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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fund-E Inv | LSE:FEI | London | Ordinary Share | GB0002910312 | 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% | 0.02 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
FUNDAMENTAL-E INVESTMENTS PLC (THE "COMPANY") HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2008 CHAIRMAN'S STATEMENT The Group's current business activity is to maximise the value of its wholly owned freehold property site in Kilsyth. In light of the downturn of the property market the board has decided not to develop the site at Kilsyth. As such the site has been placed on the market and we are currently negotiating with potential purchasers. The board continue to seek opportunities to create shareholder value and continue to be positive that such value creating opportunities will be found. FINANCIAL RESULTS The operating loss before taxation for the six months to 31 March 2008 was £ 147,000 (2007 - £20,000). Turnover was £nil (2007 - £90,000). Loss per share is 0.014p (2007 - 0.002p); no interim dividend can be paid. As at 31 March 2008, the Group had cash resources of £15,000 (as at 31 March 2007 - £156,000). The Group also had bank loans totalling £1,293,000 (2007 - £ 681,000). The cash balance at 31 May 2008 was £13,000. The Group continues to meet its working capital needs from debtor collections and bank loan support. Stephen Thomson Chairman 26 June 2008 UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2008 Unaudited 6 Unaudited 6 Audited months ended months ended Year ended 31 March 31 March 30 September 2008 2007 2007 £'000 £'000 £'000 Notes REVENUE - 90 181 Cost of Sales - - - GROSS PROFIT - 90 181 Administrative expenses (104) (87) (153) OPERATING (LOSS)/PROFIT (104) 3 28 Finance costs (43) (23) (51) LOSS BEFORE TAX (147) (20) (23) Tax - - - LOSS FOR THE PERIOD (147) (20) (23) ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT LOSS PER SHARE Basic loss per share 4 (0.014)p (0.002)p (0.002)p There are no items of recognised income and expense other than those reflected in the consolidated income statement. UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2008 Unaudited Unaudited Audited As at As at As at 31 March 31 March 30 September 2008 2007 2007 £'000 £'000 £'000 Notes NON-CURRENT ASSETS Property - 888 1,312 - 888 1,312 CURRENT ASSETS Trade and other 86 103 77 receivables Cash and cash 15 156 114 equivalents 101 259 191 HELD FOR SALE NON-CURRENT ASSETS Property 1,472 - - TOTAL ASSETS 1,573 1,147 1,503 CURRENT LIABILITIES Trade and other 201 225 291 payables Bank loan 1,293 681 980 Obligations under 11 23 17 finance leases TOTAL LIABILITIES 1,505 929 1,288 NET ASSETS 68 218 215 EQUITY Called up share 5 3,714 3,714 3,714 capital Share premium account 9,997 9,997 9,997 Merger reserve 750 750 750 Other reserves 46 46 46 Retained earnings 5 (14,439) (14,289) (14,292) TOTAL EQUITY 68 218 215 UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2008 6 months 6 months ended ended Year ended 31 March 31 March 30 September 2008 2007 2007 £'000 £'000 £'000 Notes (unaudited) (unaudited) (audited) Net cash flow from 6 (169) (8) (27) operating activities Investing activities Interest received 1 1 2 Capital expenditure on (231) (224) (542) property Net cash used in (230) (223) (540) investing activities Financing activities Net proceeds from 306 215 515 loans advanced Net repayments on (6) (8) (14) finance leases Net cash from 300 207 501 financing activities Net decrease in cash (99) (24) (66) and cash equivalents Cash and cash 114 180 180 equivalents at beginning of period Cash and cash 15 156 114 equivalents at end of period NOTES TO THE UNAUDITED HALF-YEARLY REPORT 1. GENERAL INFORMATION FUNDAMENTAL-E INVESTMENTS PLC (the "Company") is a company domiciled in England whose registered office address is Paston House, 11-13 Princes Street, Norwich NR3 1AZ. The condensed consolidated interim financial statements of the Company for the six months ended 31 March 2008 comprise the Company and its subsidiary (together referred to as "the Group"). The condensed consolidated interim financial statements do not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the year ended 30 September 2007 has been extracted from the statutory accounts (which were prepared under UK GAAP) for that period and adjusted as shown in note 7 below to restate in accordance with International Financial Reporting Standards ("IFRS"). This note includes reconciliations of equity and the loss for comparative periods reported under UK GAAP to those reported for those periods under IFRS. The auditors' report on the statutory accounts was unqualified and did not contain a statement under Section 237 of the Companies Act 1985. A copy of those financial statements has been filed with the Registrar of Companies. The Group's date of transition to IFRS was 1 October 2006 and condensed consolidated interim financial statements have been prepared in accordance with the first time adoption provisions set out in IFRS 1 First-time Adoption of International Financial Reporting Standards. The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements. The condensed consolidated interim financial statements were authorised for issue on 26 June 2008. 2. SIGNIFICANT ACCOUNTING POLICIES Basis of accounting The condensed consolidated financial statements are unaudited and have been prepared in accordance with IFRS adopted by the EU. The condensed consolidated financial statements have been prepared on the historical cost basis. The principal accounting policies adopted are set out below. Basis of consolidation The condensed consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 March 2008. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The results of subsidiaries acquired during the period are included in the consolidated income statement from the effective date of acquisition. Where necessary, adjustments are made to the financial information of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Property Property is included at its historical cost. The property entirely relates to freehold land and is therefore not depreciated. In the opinion of the directors, the property meets the criteria of IFRS 5 for classification as a non-current asset held for sale. Impairment of property At each balance sheet date, the Group reviews the carrying amounts of the property in the balance sheet to determine whether there is any indication that it has suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. Income recognition Turnover represents rentals receivable on the property and is recognised over the period of the lease. Unbilled turnover is included within receivables. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial assets to that assets net carrying amount. Deferred taxation Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future. Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets of the Group at their fair value or, if lower, at the present value of the minimum lease payments, each determined at the inception of the lease. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Group's general policy on borrowing costs (see below). Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight line basis over the lease term. Financial instruments Financial assets and financial liabilities are recognised in the Group's balance sheet when the Group becomes a party to the contractual provisions of the instrument. Trade and other receivables Trade and other receivables are measured at initial recognition at fair value. Appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term, highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Trade payables Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. 3. SEGMENTAL ANALYSIS The Group is currently solely engaged in the development and sale of a property. In the directors' opinion, there is therefore only one business segment. 4. LOSS PER SHARE The calculation of the basic loss per share is based on the following data: 6 months 6 months ended ended Year ended 31 March 2008 31 March 2007 30 September 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Loss Loss on ordinary activities (147) (20) (23) after tax Number of shares million million million Weighted average number of 1,090 1,090 1,090 ordinary shares for the period 5. CHANGES IN EQUITY AND DEBT Changes in equity The only movement in Equity during the period related to movements in retained earnings Changes in debt The only movements in Debt are the net proceeds on the bank loan and the net repayments on finance leases, both of which are shown in the consolidated cash flow statement. 6. NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT Net cash flow from operating 6 months 6 months activities ended ended Year ended 31 March 2008 31 March 2007 30 September 2007 (unaudited) (unaudited) (audited) £ £ £ Operating (loss)/profit (104) 3 28 (Increase) / decrease in (9) 46 72 receivables Increase/ (decrease) in (19) (33) (74) payables Cash (absorbed by)/generated by (132) 16 26 operations Interest paid (37) (24) (53) Tax paid - - - Net cash flow from operating (169) (8) (27) activities 7. EXPLANATION OF TRANSITION TO IFRS As stated in note 1, these are the Group's first condensed consolidated interim financial statements for part of the period covered by the first annual consolidated financial statements prepared in accordance with IFRS. The accounting policies in note 2 have been applied in preparing the consolidated condensed interim financial statements for the six months ended 31 March 2008, the financial information for the period ended 31 March 2007 and the year ended 30 September 2007. In preparing its opening IFRS balance sheet, comparative information for the six months ended 31 March 2007, and financial statements for the year ended 30 September 2007, the Group has considered the impact of IFRS and whether any adjustments are required on transition, and concluded that none are required. 8. AIM COMPLIANCE COMMITTEE In accordance with AIM Rule 31 the Company is required to have in place sufficient procedures, resources and controls to enable its compliance with the AIM Rules; seek advice from its nominated adviser ("Nomad") regarding its compliance with the AIM Rules whenever appropriate and take that advice into account; provide the Company's Nomad with any information it requests in order for the Nomad to carry out its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers; ensure that each of the Company's directors accepts full responsibility, collectively and individually, for compliance with the AIM Rules; and ensure that each director discloses without delay all information which the Company needs in order to comply with AIM Rule 17 (Disclosure of Miscellaneous Information) insofar as that information is known to the director or could with reasonable diligence be ascertained by the director. In order to ensure that these obligations are being discharged, the Board has established a committee of the Board (the "AIM Committee"), chaired by Stephen Thomson, the non-executive Chairman of the Company. Having reviewed relevant Board papers, and discussed with the Company's Executive Board and the Nomad to ensure that such is the case, the AIM Committee is satisfied that the Company's obligations under AIM Rule 31 have been satisfied during the period under review. 9. DISTRIBUTION OF THE HALF-YEARLY REPORT Copies of the Half-yearly Report for the period ended 31 March 2008 can be obtained from the Registered Office during normal business hours. Contact details: Michael Hill, Finance Director Tel: 07736 714577 Fundamental-E Investments plc Liam Murray, Nominated Adviser Tel: 020 7492 4777 Dowgate Capital Advisers Limited Neil Badger, Broker Tel: 01293 517 744 Dowgate Capital Stockbrokers Limited END
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