![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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:1322M Crystalband PLC 18 January 2008 Crystalband Plc - Results to 30 September 2007 Chairman's Statement The Group's turnover for the year ended 30 September 2007 was £5,920,701, an increase of £885,230 on the previous year. We are delighted that this has been achieved in a very competitive market. The loss on ordinary activities before taxation for the period was £279,969 (2006: £654,604 loss) and given the losses sustained the Board does not recommend a dividend to be paid at this time. Whilst it is disappointing to report a trading loss for the third consecutive year we are nevertheless pleased with the Group's performance, particularly in the last 8 months of the year. We believe that the management changes implemented at the beginning of the period have been fully justified and were a major factor in the company having produced net profits on a month by month basis for the final two thirds of the year. The post tax retained profit for the year of £23,655 arises as a result of the Board's decision to recognize the benefit of the brought forward losses as an asset. We are particularly pleased that the new management team's efforts in restoring quality and service levels to the standards we and our customers expect have clearly had a positive impact on the business. From a financial perspective, the efficiency improvements implemented have helped to contribute an extra 4% to the gross margin. I am delighted that Gary Torr accepted the position as Managing Director of the Company, as announced on 21 December 2007. Gary brings with him considerable experience of the sector and the Board believes that he has the necessary drive and vision to help us grow the business in a controlled manner. Indeed, the significant improvement in the business in the last few months has been, to a large degree, a result of the consultancy services he has provided. The Group now has in place sound financial and operational controls which are measured monthly by the Board using detailed key performance indicators. The Group continues to expand its customer base which leaves it well placed to continue to grow the business in a consistent fashion. In summary I now believe the difficulties the group faced when I accepted the position as Chairman have been overcome and this is reflected by further strong trading results in the first 3 months of the current financial year. This has taken longer than expected but I believe the measures taken at the beginning of the period were in the best long term interests of the Company and the Group. Looking forward, I believe the Group is well placed to take advantage of its strengthened position and your Board believes it will continue to deliver a good trading performance in the remainder of the financial year. Alan Rothwell Chairman 18 January 2008 PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2007 2007 2006 Notes £ £ Turnover 2 5,920,701 5,035,471 Cost of sales (4,174,280) (3,731,419) Gross Profit 1,746,421 1,304,052 Administrative expenses (1,880,097) (1,899,155) Other operating income 3 - 2,693 Operating Loss 4 (133,676) (592,410) Interest receivable 10,679 72,627 Interest payable and similar charges 5 (156,972) (134,821) Loss on Ordinary Activities Before Taxation (279,969) (654,604) Tax on loss on ordinary activities 303,624 - Profit/(Loss) for the Financial Year 23,655 (654,604) Profit/(Loss) per ordinary share (pence) 6 0.09 (2.3) 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 2007 2007 2006 £ £ Profit/(Loss) for the financial year 23,655 (654,604) Net addition/(reduction) to shareholders' funds 23,655 (654,604) Opening shareholders funds 779,882 1,434,486 Closing shareholders' funds 803,537 779,882 GROUP BALANCE SHEET FOR THE YEAR ENDED 30 SEPTEMBER 2007 2007 2006 Notes £ £ £ £ Fixed Assets Intangible assets 2,733,311 2,894,094 Tangible assets 481,681 535,210 3,214,992 3,429,304 Current Assets Stocks 7 245,599 252,341 Debtors 8 1,606,227 1,367,578 Short term deposits - 1,600,000 Cash in hand 1,174 554 1,853,000 3,220,473 Creditors: Amounts falling due within one year 9 (2,630,646) (5,770,810) Net Current Liabilities (777,646) (2,550,337) Total Assets Less Current Liabilities 2,437,346 878,967 Creditors: Amounts falling due after more than one year 10 (1,633,809) (99,085) 803,537 779,882 Capital and Reserves Called-up equity share capital 139,432 139,432 Share premium account 2,768,865 2,768,865 Profit and loss account (2,104,760) (2,128,415) Shareholders' Funds 803,537 779,882 GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2007 2007 2006 £ £ £ £ Net Cash Inflow from Operating Activities 285,766 107,655 Returns on Investments and Servicing of Finance Interest received 10,679 72,627 Interest paid (104,022) (120,610) Interest element of hire purchase (33,793) (14,211) Net Cash (Outflow) from Returns on Investments & Servicing of Finance (127,136) (62,194) Capital Expenditure Payments to acquire tangible fixed assets (17,617) (121,477) Receipts from sale of fixed assets - 29,000 Net Cash (Outflow) from Capital Expenditure (17,617) (92,477) Cash Inflow/(Outflow) Before Financing 141,013 (47,016) Financing Principal payment on hire purchase agreements (81,063) (55,053) Net Cash (Outflow) from Financing (81,063) (55,053) Increase/(Decrease)in Cash 59,950 (102,069) RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2007 2006 £ £ Operating loss (133,676) (592,410) Amortisation 160,783 160,783 Depreciation 71,146 71,035 Loss on disposal of fixed assets - 5,117 Decrease in stocks 6,742 38,578 Decrease/(Increase) in debtors 1,664,975 (432,092) (Decrease)/Increase in creditors (1,484,204) 856,644 Net Cash Inflow from Operating Activities 285,766 107,655 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 2007 2006 £ £ Increase/(Decrease) in cash in the period 59,950 (102,069) New hire purchase agreements - (200,000) Cash outflow in respect of hire purchase 81,063 55,053 Change in net debt 141,013 (247,016) Net Debt at 30 September 2006 (326,575) (79,559) Net Debt at 30 September 2007 (185,562) (326,575) ANALYSIS OF CHANGES IN NET DEBT At At 30.09.06 Cash flows Non-Cash 30.09.07 £ £ £ £ Net cash 554 620 - 1,174 Cash in hand and at bank (117,036) 59,330 - (57,706) (116,482) 59,950 - (56,532) Debt: Hire purchase agreements (210,093) 81,063 - (129,030) Net Debt (326,575) 141,013 - (185,562) 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. Going Concern The directors have prepared detailed cashflows for the group for a period of 12 months from the date of signing these financial statements. These indicate that the group will be able operate within its existing facilities with both its bankers and suppliers. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. 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. 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 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. 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. 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: - 2007 2006 £ £ United Kingdom 5,920,701 5,035,471 3 OTHER OPERATING INCOME 2007 2006 £ £ Other operating income - 2,693 4 OPERATING LOSS Operating loss is stated after 2007 2006 charging: - £ £ Amortisation 160,783 160,783 Depreciation of owned fixed assets 24,044 23,933 Depreciation of assets held under 47,102 47,102 HP agreements Loss on disposal of fixed assets - 5,117 Auditors remuneration 9,000 10,000 Restructuring costs 95,293 - Operating lease costs: - plant & equipment - 3,437 - vehicles 145,595 98,217 During the year the auditors provided no other services to the group. 5 INTEREST PAYABLE 2007 2006 AND SIMILAR CHARGES £ £ Interest payable on bank borrowing 8,254 67,535 Other loans 19,157 - Finance charges 33,793 14,211 Debt factoring charge 95,768 53,075 156,972 134,821 6 PROFIT/(LOSS) PER SHARE 2007 2006 Pence Pence Profit/(Loss( per ordinary share 0.09 (2. 3) Profit/Loss per share has been calculated on the net basis on the profit/loss on ordinary activities after taxation of £23,655 (2006: (£654,604)) using the weighted average number of ordinary shares in issue of 27,866,401 (2006: 27,866,401). 7 STOCKS 2007 2006 £ £ Raw materials 180,380 175,398 Work in progress 21,419 41,960 Finished goods 43,800 34,983 245,599 252,341 8 DEBTORS 2007 2006 £ £ Trade debtors 1,081,099 1,193,124 VAT recoverable 4,916 4,916 Deferred taxation 303,624 - Prepayments & accrued income 216,588 169,538 1,606,227 1,367,578 2007 2006 9 CREDITORS: Amounts falling due within one year £ £ 57,706 117,036 Bank loans and overdrafts 625,654 1,063,182 Trade creditors 432,840 239,500 Other tax and social security payable 95,221 111,008 Hire purchase agreements 1,332,097 4,118,889 Other creditors 87,128 121,195 Accruals & deferred income 2,630,646 5,770,810 10 CREDITORS: Amounts due after more than one year 2007 2006 £ £ Other Creditors 1,600,000 - Hire purchase agreements 33,809 99,085 1,633,809 99,085 Future commitments under hire purchase agreements are as follows: - 2007 2006 £ £ Amounts payable within 1 year 95,221 111,008 Amounts payable between 1 to 2 years 33,809 66,666 Amounts payable between 2 to 5 years - 32,419 129,030 210,093 11 Accounts The financial statements for the year ended 30 September 2007 will be despatched to shareholders on or before 25 January 2008, at which time copies will also be available to the public, free of charge from the Company's registered office: Unit 22, Castle Park Industrial Estate, Flint, CH6 5XA and on the Company's website www.frame1.co.uk. 12 Annual General Meeting The Company's Annual General Meeting will be held on Thursday, 21 February 2008. This information is provided by RNS The company news service from the London Stock Exchange END FR GUUQAGUPRGQR
1 Year Crystalband Chart |
1 Month Crystalband Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions