Preliminary Results

RNS Number:1604Y
Simons & Co Limited
29 April 2004

Simons & Co Limited
Preliminary Statement

Year ended 31 December 2003



CHAIRMAN'S STATEMENT


The results for the year ended 31 December 2003 show that the policy adopted in
1998 of investing in publicly listed and unquoted companies to provide an
enhanced income continues to be reliable.  Moreover, the investment portfolio
has shown useful capital growth.

In particular, the shareholding in Wellington Market Company plc has increased
substantially and has a market value of #278,548 at 31 December 2003 compared
with its cost price of #196,338.  Since the year end the Company has agreed to
acquire a further 150,000 ordinary shares in Wellington, the precise terms of
such acquisition being dependent on whether the consideration is payable by the
issue of a Loan Notes or by the issue of new 7.5% Cumulative Preference Shares
of #1 each ranking pari passu in all respects with the existing preference share
capital or by a combination of both.  Shareholders will be informed as soon as
the matter has been concluded.  An insignificant amount of dealing in the shares
of listed companies took place.



Dividends

The dividend of 3.75% net per share due to Preference shareholders for the
period to 30 June 2003 was paid on 1 July 2003 and the dividend of 3.75% net per
share due to Preference shareholders for the period to 31 December 2003 was paid
on 1 January 2004.  No additional dividend was declared.

No dividend was declared in respect of the Company's ordinary shares.



GM SIMON
Chairman



Profit and Loss Account
for the year ended 31 December 2003
                                                             Note                                 As restated
                                                                                    2003                 2002
                                                                                       #                    #

Administrative expenses                                                         (13,828)             (18,216)
Other operating income                                                               979                1,054
Other operating expenses                                                         (3,398)             (12,983)

Operating loss - continuing operations                                          (16,247)             (30,145)
Profit on sale of fixed asset investments                                          1,230                    -

Loss on ordinary activities before interest and
investment income                                                                (15,017)             (30,145)

Income from shares in group undertakings                                          40,000               40,000
Income from other fixed asset investments                                          9,428                7,428
Interest receivable                                                                3,947                5,919
Interest payable                                                                    (21)                 (48)

Profit on ordinary activities before taxation                                     38,337               23,154
Tax credit on profit on ordinary activities                   2                    1,482                2,771

Profit on ordinary activities after taxation                                      39,819               25,925
Dividends on non-equity shares                                3                 (11,775)             (11,775)

Retained profit for the year                                                      28,044               14,150




Summarised Consolidated Cash Flow Statement
for the year ended 31 December 2003
                                                                                                 As restated
                                                                                   2003                 2002
                                                                                      #                    #

Net cash (outflow)/inflow from operating activities                            (62,027)               62,092
Returns on investment and servicing of finance                                    1,579                2,049
Taxation received                                                                   468                3,579
Financial investment                                                              1,230                    -
Management of liquid resources                                                    7,339              (2,673)

(Decrease)/increase in cash                                                    (51,411)               65,047




Summarised Balance Sheet
at 31 December 2003
                                                                                   2003                2002
                                                                                      #                   #
Fixed assets
Investments                                                                      696,338             696,338

Current assets
Debtors due within one year                                                            -              10,025
Investments                                                                        7,780              17,814
Cash at bank and in hand                                                         267,676             319,087

                                                                                 275,456             346,926
Creditors: Amounts falling due within one year                                  (18,811)           (206,151)

Net current assets                                                               256,645             140,775

Total assets less current liabilities                                            952,983             837,113

Creditors: Amounts falling due in more than one year                           (433,431)           (345,605)

Capital and reserves                                                             519,552             491,508



1.         REVENUE RECOGNITION

Previously the company recognised income from investments as turnover.  The 
company has reviewed this policy and has reclassified sources of investment 
income under the relevant statutory accounts heading as this more accurately 
reflects the company's status.  Prior year figures have been restated as follows 
so that they are comparable to the current year results.

                                                                                             #
Other operating income                                                                   1,054
Other operating expenses                                                              (12,983)
Income from shares in group undertakings                                                40,000
Income from other fixed asset investments                                                7,428
Interest receivable                                                                      5,919

Originally disclosed as turnover in 2002                                                41,418

The restatement has had no effect on shareholders funds or the
profit for the current and prior year.


2.         TAXATION

Taxation (credit)/charge for the year:
                                                                              2003                 2002
                                                                                 #                    #
UK Corporation tax:
Current tax on income for the period at 30%
(2002: 30%)                                                                      -                    -
Adjustments in respect of prior periods                                    (1,482)              (2,771)

                                                                           (1,482)              (2,771)


3.         DIVIDENDS

The final dividend of 3.75% per share due to preference shareholders
was paid on 1 January 2004.



4.         PRELIMINARY STATEMENT

This preliminary statement, which has been agreed with the auditors,
was approved by the Board on 28 April 2004.  It is not the company's statutory
accounts.  The statutory accounts for the year ended 31 December 2002 have been
delivered to the Registrar of Companies and received an audit report which was
unqualified and did not contain statements under s237 (2) or (3) of the
Companies Act 1985.  The statutory accounts for the year ended 31 December 2003
have not yet been approved, audited or filed.


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            The company news service from the London Stock Exchange
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