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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.055 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3524X Capital Ideas PLC 24 January 2006 CAPITAL IDEAS PLC Interim results for the six months ended 31 October 2005 Chairman's statement Results For the six months to 31 October 2005, the company made a profit before tax of #178,000 (six months to 31 October 2004 loss of #7,000, year to 30 April 2005 loss of #15,000), resulting in earnings per share of 0.09p (six months to 31 October 2004 loss per share of 0.005p, year to 30 April 2005 loss per share of 0.01p). The board is extremely pleased with the company's progress and the results it has achieved over the last six months. The profits achieved are a direct result of Capital Ideas plc's new focus on investing in companies that are experiencing difficulties whether they be management or finance related. Capital Ideas plc is able to invest both cash and management expertise in those companies considered to have sound business foundations and the capacity for a swift return to profitability. In the half year ending 31 October 2005, the company invested in three companies and has already benefited from the partial disposal of two of these investments. Progress Since 31 October 2005 the company has made two further investments: Bfresh Limited Capital Ideas plc invested #30,000 by way of a loan, which will be convertible into ordinary shares after 4 months. An interest payment of #5,000 is also receivable upon conversion. Bfresh is an operator of vending machines located in health clubs and hotels. It currently has over 300 machines at various sites vending miniature toiletries and is growing its business rapidly with 500 additional machines expected to be installed by 31 March 2006. The funds will be used to help fund this expansion. Phoenixchurch Limited t/a Miller Consulting Capital Ideas plc has invested #55,000 into Phoenixchurch Limited t/a Miller Consulting via a combination of loan and equity. The investment has been made in the form of a #30,000 loan repayable over 2 years with an interest rate of 5% and the purchase of 15% of the share capital for a consideration of #25,000. Miller Consulting is a leading player in the mechanical and electrical engineering consultancy industry, although the absence of proper management constraints and procedures meant the company experienced financial difficulties in 2004/5 due to over expansion. Phoenixchurch Limited acquired the assets and goodwill of the company from the Administrator and has restructured and strengthened the administrative side of the business. The investments held by the company are currently performing in line with the Board's expectations. All investments are valued at cost in the balance sheet and at this stage the Board considers that there is no requirement to revalue these investments. Outlook Capital Ideas plc will continue to make additional investments where it considers it can make strong returns for its investors and where we can add significant value to investee companies. The board believes that Capital Ideas plc benefits from strong deal flow and therefore the directors are confident of the company's future prospects. Renwick Haddow,Chairman For further information Renwick Haddow Tel: +44 (0)207 623 3345 Zoe Biddick, Biddicks Tel: +44 (0)207 448 1000 CAPITAL IDEAS PLC Profit and loss account for the six months ended 31 October 2005 Note Six months Six months ended 31 ended 31 Year ended 30 October 2005 October 2004 April 2005 Unaudited Unaudited Audited #000 #000 #000 Turnover 2 281 - - Cost of sales (46) - - -------- -------- -------- Gross profit 235 - - Administrative expenses (56) (7) (15) -------- -------- -------- Operating profit/(loss) 2 179 (7) (15) Loss on disposal of operations 3 (1) - - -------- -------- -------- Profit/(loss) on ordinary activities before interest 178 (7) (15) Interest payable and similar - - - charges Interest receivable and - - - similar income -------- -------- -------- Profit/(loss) on ordinary activities before taxation 178 (7) (15) Tax on loss on ordinary activities 4 - - - -------- -------- -------- Retained loss for the financial period 178 (7) (15) ======== ======== ======== Earnings/(loss) per ordinary share 5 0.09p (0.005)p (0.01)p Basic and fully diluted ======== ======== ======== Balance sheet at 31 October 2005 Note Six months Six months ended 31 ended 31 Year ended 30 October 2005 October 2004 April 2005 Unaudited Unaudited Audited #000 #000 #000 Fixed assets Investments 6 97 - - -------- -------- -------- 97 - - -------- -------- -------- Current assets Debtors 93 3 4 Cash at bank and in hand 205 2 41 -------- -------- -------- 298 5 45 Creditors: amounts falling due within one year (90) (71) (47) -------- -------- -------- Net current assets/(liabil ities) 208 (66) (2) -------- -------- -------- Total assets less current liabilities 305 (66) (2) Creditors: amounts falling - - - due after more than one -------- -------- -------- year Net assets 305 (66) (2) ======== ======== ======== Capital and reserves Called up share capital 1,410 1,305 1,360 Share premium account 1,093 997 1,014 Profit and loss account (2,198) (2,368) (2,376) -------- -------- -------- Equity shareholders' funds 7 305 (66) (2) ======== ======== ======== Cash flow statement for the six months ended 31 October 2005 Note Six months Six months ended 31 ended 31Year ended 30 October 2005 October 2004 April 2005 Unaudited Unaudited Audited #000 #000 #000 Net cash inflow/(outflo w) from operating activities 8 133 1 (5) Returns on investment and - - - servicing of finance Capital expenditure and financial investments (97) - - Acquisitions and disposals (1) - - -------- -------- -------- Cash inflow/(outflo w) before financing 35 1 (5) Financing 129 - 45 -------- -------- -------- Increase in cash and cash equivalents in the period 164 1 40 Cash and cash equivalents at start of the period 41 1 1 -------- -------- -------- Cash and cash equivalents at end of the period 205 2 41 ======== ======== ======== Reconciliation of net funds 1 May Non- cash 2005 Cash flow Movement 31 October 2005 #000 #000 #000 #000 Cash at bank and in hand 41 164 - 205 ========= ======== ========= ======== Notes 1 BASIS OF PREPARATION The Directors approved the interim financial statements on 18 January 2006. The interim financial information for the six months to 31 October 2005 is unaudited and has been prepared based on the accounting policies set out in the statutory accounts for the year ended 30 April 2005. These accounting policies are also expected to be adopted in the statutory accounts for the year ended 30 April 2006. The interim financial information for the six months ended 31 October 2005 does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The statutory accounts for the year ended 30 April 2005, which received an unqualified auditors' report, have been delivered to the Registrar of Companies. 2 TURNOVER Consolidated turnover of the Group previously consisted of gross revenue receivable from the provision of sporting programmes and other such services. The provision of sporting programmes within the Group ceased on 22 August 2003 with the disposal of the subsidiary The International Academy plc. From that date to 30 April 2005, the company was effectively 'a shell' until a new investment strategy commenced from May 2005. Since the main activity of the company remains that of investment in companies, reported turnover in the period represents proceeds receivable on the part or full disposal of such investments. 3 LOSS ON DISPOSAL OF OPERATIONS 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 six month period to 31 October 2005, 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 #3,000 in respect of professional fees resulting from the claim. The net effect of this transaction was a #1,000 loss on the disposal of the operation. 4 TAXATION There is no tax liability for the periods reported due to excess management expenses brought forward. 5 EARNINGS/(LOSS) PER ORDINARY SHARE The calculation of basic earnings per share is based on profits of #178,000 (six months ended 31 October 2004: loss of #7,000, year ended 30 April 2005: loss of #15,000) and ordinary shares of 194,463,888, (31 October 2004: 130,477,519 shares, 30 April 2005: 135,115,272) being the weighted average number of ordinary shares in issue during the period. 6 INVESTMENTS Six months Six months ended 31 ended 31 Year ended 30 October 2005 October 2004 April 2005 #000 #000 #000 Listed investments - - - Unlisted investments 97 - - -------- -------- -------- 97 - - ======== ======== ======== 7 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS Six months Six months ended 31 ended 31 Year ended 30 October 2005 October 2004 April 2005 #000 #000 #000 Profit/(loss) for the financial period 178 (7) (15) New share capital subscribed (including premium and expenses) 129 - 72 Opening shareholders' funds (2) (59) (59) -------- -------- -------- Closing shareholders' funds 305 (66) (2) ======== ======== ======== 8 RECONCILIATION OF OPERATING LOSS TO OPERATING CASH FLOWS Six months Six months Year ended 30 ended 31 ended 31 April 2005 October 2005 October 2004 #000 #000 #000 Operating profit/(loss) 179 (7) (15) Depreciation - - - (Increase)/dec rease in debtors (89) 13 12 Increase/(decr ease) in creditors 43 (5) (2) Decrease in stocks - - - -------- -------- -------- Net cash inflow/(outflow) from operating activities 133 1 (5) ======== ======== ======== 9 COPIES OF INTERIM REPORT Copies of the interim report are available from the Company's Registered Office at 4 Sovereign Court, Graham Street, Birmingham, B1 3JR. CAPITAL IDEAS PLC Independent review report to CAPITAL IDEAS PLC Introduction We have been instructed by the company to review the financial information for the period to 31 October 2005 which comprises a profit and loss account, balance sheet, cash flow statement and associated notes numbered 1 to 9. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The AIM Rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim figures should be consistent with those adopted in the AIM company's annual accounts having regard to the accounting standards applicable to such annual accounts. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the period ended 31 October 2005. Rochesters Registered Auditors Chartered Accountants 23 January 2006 No 3 Caroline Court Caroline Street Birmingham B3 1TR This information is provided by RNS The company news service from the London Stock Exchange END IR AKQKNKBKDADB
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