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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Capital Ideas | LSE:CAPT | London | Ordinary Share | GB0031453953 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.055 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:1044A Capital Ideas PLC 11 July 2007 Capital Ideas plc ("Capital Ideas" or the "Company") Preliminary Statement of Final Results for the year ended 30 April 2007 Chairman's statement Key Points * Pre-tax profit of #118,000 (2006: #301,000) * Four new equity investments made during the period - total investments now stand at 7 * Successful disposal of investment in Traction Technology Plc * Consolidated Vending Plc was admitted to AIM and the Company's investment is trading at a premium to book value Results I am pleased to report on the trading for the year ended 30 April 2007. During the year a pre-tax profit of #118,000 (2006: #301,000) has been reported and net asset value increased 28% over the period to #506,000 (2006: #394,000). Capital Ideas plc acquired new equity investments in four companies during the period under review. During the first half of the year we invested in Towerinput Ltd, Turnaround Capital plc and Traction Technology plc. During the second half we acquired an interest in Smart Implant Holdings plc, a manufacturer and distributor of breast implants and were also granted an option to acquire equity in Revo World Ltd, an exclusive global private members club. In addition, the Company disposed of its investment in Traction Technology plc ("TT"), following TT's admission to AIM. The Directors have reviewed the portfolio of investments (which now totals seven investments following the four new investments made during the year). Two companies - Forknall Limited and Miller Consulting Plc in which the Company had made small investments (#21,000 and #50,000 respectively) both went into liquidation during the period and these investments have been written off. In addition, a further equity investment in Eastern European Ventures plc was written down by #20,000 as the Directors believe there has been a permanent diminution in its carrying value. Progress The Company is pleased with its progress during the year. One of the Company's equity investments is a holding in Consolidated Vending plc ("CV plc"). CV plc was admitted to trading on AIM in December 2006 and our holding is currently trading at a premium to its net book value of #30,000. As already mentioned above, Traction Technology plc, a hybrid engine manufacturer, was also admitted to trading on AIM in December 2006 and the Company disposed of its shareholding in TT in December 2006 at a profit. During the period under review, the Company has also acquired investments in a number of, what the Directors' believe to be, exciting growth companies. The Directors continue to review a number of investment opportunities. Renwick Haddow Chairman For further information please contact: Renwick Haddow, Capital Ideas plc Tel: +44 207 623 3345 David Youngman, WH Ireland Limited Tel: +44 161 832 2174 Profit and loss account for the year ended 30 April 2007 Note Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Turnover 2 255 438 Cost of sales (11) (46) Gross profit 244 392 Administrative expenses (42) (100) Operating profit 2, 3 202 292 Loss on disposal of assets 6 (91) (4) Interest payable and similar charges - - Interest receivable and similar income 7 7 13 Profit on ordinary activities before taxation 3 118 301 Tax on profit on ordinary activities 8 (10) (34) Retained profit for the financial period 16 108 267 Earnings per ordinary share Basic and fully diluted 9 0.05p 0.12p None of the Company's operations were acquired or discontinued during the current and previous years. Statement of total recognised gains and losses for the year ended 30 April 2007 Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Profit for the financial year 108 267 Unrealised gains on revaluation of investments 4 - Total recognised gains and losses relating to the 17 112 267 year Balance sheet at 30 April 2007 Note 2007 2006 #000 #000 Fixed assets Investments 10 491 164 Current assets Debtors 11 84 281 (of which #nil (2006: #108,000) falls due after more than one year) Cash at bank and in hand 3 16 87 297 Creditors: amounts falling due within one year 12 (71) (67) Net current assets/(liabilities) 16 230 Total assets less current liabilities 507 394 Provisions for liabilities 14 (1) - Net assets/(liabilities) 506 394 Capital and reserves Called up share capital 15 1,410 1,410 Share premium account 16 1,093 1,093 Revaluation reserve 16 4 - Profit and loss account 16 (2,001) (2,109) Equity shareholders' funds 17 506 394 Cash flow statement for the year ended 30 April 2007 Year ended Year ended 30 April 30 April Note 2007 2006 #000 #000 Net cash (outflow)/inflow from operating activities 18 (23) 37 Returns on investments and servicing of finance 19 7 13 Capital expenditure and financial investments 19 3 (164) Acquisitions and disposals 19 - (4) Cash outflow before financing (13) (118) Financing 19 - 93 (Decrease) in cash in the period 19 (13) (25) Reconciliation of net cash flow to movement in net funds for the year ended 30 April 2007 Year ended Year ended 30 April 30 April Note 2007 2006 #000 #000 (Decrease) in cash in the period (13) (25) Repayment of capital element of finance leases - - Change in net debt resulting from cash flows (13) (25) Other - - Movement in net debt in the period (13) (25) Net funds at the start of the period 16 41 Net funds at the end of the period 20 3 16 Notes (forming part of the financial statements) 1. Accounting policies Basis of accounting The Company's financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. Consolidation The company has one dormant subsidiary, see note 10. Due to the immateriality of the figures this subsidiary has not been consolidated as its inclusion would not be material for providing a true and fair view of the financial statements for the Group as a whole. Turnover Turnover represents the profit/loss achieved on the part or full disposal of current asset investments made. Fixed asset investments Fixed asset investments are valued at the fair value as considered by the directors, with any gains or losses on either the cost of investment or the previous period's fair value being recognised in the statement of total recognised gains and losses. Deferred taxation The charge for taxation is based on the profit or loss for the period and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more, or a right to pay less, tax in the future have occurred at the balance sheet date, with the exception that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantially enacted at the balance sheet date. 2. Segmental analysis The operating profit for the years ended 30 April 2007 and 30 April 2006 are entirely derived from operations within the UK and a single class of business. Hence, no separate segmental analysis has been prepared. Notes (continued) 3. Profit on ordinary activities before taxation Profit on ordinary activities before taxation is stated after charging: Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Auditors' remuneration: Audit fees 4 4 Other fees paid to the auditors 2 - 4. Directors' emoluments Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Aggregate emoluments 1 51 1 51 None of the directors have accrued retirement benefits during the period to 30 April 2007 (2006: None). 5. Employee costs Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Wages and salaries 1 51 Social security costs - - Pension costs - - Total 1 51 There were no employees of Capital Ideas plc in either the current or previous year other than the directors. Notes (continued) 6. Loss on disposal assets During the period the Company wrote off #91,000 (#51,000 investments and #40,000 debtors) following the liquidation of, or considered permanent diminution in value of, three companies in which investments were held. Upon disposal of The International Academy plc on 22 August 2003, it was agreed that the company would receive a deferred consideration based on the future performance of The International Academy plc. During the year to 30 April 2006, this consideration was renegotiated to a single sum of #50,000. This income was off-set by a warranty claim by the purchaser of The International Academy plc for #48,000 in respect of taxation, plus #6,000 in respect of professional fees resulting from the claim, resulting in an overall loss of #4,000 for the year to 30 April 2006. 7. Interest receivable Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Interest receivable on bank deposits - 2 Interest receivable on loans 7 11 Interest receivable 7 13 8. Tax on loss on ordinary activities a) Analysis of charge in the period Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Current tax: UK Corporation tax 22 34 Overprovision in prior year (13) - Total current tax (Note 8(b)) 9 34 Deferred tax: Revaluation of fixed asset investments 1 - 10 34 b) Factors affecting the tax charge for the period Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Profit/(loss) on ordinary activities 118 301 Profit/(loss) on ordinary activities multiplied by standard rate of 22 90 corporation tax in the UK of 19% (year ended 30 April 2006: 30%) Effects of: Disallowed expenses and non-taxable income - 2 Taxable losses and excess charges brought forward - (58) Overprovision of Corporation Tax in prior year (13) - Current tax charge for the period (Note 8(a)) 9 34 9. Earnings per ordinary share The calculation of basic earnings per share is based on profits of #108,000 (2006: Profit of #267,000) and ordinary shares of 236,130,555 (2006: 215,297,222 shares) being the weighted average number of ordinary shares in issue during the period. The 0.9p deferred shares in issue do not have rights to either dividends or the assets of the company and have therefore been discounted from the weighted average calculation. The profit for the period and the weighted average number of ordinary shares for the purposes of calculating the fully diluted earnings per share are the same as for the basic earnings per share calculation. This is because exercise of the outstanding warrants that existed in the period would have no effect on the calculated earnings per ordinary share and would therefore not be dilutive under the terms of Financial Reporting Standard No. 22 (FRS 22). These warrants ceased on 4 April 2007. 10. Investments Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Valuation as at 1 May 2006 164 - Additions 377 193 Revaluations and write-offs (36) - Disposals (14) (29) Valuation as at 30 April 2007 491 164 Listed investments 30 - Unlisted investments 461 164 491 164 The market value of the Listed investments at 30 April 2007 was #52,387 (2006: #nil). As at 30 April 2007, investments in which the Company held 20 percent or more of the nominal value of any class of share capital are as follows: Principal Class and percentage of shares activity Registered in held and voting rights Subsidiary undertaking Leisure Ventures (UK) Limited Non trading England and Wales 100% ordinary The reserves in this company are negligible. 11. Debtors Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Loans 16 195 Other debtors 10 70 Prepayments and accrued income 58 16 84 281 Included within the Loans debtor are amounts of #nil (2006: #108,000) which fall due after more than one year. 12. Creditors: amounts falling due within one year Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Trade creditors 24 8 Accruals and deferred income 4 25 Corporation tax 43 34 71 67 13. Financial instruments An explanation of the Group's objectives, policies and strategies for the role of derivatives and other financial instruments in creating and changing the risks of the Group in its activities can be found on pages 6 and 7. Disclosure dealt with in this note excludes short-term debtors and creditors where permitted by FRS 13. Interest rate risk profile of financial assets The interest rate risk profile of the Group's financial assets was as follows: Fixed rate Floating rate Financial assets on financial financial assets which no interest is assets earned Total Sterling #000 #000 #000 #000 As at 30 April 2007 - 3 16 19 As at 30 April 2006 195 16 - 211 Fixed rate financial assets comprise: Year ended Year ended 30 April 30 April 2007 2006 #000 #000 10% loan stock - 155 9% loan stock - 15 5% loan stock - 25 - 195 Floating rate financial assets comprise: 30 April 30 April 2007 2006 #000 #000 Special interest bank account 3 16 3 16 Interest rate risk profile of financial liabilities There were no interest bearing financial liabilities as at either 30 April 2007 or 30 April 2006. 14. Provisions for liabilities 30 April 30 April 2007 2006 #000 #000 Deferred Tax Balance at 1 May 2006 - - Movement in year 1 - Balance at 30 April 2007 1 - The movement in the year is in respect of fixed asset investments revalued in the year and the tax that would be payable if they were sold at these values. 15. Called up share capital 30 April 30 April 2007 2006 #000 #000 Authorised 300,000,000 ordinary shares of 0.1p each and 300,000,000 deferred shares of 0.9p each 3,000 3,000 Allotted, issued and paid 30 April 30 April 2007 2006 #000 #000 236,130,555 ordinary shares of 0.1p each 236 236 130,477,519 deferred shares of 0.9p each 1,174 1,174 1,410 1,410 No shares were issued during the year ended 30 April 2007. (In the year to 30 April 2006 the company issued 50,000,000 ordinary shares of 0.1p each at a premium of 0.2p per share). Subsequent to the year end the authorised share capital was increased to 2,300,000,000 ordinary shares of 0.1p each and 300,000,000 deferred shares of 0.9p each, totalling #5,000,000. Rights of deferred shares The deferred shares do not possess any entitlement to any participation in the profits or assets of the Company through either dividends or a distribution on a winding-up. The holders of the deferred shares are not entitled to receive notice of or to attend or to vote at any general meeting of the Company. 16. Share premium and reserves Share Revaluation Profit Premium Reserve and Loss Account Account #000 #000 #000 As at 1 May 2006 1,093 - (2,109) Revaluations in the year on investments - 9 - Revaluations realised on disposal - (5) - Retained profit for the year - - 108 At 30 April 2007 1,093 4 (2,101) 17. Reconciliation of shareholders' funds Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Profit/(loss) for the financial period 108 267 Revaluation in the year less realised on disposal 4 - New share capital subscribed (including premium and expenses) - 129 Total movements during the year 112 396 Opening shareholders' funds 394 (2) Closing shareholders' funds 506 394 18. Reconciliation of operating loss to operating cash flows Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Operating profit 202 292 Decrease/(increase) in debtors 197 (277) (Decrease)/Increase in creditors (5) 22 Profit on sale of investments (27) - Debtors written off or converted into investments (215) - Sales paid for via investment issue (175) - Net cash (outflow)/inflow from operating activities (23) 37 19. Analysis of cash flows for headings netted in the cash flow statement Year ended Year ended 30 April 30 April 2007 2006 #000 #000 Company Returns on investments and servicing of finance Interest received 7 13 Net cash inflow from returns on investments and servicing of finance 7 13 Capital expenditure and financial investment Proceeds from disposal of investments 35 29 Payments to acquire investments (32) (193) Net cash inflow/(outflow) from capital expenditure and financial 3 (164) investment Acquisitions and disposals Costs of disposal of subsidiary - (4) Net cash (outflow) from acquisitions and disposals - (4) Financing Issues of ordinary share capital (including premium/expenses) - 129 Director's loan (repaid)/introduced - (2) Repayment of loan notes - (34) Net cash inflow from financing - 93 20. Reconciliation of net funds to the amounts shown in the balance sheet 1 May Non cash 30 April 2006 Cash flow movement 2007 #000 #000 #000 #000 Cash at bank and in hand 16 (13) - 3 Notes (continued) 21. Directors' interests and related party disclosures During the year Renwick Haddow, a director, made a loan to the company of #nil (2006: #14,999) with regards to fees incurred in respect of the subscription of share capital. During the year ended 30 April 2007 Renwick Haddow was also a director in Arc Corporate Services Limited, Europol International Plc, Eastern European Ventures Plc, Arc Fund Management Limited, Turnaround Capital Plc (formerly Public Network Plc), Consolidated Vending Plc and Traction Technology Plc. During the year the company undertook the following transactions with these companies: Commission or Loans to / Year end debtor Investments Interest charged (loans from) / (creditor) held at year / (purchases end from) # # # # Arc Corporate Services Limited (7,500) - - - Europol International Plc - - - 109,111 Eastern European Ventures Plc - 2,668 2,668 67,879 Arc Fund Management Limited 39,957 - 10,380 - Turnaround Capital Plc - 12,676 12,676 22,048 Consolidated Vending Plc - - - 30,000 During the year ended 30 April 2007 the company had acquired, and disposed of, shares in Traction Technology Plc for a profit of #27,289 and wrote down the investment in Eastern European Ventures Plc by #20,000. During the year ended 30 April 2006 Renwick Haddow was also a director in Arc Corporate Services Limited, Europol International Plc, Eastern European Ventures Plc and Public Network Plc. During the year the company undertook the following transactions with these companies: Interest charged Loans to / Year end debtor Investments / (purchases (loans from) / (creditor) held at year from) end # # # # Arc Corporate Services Limited (3,750) - - - Europol International Plc 4,752 125,000 129,752 1,139 Eastern European Ventures Plc - - - 87,879 Public Network Plc - - - 5,875 During the year ended 30 April 2006 the company had acquired, and disposed of, further shares in Europol International Plc at a value of #3,861 and in Eastern European Ventures Plc at a value of #12,121. The company made a profit of #342,139 on the disposal of the shares in Europol International Plc and a profit of #37,879 on the disposal of shares in Eastern European Ventures Plc. 22. Controlling party No single individual has sole control of the Company. Notes (continued) 23. Capital commitments Amounts contracted for but not provided in the accounts amounted to #nil (2006: #Nil). 24. Other financial commitments At 30 April 2007 the Company had no annual commitments under non-cancellable operating leases (2006: #Nil). Annual Report and Accounts Copies of the Annual Report and Accounts for the year ended 30 April 2007 will be posted to shareholders by 30 October 2007 and will be available, free of charge, from the offices of the Company:- 4 Sovereign Court, Graham Street, Birmingham, B1 3JR for a period of 14 days from the date of their posting. The Company's Annual General Meeting will be announced in due course. This information is provided by RNS The company news service from the London Stock Exchange END FR RBMRTMMJBBRR
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