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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Crystalband | LSE:CRYB | London | Ordinary Share | GB00B05R5L10 | 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% | 2.74 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1452U Crystalband PLC 30 March 2007 CRYSTALBAND PLC RESULTS TO 30 SEPTEMBER 2006 Chairman's Statement Turnover for the period ended 30 September 2006 was #5.035m, an increase of #0.820m on the previous year ended 30 September 2005. We believe this is a reflection of the strategic decision taken by the directors of the Company to diversify into the trade, new build and commercial market and away from the low margin, high volume sectors of the industry. Disappointingly we have to report that the transition has resulted in further losses being made this year with losses on ordinary activities before taxation amounting to #0.654m. These losses have arisen principally as a result of operational inefficiencies and a number of bad debts being incurred at a time when the previous management team expanded too rapidly. This expansion resulted in quality and service levels decreasing which led to difficulties in collecting debts from a number of customers. Management changes were implemented in November 2006 and the new members of the management team have worked on restoring quality and service levels back up to the standards we and our customers expect. Given the losses sustained in the year the board does not recommend a dividend to be paid at this time. I have to report that the year has been very tough not only for us, but for many of the manufacturers in our industry. The board however has made no compromises in maintaining and improving the quality of the Company's products and I do believe we are heading in the right direction with the current management team. We are continuing our search for a new managing director and I believe this appointment will complete a young and enthusiastic team who can build the business from what the board now believes are stable foundations. We have recently undertaken a further review of our operational systems and focused on a further cost reduction programme with a view to ensuring we are operating as efficiently as we can. We believe that this review and the decisions implemented are now beginning to show through in the results of the business which show that overheads are now under control and the Company is operating more efficiently. One very pleasing aspect is the further development of our relationship with the local authority contract reported in the previous Chairman's Statement and I am delighted to report that we have negotiated further contracts in this area. In addition, we have made a number of significant additions to our customer base in the first six months of the current year. This is very pleasing and I believe has resulted directly from the changes that have recently been implemented. In summary, the year has undoubtedly been a challenging one but despite the results for the period I believe we have finally laid a solid foundation for the future and have a team in place to deliver good operational and financial performance in the remainder of the financial year. Alan Rothwell Chairman 30 March 2007 PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2006 Year end Period to 30.09.06 30.09.05 Notes # # Turnover 2 5,035,471 4,215,112 Cost of sales (3,731,419) (3,769,976) Gross Profit 1,304,052 445,136 Administrative expenses (1,899,155) (1,840,935) Other operating income 3 2,693 31,006 Operating Loss 4 (592,410) (1,364,793) Exceptional item - restructuring costs - (119,431) Interest receivable 72,627 68,312 Interest payable and similar charges (134,821) (57,899) Loss on Ordinary Activities Before Taxation (654,604) (1,473,811) Tax on loss on ordinary activities - - Loss for the Financial Period (654,604) (1,473,811) Loss per ordinary share (pence) 6 (2.3) (7.13) All of the activities of the group are classed as continuing. The group has no recognised gains or losses other than the results for the period as set out above. There is no difference between the results for the year shown above and those presented on the historical costs basis. RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS' FUNDS FOR THE YEAR ENDED 30 SEPTEMBER 2006 Year to Period to 30.09.06 30.09.05 # # # # Loss for the financial year (654,604) (1,473,811) New equity share capital subscribed - 139,432 Net premium on new share capital subscribed - 2,768,865 - 2,908,297 Net (reduction)/addition to funds (654,604) 1,434,486 Opening shareholders equity funds 1,434,486 - Closing shareholders' equity funds 779,882 1,434,486 GROUP BALANCE SHEET FOR THE YEAR ENDED 30 SEPTEMBER 2006 Year to Period to 30.09.06 30.09.05 Notes # # # # Fixed Assets Intangible assets 2,894,094 3,054,877 Tangible assets 535,210 318,885 3,429,304 3,373,762 Current Assets Stocks 7 252,341 290,919 Debtors 8 1,367,578 935,486 Short term deposits 1,600,000 1,600,000 Cash in hand 554 5,530 3,220,473 2,831,935 Creditors: Amounts falling due within one year 9 (5,770,810) (4,727,156) Net Current Liabilities (2,550,337) (1,895,221) Total Assets Less Current Liabilities 878,967 1,478,541 Creditors: Amounts falling due after more than one year 10 (99,085) (44,055) 779,882 1,434,486 Capital and Reserves Called-up equity share capital 11 139,432 139,432 Share premium account 2,768,865 2,768,865 Profit and loss account (2,128,415) (1,473,811) Shareholders' Funds 779,882 1,434,486 GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2006 Year to Period to 30.09.06 30.09.05 # # # # Net Cash Inflow From Operating Activities 107,655 (2,458,714) Returns on Investments and Servicing of Finance Interest received 72,627 68,312 Interest paid (120,610) (56,220) Interest element of hire purchase (14,211) (1,679) Net Cash Inflow From Returns on Investments & Servicing (62,194) 10,413 of Finance Capital Expenditure Payments to acquire tangible fixed assets (121,477) (118,355) Receipts from sale of fixed assets 29,000 123,500 Net Cash Outflow From Capital Expenditure (92,477) 5,145 Acquisitions and Disposals Cash acquired with subsidiary - 186,000 Net Cash Inflow From Acquisitions and Disposals - 186,000 Cash Outflow Before Financing (47,016) (2,257,156) Financing Issue of equity share capital - 3,434,082 Expenses paid in connection with share issue - (461,705) Bonus issue - (64,080) Consideration shares issued on acquisition of subsidiary - (660,000) Principal payment of hire purchase (55,053) (5,554) Net Cash Inflow From Financing (55,053) 2,242,743 Decrease in Cash (102,069) (14,413) RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW FROM OPERATING ACTIVITIES Year to Year to 30.09.06 30.09.05 # # # # Operating loss (592,410) (1,484,224) Amortisation 160,783 160,783 Depreciation 71,035 30,877 Loss on disposal of fixed assets 5,117 169,643 Decrease/(Increase) in stocks 38,578 (4,429) (Increase) in debtors (432,092) (1,941,486) Increase in creditors 856,644 610,122 Net Cash Inflow From Operating Activities 107,655 (2,458,714) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Year to Year to 30.09.06 30.09.05 # # # # Decrease in cash in the period (102,069) (14,413) New hire purchase agreements (70,700) Cash outflow in respect of hire purchase 55,053 5,554 (47,016) (79,559) Change in net debt (47,016) (79,559) Net Funds at 30 September 2005 (79,559) - Net Debt at 30 September 2006 (126,575) (79,559) The prior year net debt has been restated to include hire purchase liabilities. Net debt previously recorded at #8,859. ANALYSIS OF CHANGES IN NET DEBT At At 30.09.05 Cash flows Non-Cash 30.09.06 # # # # Net cash 5,530 (4,976) - 554 Cash in hand and at bank (19,943) (97,093) - (117,036) (14,413) (102,069) - (116,482) Debt: Hire purchase agreement (65,146) 55,053 (200,000) (210,093) Net Debt (79,559) (47,016) (200,000) (326,575) NOTES 1 ACCOUNTING POLICIES Basis of accounting The financial statements have been prepared under the historical cost convention, and in accordance with applicable accounting standards. Basis of consolidation The consolidated financial statements incorporate the financial statements of the company and all group undertakings. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of Section 230 of the Companies Act 1985. Turnover The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax. Goodwill Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life up to a maximum of 20 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: - Goodwill - 20 years straight line Fixed Assets All fixed assets are initially recorded at cost. Depreciation Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: - Plant & Machinery - 10 years straight line Fixtures & Fittings - 10 years straight line Motor Vehicles - 3 years straight line Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in Progress Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. 1. ACCOUNTING POLICIES (Continued) Hire Purchase Agreements Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. Operating Lease Agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. Pension Costs The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. Deferred Taxation 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 have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: - Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. 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 measure on an undiscounted 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 substantively enacted at the balance sheet date. 2 TURNOVER The turnover is attributable to the one principal activity of the group. An analysis of turnover is given below: - 2006 2005 # # United Kingdom 5,035,471 4,215,112 3 OTHER OPERATING INCOME 2006 2005 # # Other operating income 2,693 31,006 4 OPERATING LOSS Operating loss is stated after charging: - 2006 2005 # # Amortisation 160,783 160,783 Depreciation of owned fixed assets 23,933 22,884 Depreciation of assets held under HP agreements 47,102 7,993 Loss on disposal of fixed assets 5,117 169,643 Auditors remuneration 10,000 10,150 Operating lease costs: - plant & equipment 3,437 4,206 - vehicles 98,217 42,141 91,594 121,985 5 INTEREST PAYABLE AND SIMILAR CHARGES 2006 2005 # # Interest payable on bank borrowing 67,535 56,220 Finance charges 14,211 1,679 Debt factoring charge 53,075 - 134,821 57,899 6 LOSS PER SHARE 2006 2005 pence Pence Loss per ordinary share (2.3) (7.13) Loss per share has been calculated on the net basis on the loss on ordinary activities after taxation of #654,604 (2005: #1,473,811) using the weighted average number of ordinary shares in issue of 20,672,242 (2005: 20,672,242). 7 STOCKS Group 2006 2005 # # Raw materials 175,398 218,595 Work in progress 41,960 19,756 Finished goods 34,983 52,568 252,341 290,919 8 DEBTORS Group 2006 2005 # # Trade debtors 1,193,124 732,748 Amounts owed by group undertakings - - VAT recoverable 4,916 - Other debtors - 6,969 Prepayments & accrued income 169,538 195,769 1,367,578 935,486 9 CREDITORS: Amounts falling due within one year Group Group 2006 2005 # # Bank loans and overdrafts 117,036 19,943 Trade creditors 1,063,182 868,476 Other tax and social security payable 239,500 62,811 Hire purchase agreements 111,008 21,091 Other creditors 4,118,889 3,585,568 Accruals & deferred income 121,195 169,267 5,770,810 4,727,156 Group Group 2006 2005 # # Debt factoring advances 549,739 - Bank loans & overdrafts 117,036 42,265 Hire purchase agreements 111,008 21,091 777,783 63,356 10 CREDITORS: Amounts due after more than one year Group Group 2006 2005 # # Hire purchase agreements 99,085 44,055 Group Group 2006 2005 # # Hire purchase agreements 99,085 44,055 Future commitments under hire purchase agreements are as follows: - Group Group 2006 2005 # # Amounts payable within 1 year 111,008 21,091 Amounts payable between 1 to 2 years 66,666 21,091 Amounts payable between 2 to 5 years 32,419 22,964 210,093 65,146 11 SHARE CAPITAL Authorised share capital: 2006 2005 # # 31,000,000 Ordinary shares of #0.005 each 155,000 Allotted, called up and fully paid 2006 2005 Number # Number # Ordinary shares of #0.005 each 27,886,401 139,432 27,886,401 139,432 12 AVAILABILTY OF REPORT The Annual Report has been despatched to shareholders today. Copies are available from the Company's head office: Unit 22, Castle Park Industrial Estate, Evans Street, Flint, Clwyd, CH6 5XA This information is provided by RNS The company news service from the London Stock Exchange END FR WUUAPWUPMGQU
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