a focus on reviewing the potential acquisition of a preferred target company.
As a result on 1 April 2011 we were delighted to announce the proposed acquisition of Powerhouse Energy Inc. ("Powerhouse"), a company focusing on the commercialisation of an alternative energy business based on zero emission conversion of waste materials and coal deposits into a range of clean energy products.
The proposed acquisition is classified as a reverse takeover under the AIM Rules and as such is subject to shareholder approval at a general meeting to be held on 27 June 2011.
While the Company focused on the above transaction very limited exploration work was carried out on the exploration licence over the Kyber Pass project, the Company's joint venture interest in South Australia. Subject to approval by shareholders of the proposed acquisition of Powerhouse, the Company intends to terminate the joint venture interest.
During the year, the Company made a loss of GBP89,154 after taxation, compared with a loss of GBP101,358 in the ten months ended 31 December 2009. Should the proposed acquisition of Powerhouse be approved the next set of results will incorporate the full trading results of the enlarged group.
A.T. Brennan
Executive Chairman
24 June 2011
Further enquiries:
Bidtimes plc Anthony Brennan, Executive Chairman T: +44 (0) 753 (tony@deltacapital.com.au) 513 8974 Merchant Securities Limited (Nomad/Broker) T: +44 (0) 20 7628 David Worlidge / Simon Clements 2200
Income Statement
for the year ended 31 December 2010
Hot Features
Premium
Year ended Period ended
31 December 31 December
Note 2010 2009
GBP GBP
Revenue 2 - -
Administrative expenses
Other administrative expenses (89,216) (101,486)
(89,216) (101,486)
Operating loss (89,216) (101,486)
------------ ------------
Loss on ordinary activities before
taxation and finance costs (89,216) (101,486)
Finance income 174 332
Finance costs (112) (204)
------------ ------------
Net finance income 62 128
Loss on ordinary activities before
taxation 2 (89,154) (101,358)
Taxation 3 - -
------------ ------------
Loss on ordinary activities after
taxation 8 (89,154) (101,358)
============ ============
Attributable to:
Equity shareholders of the Company (89,154) (101,358)
------------ ------------
Loss transferred to reserves (89,154) (101,358)
============ ============
Basic loss per share (pence) 4 (0.09)p (0.10)p
------------ ------------
Balance Sheet
for the year ended 31 December 2010
31 December 31 December
Note 2010 2009
GBP GBP
Current assets
Trade and other receivables 5 308,350 1,519
Cash and cash equivalents 8 120,772 219,318
----------- -----------
429,122 220,837
Total assets 429,122 220,837
Current liabilities
Trade and other payables 7 (338,134) (40,695)
----------- -----------
Total liabilities (338,134) (40,695)
----------- -----------
Net assets 90,988 180,142
=========== ===========
Shareholders' funds
Issued capital 1,268,676 1,268,676
Share premium account 714,948 714,948
Retained earnings (1,892,636) (1,803,482)
----------- -----------
Total equity 8 90,988 180,142
=========== ===========
Cash flow statement
for the year ended 31 December 2010
Year ended Period ended
31 December 31 December
Note 2010 2009
GBP GBP
Cash outflow from operating activities 9 (98,608) (100,707)
Cash inflow from investing activities
Finance income received 174 332
------------ ------------
Net cash inflow from investing activities 174 332
------------ ------------
Cash (outflow)/inflow from financing
activities
Finance cost paid (112) (204)
------------ ------------
Net cash (outflow)/inflow from financing
activities (112) (204)
------------ ------------
Net (decrease)/increase in cash and
cash equivalents (98,546) (100,579)
------------ ------------
Cash and cash equivalents at beginning
of period 219,318 319,897
------------ ------------
Cash and cash equivalents at end of
period 10 120,772 219,318
============ ============
Statement of recognised income and expense
for the year ended 31 December 2010
Year ended Period ended
31 December 31 December
2010 2009
GBP GBP
Loss for the financial year (89,154) (101,358)
------------ ------------
Total losses recognised since the
last financial statements (89,154) (101,358)
============ ============
Attributable to:
Equity shareholders of the Company (89,154) (101,358)
============ ============
Notes to the financial statements
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.
The financial information set out above does not constitute the Company's statutory accounts for the period ended 31 December 2009 or the year ended 31 December 2010, but is derived from those accounts. Statutory accounts for 2009 have been delivered to the Registrar of Companies and those for 2010 will be delivered following the Company's Annual General Meeting.
2. Turnover and loss on ordinary activities before taxation
The turnover and loss on ordinary activities is stated after charging:
Year ended Period ended
31 December 31 December
2010 2009
GBP GBP
Auditors' remuneration
- audit services - statutory audit 6,000 5,875
Other interest payable 112 204
============ ============
3. Taxation on loss on ordinary activities
No taxation charge arises on the loss for the year (Period ended 31 December 2009: GBPNil).
The tax assessed for the year is different to the standard rate of corporation tax in the UK of 28 per cent (Period ended 31 December 2009: 28 per cent). The differences are explained as follows:
Year ended Period ended
31 December 31 December
2010 2009
GBP GBP
Loss on ordinary activities before tax (89,154) (101,358)
============= =============
Loss on ordinary activities before tax
multiplied by the standard rate of corporation
tax in the UK of 28% (Period ended 31 December
2009: 28%) (24,963) (28,380)
============= =============
Effect of:
Disallowable expenses - -
Losses carried forward 24,963 28,380
------------- -------------
Current tax charge for year - -
============= =============
Unrelieved trading tax losses of GBP916,455 (Period ended 31 December 2009: GBP827,301) 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 year. The impact of the share options is anti dilutive.
31 December 2010 31 December 2009
Weighted Weighted
average Loss per average Loss per
Loss number of share Loss number of share
GBP shares (pence) GBP shares (pence)
Basic loss
per
share (89,154) 97,373,523 (0.09) (101,358) 97,373,523 (0.10)
-------- ---------- --------- --------- ---------- ----------
5. Trade and other receivables
Year ended Period ended
31 December 31 December
2010 2009
GBP GBP
Prepayments and accrued income 3,809 1,519
Other receivables 304,541 -
------------ ------------
308,350 1,519
============ ============
6. Cash and cash equivalents
Year ended Period ended
31 December 31 December
2010 2009
GBP GBP
Current accounts 15,647 17,108
Deposit accounts 105,125 202,210
------------ ------------
120,772 219,318
============ ============
7. Trade and other payables
Year ended Period ended
31 December 31 December
2010 2009
GBP GBP
Accruals and deferred income 43,172 40,618
Other payables 294,962 77
------------ ------------
338,134 40,695
============ ============
The carrying values of the trade and other payables are considered to be a reasonable approximation of their fair value. Therefore, no discounting of the carrying values of the trade and other payables has been deemed necessary.
8. Reconciliation of movements in shareholders' funds
Year ended Period ended
31 December 31 December
2010 2009
GBP GBP
Loss on ordinary activities after taxation (89,154) (101,358)
------------ ------------
Net (decrease)/increase in shareholders'
funds (89,154) (101,358)
Opening shareholders' funds 180,142 281,500
------------ ------------
Closing shareholders' funds 90,988 180,142
============ ============
9. Reconciliation of cash outflow from operating activities
Year ended Period ended
31 December 31 December
2010 2009
GBP GBP
Operating loss (89,216) (101,486)
(Increase)/decrease in debtors (306,831) 1,437
Increase/(decrease) in creditors 297,439 (658)
------------ ------------
Net cash outflow from operating activities (98,608) (100,707)
============ ============
10. Reconciliation of net cash flow to movement in net funds
Year ended Period ended
31 December 31 December
2010 2009
GBP GBP
Decrease in cash (98,546) (100,579)
------------ ------------
(98,546) (100,579)
Net funds at the beginning of the year 219,318 319,897
------------ ------------
Net funds at the end of the year 120,772 219,318
============ ============
11. Analysis of changes in cash and cash equivalents and net funds
At At
1 January Non cash 31 December
2010 Cash flow movement 2010
GBP GBP GBP GBP
Cash at bank and in hand 219,318 (98,546) - 120,772
---------- --------- --------- ------------
Cash and cash equivalents 219,318 (98,546) - 120,772
---------- --------- --------- ------------
219,318 (98,546) - 120,772
========== ========= ========= ============
12. Post balance sheet events
On 1 April 2011 the Company announced the proposed acquisition of PowerHouse Energy Inc. ("Powerhouse"), a company focusing on the commercialisation of an alternative energy business based on zero emission conversion of waste materials and coal deposits into a range of clean energy products. The proposed acquisition is classified as a reverse takeover under the AIM Rules and as such is subject to shareholder approval at a general meeting to be held on 27 June 2011.
Since the balance sheet date additional transaction costs of GBP308,325 have been incurred and paid by Powerhouse in relation to the proposed acquisition. These costs are fully underwritten by EnviroEnergy Resources Limited ("ERL") until such time as the acquisition completes.
13. Dividend
The Directors do no recommend the payment of a dividend.
14. Availability of Report & 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
FR KDLBLFQFEBBL
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