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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:1660Q Capital Ideas PLC 26 January 2007 CAPITAL IDEAS PLC Interim results for the six months ended 31 October 2006 Chairman's statement Results I am pleased to report on the trading for the first half ended 31 October 2006. During the last six months a pre-tax loss of #31,000 (pre-tax profit #178,000) has been reported as no asset disposals were made within the period. Capital Ideas acquired stakes in three companies over the six months, namely Tower Input Limited, Traction Technology plc and Turnaround Capital plc. These took the total number of investments to nine. Forknall Limited, a fencing manufacturer in which the Company had invested #21,000 went into liquidation during the period The last six months has seen an increase in the portfolio of investments, however there were no asset realisations during this period. This position is expected to reverse in the second half with a number of realisations already in the pipeline. Progress The second half has started well with the admission of Consolidated Vending plc to AIM. The Company's holding in this company is currently valued at a premium to its book value of #30,000 We are scheduled to dispose of this by the end of March 2007. Traction Technology plc was admitted to AIM in December 2006 and our investment in this business was disposed of before admission, realising a profit of #24,000. Turnaround Capital plc: the Company has a holding in this business which has a book value of #22,000. Arrangements are in place to dispose of this shareholding in the first half of 2007. Europol International plc: the Company has a book value investment of #101,000 and this investment is currently being marketed via an IPO Offer which should result in its partial or total disposal As mentioned above, Forknall Limited, which had a book value of #21,000, was written off during the first half as the company went into liquidation. The board has reviewed the other investments and considers there is no need for any further impairment. Outlook The second half should result in the total or partial disposal of at least two further investments, Turnaround Capital plc and Europol International plc. In addition, the Company has already disposed of its shareholding in Traction Technology plc. We are currently reviewing a number of attractive investment opportunities and are confident of the future prospects of the Company. 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 2006 Note Six months Six months Year ended 31 ended 31 ended 30 October 2006 October 2005 April 2006 Unaudited Unaudited Audited #000 #000 #000 Turnover 2 13 281 438 Cost of sales (1) (46) (46) -------- -------- -------- Gross profit 12 235 392 Administrative expenses (28) (56) (100) -------- -------- -------- Operating (loss)/profit (16) 179 292 Loss on disposal of assets 3 (21) (1) (4) -------- -------- -------- (Loss)/profit on ordinary activities before interest (37) 178 288 Interest payable and similar charges - - - Interest receivable and similar income 6 - 13 -------- -------- -------- (Loss)/profit on ordinary activities before taxation (31) 178 301 Tax on loss on ordinary activities 4 11 - (34) -------- -------- -------- Retained (loss)/profit for the financial period (20) 178 267 ======== ======== ======== (Loss)/earnings per ordinary share Basic and fully diluted 5 (0.008)p 0.09p 0.12p ======== ======== ======== Balance sheet at 31 October 2006 Note Six months Six months Year ended 31 ended 31 ended 30 October 2006 October 2005 April 2006 Unaudited Unaudited Audited #000 #000 #000 Fixed assets Investments 6 221 97 164 -------- -------- -------- 221 97 164 -------- -------- -------- Current assets Debtors 7 192 93 281 Cash at bank and in hand 16 205 16 -------- -------- -------- 208 298 297 Creditors: amounts falling due within one year (46) (90) (67) -------- -------- -------- Net current assets 162 208 230 -------- -------- -------- Total assets less current liabilities 383 305 394 Creditors: amounts falling due after more than one year - - - -------- -------- -------- Net assets 383 305 394 ======== ======== ======== Capital and reserves Called up share capital 1,410 1,410 1,410 Share premium account 1,093 1,093 1,093 Revaluation Reserve 9 - - Profit and loss account (2,129) (2,198) (2,109) -------- -------- -------- Equityshareholders' funds 8 383 305 394 ======== ======== ======== Cash flow statement for the six months ended 31 October 2006 Note Six months Six months Year ended 31 ended 31 ended 30 October 2006 October 2005 April 2006 Unaudited Unaudited Audited #000 #000 #000 Net cash inflow from operating activities 9 10 133 37 Returns on investment and servicing of finance 6 - 13 Capital expenditure and financial investments (16) (97) (164) Acquisitions and disposals - (1) (4) -------- -------- -------- Cash inflow/(outflow) before financing - 35 (118) Financing - 129 93 -------- -------- -------- Increase in cash and cash equivalents in the period - 164 (25) Cash and cash equivalents at start of the period 16 41 41 -------- -------- -------- Cash and cash equivalents at end of the period 16 205 16 ======== ======== ======== Reconciliation of net funds 1 May Cash flow Non-cash 31 October 2006 Movement 2006 #000 #000 #000 #000 Cash at bank and in hand 16 - - 16 ========= ======== ========= ======== Notes 1 BASIS OF PREPARATION The Directors approved the interim financial statements on 20 January 2007. The interim financial information for the six months to 31 October 2006 is unaudited and has been prepared based on the accounting policies set out in the statutory accounts for the year ended 30 April 2006. These accounting policies are also expected to be adopted in the statutory accounts for the year ended 30 April 2007. The interim financial information for the six months ended 31 October 2006 does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The statutory accounts for the year ended 30 April 2006, which received an unqualified auditors' report, have been delivered to the Registrar of Companies. 2 TURNOVER The main activity of the Company remains that of investment in companies and hence reported turnover in the period represents proceeds receivable on the part or full disposal of such investments and the provision of related services. 3 LOSS ON DISPOSAL OF ASSETS During the period the Company wrote off #21,000 (#6,000 investments and #15,000 debtors) following the liquidation of Forknall Limited. 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 in the period to 31 October 2005. A further #3,000 of professional fees were subsequently incurred in respect of this matter, thereby resulting in an overall loss of #4,000 for the year to 30 April 2006. 4 TAXATION A tax liability of #34,000 was provided for in respect of the year ended 30 April 2006. Upon calculation of the actual liability this amount was reduced by #8,000 to #26,000. This adjustment combined with the tax credit of #3,000,based on the taxable losses for the period to 31 October 2006, results in an overall corporation tax credit of #11,000 for the period to 31 October 2006. 5 (LOSS)/EARNINGS PER ORDINARY SHARE The calculation of basic earnings per share is based on losses of #20,000 (six months ended 31 October 2005: profits of #178,000, year ended 30 April 2006: profits of #267,000) and ordinary shares of 236,130,555 (31 October 2005: 194,463,888 shares, 30 April 2006: 215,297,222) being the weighted average number of ordinary shares in issue during the period. The 0.9p deferred shares in existence 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 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). 6 INVESTMENTS Six months Six months Year ended 31 ended 31 ended 30 October 2006 October 2005 April 2006 #000 #000 #000 Unlisted Investments Value held as at start of period 164 - - Additions 54 112 193 Disposals (6) (15) (29) Revaluations 9 - - -------- -------- -------- Value held as at end of period 221 97 164 ======== ======== ======== 7 DEBTORS Six months Six months Year ended 31 ended 31 ended 30 October 2006 October 2005 April 2006 #000 #000 #000 Loans: As at start of period 195 - - New advances 1 40 200 Repayments and redemptions (70) - (5) -------- -------- -------- As at end of period 126 40 195 Trade debtors 10 - - Prepayments 11 1 16 Other debtors 45 52 70 -------- -------- -------- 192 93 281 ======== ======== ======== 8 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS Six months Six months Year ended 31 ended 31 ended 30 October 2006 October 2005 April 2006 #000 #000 #000 (Loss)/profit for the financial period (20) 178 267 New share capital subscribed (including premium and expenses) - 129 129 Revaluation of investments 9 - - Opening shareholders' funds 394 (2) (2) -------- -------- -------- Closing shareholders'funds 383 305 394 ======== ======== ======== 9 RECONCILIATION OF OPERATING LOSS TO OPERATING CASH FLOWS Six months Six months Year ended 31 ended 31 ended 30 October 2006 October 2005 April 2006 #000 #000 #000 Operating (loss)/profit (37) 179 292 Decrease/(increase) in debtors 89 (89) (277) (Decrease)/increase in creditors (10) 43 22 Loans and debtors converted into equity (38) - - Investments written-off 6 - - -------- -------- -------- Net cash inflow from operating activities 10 133 37 ======== ======== ======== 10 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. This information is provided by RNS The company news service from the London Stock Exchange END IR OKPKKABKDNDB
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