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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nettworx | LSE:NTWX | London | Ordinary Share | GB00B0TLVX30 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7193S Nettworx PLC 09 March 2007 9 March 2007 Nettworx PLC ("Company") Audited results for the period ended 31 December 2006 The Board is pleased to present the results for the Company for the period from incorporation on 4 October 2005 to 31 December 2006. In December 2005, the Company published an Admission Document and raised #10,000,000 before costs, by way of a placing and admission to trading on AIM a market operated by the London Stock Exchange plc. In the statement with the interim results for the period to 30 June 2006, it was stated the Company was evaluating a number of acquisition possibilities and this continued for the remainder of the period. During the period under review, the subscription monies remained largely intact other than requisite professional costs. This has continued during the current financial period. In the Admission Document, the stated investment strategy of the Company is to acquire companies and businesses which could benefit from the convergence of voice, video and data and fixed line and mobile networks. In the period under review the Company has not made an acquisition and this has remained so during the current financial period. The Directors have been evaluating a number of potential acquisitions and have conducted extensive due diligence. These transactions have not come to fruition due to competitive third parties bids, no-agreement reached on pricing of a transaction or material issues being uncovered in the due diligence process. The Company intends to seek shareholders' approval at the Company's Annual General Meeting to amend the strategy and allow the Company to invest in special situations to include investments in companies where it does not necessarily take 100% control. Your Board is continuing to evaluate further possibilities and will keep shareholders informed of any developments. For further details please contact: Nettworx PLC Jonathan Rowland, Director Tel +44 (0) 20 7087 7971 Canaccord Adams Limited Mark Ashurst Tel +44 (0) 20 7050 6500 PROFIT AND LOSS ACCOUNT For the period ended 31 December 2006 Notes Period from 4 October 2005 to 31 December 2006 # Operating expenses (293,480) OPERATING LOSS (293,480) Interest receivable 325,219 PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1 31,739 Taxation 3 (9,522) RETAINED PROFIT FOR THE PERIOD 9 22,217 PROFIT PER SHARE - Basic 4 0.02p PROFIT PER SHARE - Diluted 4 0.02p The operating profit for the period arises from the Company's continuing operations. None of the activities of the Company were acquired or disposed of during the period. The Company has no recognised gains and losses other than the profit above and therefore no separate statement of total recognised gains and losses has been presented. BALANCE SHEET 31 December 2006 Notes 2006 # CURRENT ASSETS Debtors 5 1,275 Cash at bank and in hand 9,565,931 9,567,206 CREDITORS: Amounts falling due within one year 6 (36,501) NET CURRENT ASSETS 9,530,705 TOTAL ASSETS LESS CURRENT LIABILITIES 9,530,705 CAPITAL AND RESERVES Called up share capital 7 1,110,000 Share premium account 8 8,398,488 Profit and loss account 9 22,217 EQUITY SHAREHOLDERS' FUNDS 9,530,705 CASH FLOW STATEMENT For the period ended 31 December 2006 Notes 2006 # Cash flow from operating activities 11a (267,776) Returns on investments and servicing of finance 11b 325,219 CASH OUTFLOW BEFORE FINANCING 57,443 Financing 11b 9,508,488 INCREASE IN CASH IN THE PERIOD 11c 9,565,931 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 2006 # Increase in cash in the period 9,565,931 NET FUNDS AT 4 OCTOBER 2005 - NET FUNDS AT 31 DECEMBER 2006 9,565,931 ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. 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 that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements. Deferred tax is measured at the tax rates which apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. FINANCIAL INSTRUMENTS Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. COMPARATIVES The Company was incorporated on 4 October 2005. As this is the first set of accounts there are no comparatives listed. NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 December 2006 1 PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 2006 # Profit on ordinary activities before taxation is stated after charging: Auditors' remuneration for audit services 12,000 In addition, Auditors' remuneration for other services supplied pursuant to the Company's admission to trading on AIM totalled #27,500. These costs have been charged to the share premium account as share issue costs. 2. EMPLOYEES 2006 No. The average monthly number of persons (including Directors) employed by the Company during the period was: Office and management 4 === 2006 # Staff costs for above persons Wages and salaries 167,160 Social security costs 16,984 184,144 === TAXATION 2006 # Current tax charge 9,522 === Factors affecting the tax charge for the period Profit on ordinary activities before taxation 31,739 ===== Profit on ordinary activities before taxation at the standard rate of UK Corporation Tax of 30% 9,522 ----- Current tax charge 9,522 ======= 4 PROFIT PER SHARE The calculation of profit per share is based upon the profit after taxation of #22,217 and on 111,000,000 being the weighted average number of ordinary shares in issue during the period. The warrants have an exercise price above the fair value of the Company's shares and hence are non-dilutive. NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 December 2006 5 DEBTORS 2006 # Due within one year: Prepayments and accrued income 1,275 1,275 === 6 CREDITORS: Amounts falling due within one year 2006 # Trade creditors 12,879 Corporation Tax 9,522 Accruals and deferred income 14,100 36,501 === 7 SHARE CAPITAL 2006 # Authorised: 5,000,000,000 ordinary shares of 1p each 50,000,000 Allotted, issued and fully paid: 111,000,000 ordinary shares of 1p each 1,110,000 Share issues: The Company was incorporated on 4 October 2005 with authorised share capital of 100,000 ordinary shares of #1 each of which one share were allotted at par on incorporation nil paid On 11 November 2005, the authorised share capital was increased to #50,000,000 by the creation of 49,900,000 ordinary shares of #1 each. Each ordinary share of #1.00 each were sub divided into 100 Ordinary shares of 1p each creating 5,000,000,000 ordinary shares of 1p On 2 December 2005 the Company issued, credited as fully paid 9,999,900 ordinary shares of 1p each at par for cash consideration. On 15 December 2005, the Company issued 1,000,000 ordinary shares of 1p each at par. On 21 December 2005, the Company allotted 100,000,000 ordinary shares of 1p each at 10p per share for total cash consideration of #10,000,000 and the Company's shares were admitted to trading on AIM on 21 December 2005. NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 December 2006 7 SHARE CAPITAL (Cntd) Share warrants: On 15 December 2005, the Company issued 11,000,000 warrants. Each warrant gives the right to subscribe for one ordinary share at a price of 10p per share. These warrants are exercisable from 15 December 2005 to 15 December 2015. No warrants have been exercised. 8 SHARE PREMIUM ACCOUNT 2006 # Premium on allotments during the period 9,000,000 Expenses in connection with share issue (601,512) ----- At 31 December 2006 8,398,488 9 PROFIT AND LOSS ACCOUNT 2006 # Profit for the financial period 22,217 --- At 31 December 2006 22,217 10 RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS 2006 # Profit for the financial period 22,217 ----- 22,217 New share capital issued net of costs 9,508,488 ----- Net addition to equity shareholders' funds 9,530,705 Opening equity shareholders' funds - ----- Closing equity shareholders' funds 9,530,705 11 CASH FLOWS 2006 # A Reconciliation of operating profit to net cash flow from operating activities Operating loss (293,480) Increase in debtors (1,275) Increase in creditors 26,979 Net cash flow from operating activities (267,776) NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 December 2006 11 CASH FLOWS (Cntd) 2006 # B Analysis of cash flows for headings netted in the cash flow Returns on investments and servicing of finance Interest received 325,219 Net cash inflow from returns on investments and 325,219 servicing of finance Financing Issue of ordinary share capital 10,110,000 Expenses paid in connection with share issue (601,512) Net cash inflow from financing 9,508,488 C Analysis of net funds At Cash flow At 4 October # 31 December 2005 2006 # # Cash in hand, at bank - 9,565,931 9,565,931 === === === 12 FINANCIAL INSTRUMENTS The Company's financial instruments comprise cash, debtors and creditors that arise from its operations. All debtors and creditors are due to be settled within one year and have been excluded from the following disclosures. The Company has not traded in any financial instruments throughout the period under review. The main risk arising from the Company's financial instruments are interest rate risk. The board reviews and agrees its policies are managing this risk which is summarised below. Interest rate risk The Company earns interest on its surplus cash held on bank deposits at variable market rates. NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 December 2006 Fair value of financial instruments There is no material difference between the fair value and book value of the Company's cash. 13 RELATED PARTY TRANSACTIONS The Company was charged by Rowland Capital (C.I.) Limited during the period #12,000 for the provision of accountancy and secretarial services. Rowland Capital (C.I.) Limited is controlled by the trustees of The Rowland Purpose Trust 2001. Mr J Rowland is a discretionary beneficiary of a trust that has the same trustees as The Rowland Purpose Trust 2001. This information is provided by RNS The company news service from the London Stock Exchange END FR DKLFBDXBBBBK
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