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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oxeco | LSE:OXE | London | Ordinary Share | GB00B1J5QT30 | 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% | 2.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMOXE
RNS Number : 2034J
Oxeco PLC
26 March 2010
Oxeco plc (the "Company")
Audited Final Results for the year ended 31 January 2010
CHAIRMAN'S STATEMENT
Oxeco Plc ("the Company") is a holding and management company which was
established with a stated strategy of seeking investments in or acquiring
assets, businesses or companies in the technology and science sectors. The
Company currently has one subsidiary, Oxray Ltd ("Oxray"), which was acquired in
June 2007 as a start up business which aimed to become a leading provider of
molecular structure determination services to both industry and academic
institutions.
By early 2009, Oxray had substantially completed the development of its novel
X-ray crystallography structure determination software but the results of
marketing efforts to establish a solid customer base had been disappointing.
Also, Oxray had not been able to strengthen and develop its product service
offering through bolt-on acquisitions in this field as originally envisaged in
June 2007. The Directors therefore undertook a review of the Oxray business and
concluded that this was not a market to which the Company intended to commit
further significant resource.
Subsequent efforts to secure a commercial exit from this business were not
successful and a decision was taken to stop any further investment in Oxray with
an emphasis on preserving the Group's cash. Oxray has now become a dormant
subsidiary whilst retaining control of the underlying intellectual property and
its results have been classified as discontinued operations.
The consolidated trading loss for the year from continuing operations was
GBP0.12 million, increasing to a loss of GBP0.23 million after incorporating the
discontinued activities of the Oxray business, compared to a loss in the
previous year of GBP0.03 million before impairment of goodwill which increased
to a loss of GBP2.15 million after the impairment, and GBP2.35 million after
incorporating discontinued activities.
Consolidated net assets at 31 January 2010 amounted to GBP2.30 million,
including cash balances of GBP2.32 million compared with net assets of GBP2.52
million and cash balances of GBP2.53 million a year earlier at 31 January 2009.
The cash outflow for the Group during the year to 31 January 2010 amounted to
GBP0.22 million and cash balances continue to be managed prudently, with tight
cost control.
Oxeco benefits from a solid balance sheet position whilst running a low cost
base. Your Directors are continuing to evaluate a range of new commercial and
acquisition opportunities within the general science and technology sector and I
am confident that we will be successful in exploiting an investment opportunity
during the next six months.
Michael Bretherton
Executive Chairman
25 March 2010
The audited results for the year ended 31 January 2010 will be sent to the
Company's shareholders shortly and are available on the Company's website -
www.oxecoplc.com
Contact
+---------------------------------------------+----------------------------------------+
| Michael Bretherton | +44 (0) 20 7099 7266 |
| Oxeco plc | |
| www.oxecoplc.com | |
| | |
+---------------------------------------------+----------------------------------------+
| Ray Zimmerman/ John Depasquale/ Sarang Shah | +44 (0) 20 7060 2220 |
| ZAI Corporate Finance Ltd | |
| | |
+---------------------------------------------+----------------------------------------+
OXECO PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 January 2010
+-------------------------------+-------+-----------+----------+
| |Notes | Year to | Restated |
| | | 31 | Year to |
| | | January | 31 |
| | | 2010 | January |
| | | | 2009 |
+-------------------------------+-------+-----------+----------+
| | | GBP000 | GBP000 |
+-------------------------------+-------+-----------+----------+
| Continuing operations | | | |
+-------------------------------+-------+-----------+----------+
| Revenue | | - | - |
+-------------------------------+-------+-----------+----------+
| Administrative expenses | | (131) | (162) |
+-------------------------------+-------+-----------+----------+
| Impairment of goodwill | | - | (2,120) |
+-------------------------------+-------+-----------+----------+
| Operating loss | 2 | (131) | (2,282) |
+-------------------------------+-------+-----------+----------+
| Finance income | 3 | 9 | 127 |
+-------------------------------+-------+-----------+----------+
| Loss before taxation | | (122) | (2,155) |
+-------------------------------+-------+-----------+----------+
| Taxation | 5 | 2 | 3 |
+-------------------------------+-------+-----------+----------+
| Loss for the year from | | (120) | (2,152) |
| continuing operations | | | |
+-------------------------------+-------+-----------+----------+
| Discontinued operations | | | |
+-------------------------------+-------+-----------+----------+
| Loss after tax from | 16 | (107) | (196) |
| discontinued operations | | | |
+-------------------------------+-------+-----------+----------+
| Total comprehensive income | | (227) | (2,348) |
| for the year | | | |
+-------------------------------+-------+-----------+----------+
| Attributable to: | | | |
+-------------------------------+-------+-----------+----------+
| Owners of the parent | | (227) | (2,348) |
+-------------------------------+-------+-----------+----------+
| | | | |
+-------------------------------+-------+-----------+----------+
| Loss per share: | | | |
+-------------------------------+-------+-----------+----------+
| Basic & diluted on continuing | | | |
| operations: | | | |
+-------------------------------+-------+-----------+----------+
| - post impairment of | 6 | (0.02)p | (0.36)p |
| goodwill | | | |
+-------------------------------+-------+-----------+----------+
| - pre impairment of goodwill | 6 | (0.02)p | (0.01)p |
+-------------------------------+-------+-----------+----------+
| Basic & diluted on total loss | | | |
| for the year | | | |
+-------------------------------+-------+-----------+----------+
| - post impairment of | 6 | (0.04)p | (0.39)p |
| goodwill | | | |
+-------------------------------+-------+-----------+----------+
| - pre impairment of goodwill | 6 | (0.04)p | (0.04)p |
+-------------------------------+-------+-----------+----------+
OXECO PLC
STATEMENTS OF CHANGES IN EQUITY
For the year ended 31 January 2010
+----------------------------+---------+---------+----------+---------+
| | Attributable to the owners of |
| | the parent |
+----------------------------+----------------------------------------+
| | Share | Share | Retained | Total |
| | Capital | Premium | Deficit | Equity |
+----------------------------+---------+---------+----------+---------+
| The Group | GBP000 | GBP000 | GBP000 | GBP000 |
+----------------------------+---------+---------+----------+---------+
| At 31 January 2008 | 600 | 4,333 | (63) | 4,870 |
+----------------------------+---------+---------+----------+---------+
| Total comprehensive income | - | - | (2,348) | (2,348) |
| for the year | | | | |
+----------------------------+---------+---------+----------+---------+
| At 31 January 2009 | 600 | 4,333 | (2,411) | 2,522 |
+----------------------------+---------+---------+----------+---------+
| Total comprehensive income | - | - | (227) | (227) |
| for the year | | | | |
+----------------------------+---------+---------+----------+---------+
| At 31 January 2010 | 600 | 4,333 | (2,638) | 2,295 |
+----------------------------+---------+---------+----------+---------+
+----------------------------+---------+---------+-----------+---------+
| | Attributable to the owners of |
| | the parent |
+----------------------------+-----------------------------------------+
| | Share | Share | Retained | Total |
| | Capital | Premium | Earnings/ | Equity |
| | | | (Deficit) | |
+----------------------------+---------+---------+-----------+---------+
| The Company | GBP000 | GBP000 | GBP000 | GBP000 |
+----------------------------+---------+---------+-----------+---------+
| At 31 January 2008 | 600 | 4,333 | 21 | 4,954 |
+----------------------------+---------+---------+-----------+---------+
| Total comprehensive income | - | - | (2,432) | (2,432) |
| for the year | | | | |
+----------------------------+---------+---------+-----------+---------+
| At 31 January 2009 | 600 | 4,333 | (2,411) | 2,522 |
+----------------------------+---------+---------+-----------+---------+
| Total comprehensive income | - | - | (227) | (227) |
| for the year | | | | |
+----------------------------+---------+---------+-----------+---------+
| At 31 January 2010 | 600 | 4,333 | (2,638) | 2,295 |
+----------------------------+---------+---------+-----------+---------+
OXECO PLC
STATEMENT OF FINANCIAL POSITION
As at 31 January 2010
+------------------------------+-------+---------+---------+---------+---------+
| | | Group | Group | Company | Company |
+------------------------------+-------+---------+---------+---------+---------+
| | | 2010 | 2009 | 2010 | 2009 |
+------------------------------+-------+---------+---------+---------+---------+
| |Notes | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------------------+-------+---------+---------+---------+---------+
| ASSETS | | | | | |
+------------------------------+-------+---------+---------+---------+---------+
| Non-current assets | | | | | |
+------------------------------+-------+---------+---------+---------+---------+
| Property, plant and | 7 | - | 2 | - | - |
| equipment | | | | | |
+------------------------------+-------+---------+---------+---------+---------+
| Intangible assets - goodwill | 8 | - | - | - | - |
+------------------------------+-------+---------+---------+---------+---------+
| Investment in subsidiary | 9 | - | - | - | - |
| undertaking | | | | | |
+------------------------------+-------+---------+---------+---------+---------+
| | | - | 2 | - | - |
+------------------------------+-------+---------+---------+---------+---------+
| Current assets | | | | | |
+------------------------------+-------+---------+---------+---------+---------+
| Trade and other receivables | 10 | 11 | 28 | 11 | 21 |
+------------------------------+-------+---------+---------+---------+---------+
| Cash and cash equivalents | 11 | 2,316 | 2,534 | 2,316 | 2,524 |
+------------------------------+-------+---------+---------+---------+---------+
| | | 2,327 | 2,562 | 2,327 | 2,545 |
+------------------------------+-------+---------+---------+---------+---------+
| TOTAL ASSETS | | 2,327 | 2,564 | 2,327 | 2,545 |
+------------------------------+-------+---------+---------+---------+---------+
| | | | | | |
+------------------------------+-------+---------+---------+---------+---------+
| LIABILITIES | | | | | |
+------------------------------+-------+---------+---------+---------+---------+
| Current liabilities | | | | | |
+------------------------------+-------+---------+---------+---------+---------+
| Trade and other payables | 12 | (32) | (42) | (32) | (23) |
+------------------------------+-------+---------+---------+---------+---------+
| Current taxation | 5 | - | - | - | - |
+------------------------------+-------+---------+---------+---------+---------+
| TOTAL LIABILITIES | | (32) | (42) | (32) | (23) |
+------------------------------+-------+---------+---------+---------+---------+
| | | | | | |
+------------------------------+-------+---------+---------+---------+---------+
| NET ASSETS | | 2,295 | 2,522 | 2,295 | 2,522 |
+------------------------------+-------+---------+---------+---------+---------+
| | | | | | |
+------------------------------+-------+---------+---------+---------+---------+
| EQUITY | | | | | |
+------------------------------+-------+---------+---------+---------+---------+
| Attributable to owners of | | | | | |
| the parent | | | | | |
+------------------------------+-------+---------+---------+---------+---------+
| Share capital | 13 | 600 | 600 | 600 | 600 |
+------------------------------+-------+---------+---------+---------+---------+
| Share premium | 14 | 4,333 | 4,333 | 4,333 | 4,333 |
+------------------------------+-------+---------+---------+---------+---------+
| Retained deficit | | (2,638) | (2,411) | (2,638) | (2,411) |
+------------------------------+-------+---------+---------+---------+---------+
| TOTAL EQUITY | | 2,295 | 2,522 | 2,295 | 2,522 |
+------------------------------+-------+---------+---------+---------+---------+
Approved by the board of Directors and authorised for issue on 25 March 2010 and
signed on its behalf by:
Michael Bretherton
Executive Chairman
Company number: 5969271
OXECO PLC
STATEMENT OF CASH FLOWS
For the year ended 31 January 2010
+--------------------------+-------+--------+----------+---------+---------+
| | | Group | Restated | Company | Company |
| | | | Group | | |
+--------------------------+-------+--------+----------+---------+---------+
| | | 2010 | 2009 | 2010 | 2009 |
+--------------------------+-------+--------+----------+---------+---------+
| |Notes | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------------------+-------+--------+----------+---------+---------+
| OPERATING ACTIVITIES | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| Operating loss from | | (131) | (2,282) | (238) | (2,562) |
| continuing operations | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| Loss before tax from | 16 | (107) | (196) | - | - |
| discontinued operations | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| Depreciation of | | 2 | 1 | - | - |
| property, plant and | | | | | |
| equipment | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| Impairment of goodwill | 8 | - | 2,120 | - | - |
+--------------------------+-------+--------+----------+---------+---------+
| Impairment of investment | 9 | - | - | - | 2,100 |
+--------------------------+-------+--------+----------+---------+---------+
| Impairment of loan to | | - | - | 107 | 300 |
| subsidiary undertaking | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| Decrease/(increase) in | | 17 | 1 | (97) | (98) |
| trade and other | | | | | |
| receivables | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| (Decrease)/increase in | | (10) | 5 | 9 | 14 |
| trade and other payables | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| Tax received/(paid) | | 2 | (2) | 2 | (2) |
+--------------------------+-------+--------+----------+---------+---------+
| Net cash outflow from | | (227) | (354) | (217) | (248) |
| operations | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| INVESTING ACTIVITIES | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| Interest received | | 9 | 127 | 9 | 126 |
+--------------------------+-------+--------+----------+---------+---------+
| Net cash inflow from | | 9 | 127 | 9 | 126 |
| investing activities | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| DECREASE IN CASH AND | | (218) | (227) | (208) | (122) |
| CASH EQUIVALENTS | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| Cash and cash | | 2,534 | 2,761 | 2,524 | 2,646 |
| equivalents at start of | | | | | |
| year | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
| CASH AND CASH | 11 | 2,316 | 2,534 | 2,316 | 2,524 |
| EQUIVALENTS AT 31 | | | | | |
| JANUARY 2010 | | | | | |
+--------------------------+-------+--------+----------+---------+---------+
OXECO PLC
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2010
1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements have been prepared under the historical cost convention
in accordance with International Financial Reporting Standards ("IFRS") and
International Accounting Standards as issued by the International Accounting
Standards Board ("IASB"), as well as interpretations issued by the International
Financial Reporting Interpretations Committee ("IFRIC") as adopted by the
European Union.
New and Amended Standards Adopted By The Group
The Company has for the first time presented income and expenses in one
statement, a statement of comprehensive income, which is separate from owner
changes in equity, as required by IAS 1 (revised) 'Presentation of Financial
Statements'. Components of other comprehensive income, being items of income
and expense not recognised in profit or loss as permitted by other IFRS, are
also displayed in the statement of comprehensive income.
The directors have also adopted IFRS 8 'Operating Segments'.
On 1 February 2009, the Company early adopted the amendments to IFRS 5
'Non-current Assets Held for Sale and Discontinued Operations (amendments)'
which is effective for accounting periods commencing on or after 1 July 2009.
The Directors do not believe that the adoption of these amendments has had a
material impact on the financial information of the Company.
CONSOLIDATION
The consolidated financial statements incorporate those of Oxeco Plc and its
subsidiary undertaking, Oxray Ltd.
Subsidiaries
Subsidiaries are all entities over which the Group has the power to govern the
financial and operating policies generally accompanying a shareholding of more
than half of the voting rights. The existence and effects of potential voting
rights are considered when assessing whether the Group controls the entity.
Subsidiaries are fully consolidated from the date control passes.
The purchase method of accounting is used to account for the acquisition of
subsidiaries by the Group. The costs of an acquisition are measured as the fair
value of the assets given, equity instruments issued and liabilities incurred or
assumed at the date of exchange, plus costs directly attributable to the
acquisition. Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are initially measured at fair
value at acquisition date irrespective of the extent of any non-controlling
interest. The difference between the cost of acquisition of shares in
subsidiaries and the fair value of the identifiable net assets acquired is
capitalised as goodwill and reviewed annually for impairment.Any amount by which
the cost of acquisition is below the fair value of identifiable net assets
acquired (i.e. discount on acquisition) is recognised directly in the income
statement.
All intra-group transactions, balances, and unrealised gains on transactions
between Group companies are eliminated on consolidation. Subsidiaries'
accounting policies are amended where necessary to ensure consistency with the
policies adopted by the Group. The financial statements of all Group companies
are made up to 31 January 2010.
As provided by section 408 of the Companies Act 2006, no statement of
comprehensive income is presented for Oxeco Plc. The loss after tax for the year
ended 31 January 2010 was GBP120,000 (2009: GBP32,000) before impairment of
amounts due from the subsidiary and GBP227,000 (2009: GBP2,432,000) after
impairment.
SEGMENTAL REPORTING
The reportable disclosures are identified by the chief operating decision maker
by the way management has organised the firm. The firm operates out of one
location and in one business.
The chief operating decision maker reviews the performance of the Company and
Group based on total revenues and costs and not by any segmental reporting.
REVENUE
Revenue is measured at the fair value of the consideration received or
receivable in the normal course of business, net of discounts, VAT and other
sales related taxes and is recognised to the extent that it is probable that the
economic benefits associated with the transaction will flow in to the Group.
SOFTWARE DEVELOPMENT
All costs associated with the development of software are expensed to the income
statement as incurred until such time that the following criteria are met:
· it is technically feasible to complete the product;
· management intends to complete the product and use or sell it;
· there is an ability to use or sell the product;
· it can be demonstrated how the product will generate probable future
economic benefits;
· adequate technical, financial and other resources are available to
complete the development, use and sale of the product; and
· expenditure attributable to the product can be reliably measured.
Once the criteria are met, development costs directly attributable to the
product are recognised as intangible assets and amortised, once available for
use or sale, over their useful economic life.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at historical cost.
Depreciation is provided on all property, plant and equipment at rates
calculated to write each asset down to its estimated residual value evenly over
its expected useful life, as follows:
Fixtures and equipment: over 3 years
INVESTMENTS
Investments in subsidiaries are stated in the statement of financial position of
the parent company at cost less provision for any impairment.
INTANGIBLE ASSETS - GOODWILL
Goodwill arising on consolidation of subsidiaries represents the excess of fair
value of the cost of acquisition over the Group's interest in the fair value of
the identifiable assets and liabilities at the date of acquisition.
Goodwill on acquisition of subsidiaries is included in intangible assets and
allocated from acquisition date to each of the Group's cash-generating units
("CGU") that are expected to benefit from the business combination in which the
goodwill arose.
Goodwill is tested for impairment annually and whenever there is an indication
that the asset may be impaired.
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
At each reporting date, the Group reviews the carrying amounts of its property,
plant and equipment and intangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset, being the higher of its
fair value less costs to sell and its value in use, is estimated in order to
determine the extent of any impairment loss.
Discounted cash flow valuation techniques are generally applied for assessing
value in use using 3-5 year forward-looking cash flow projections and terminal
value estimates, together with discount rates appropriate to the risk of the
related asset or cash generating unit to which the asset belongs.
If the recoverable amount of an asset is estimated to be less than its carrying
amount, the carrying amount of the asset is reduced to its recoverable amount.
An impairment loss is recognised as an expense immediately.
FINANCIAL ASSETS AND LIABILITIES
Trade and other receivables
Trade and other receivables do not carry any interest and are initially
recognised at fair value. They are subsequently measured at amortised cost using
the effective interest rate method, less any provision for impairment.
Impairment provisions are recognised when there is objective evidence that the
Group will be unable to collect all of the amounts due under the terms of the
receivable, the amount of such a provision being the difference between the net
carrying amount and the present value of the future expected cash flows
associated with the impaired receivable.
Trade and other payables
Trade and other payables are not interest bearing and are initially recognised
at fair value. They are subsequently measured at amortised cost using the
effective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash at hand and deposits on a term of not
greater than 3 months.
Share capital
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of new shares are shown in equity as a deduction from
share premium.
PENSION COSTS
Contributions by the Group to personal pension schemes are charged to the income
statement on a straight-line basis as they become due.
TAXATION
The tax expense represents the sum of the tax currently payable and deferred
tax.
The tax payable is based on taxable profit for the year. The Group's liability
for current tax is calculated by using tax rates that have been enacted or
substantively enacted by the balance sheet date. Deferred tax is the tax
expected to be payable or recoverable on differences between the carrying amount
of assets and liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit, and is accounted for using the
balance sheet liability method.
Deferred tax liabilities are recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary differences
can be utilised. Deferred tax is calculated at the tax rates that are expected
to apply to the year when the asset is realised or the liability is settled
based upon rates enacted and substantively enacted at the balance sheet date.
Deferred tax is charged or credited in the income statement, except when it
relates to items credited or charged directly to equity, in which case the
deferred tax is also dealt with in equity.
Deferred tax is measured on a non-discounted basis.
CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances. Actual results may differ
from these estimates.
The estimates and assumptions in relation to impairment reviews are considered
to have the most significant effect on the carrying amount of the assets in the
financial statements. The recoverable amount is determined using value in use
calculations. The use of this method requires the estimation of future cash
flows and the selection of a suitable discount rate in order to calculate the
present value of these cash flows.
ACCOUNTING STANDARDS AND INTERPRETATIONS NOT APPLIED
At the date of authorisation of these financial statements, the following
Standards and Interpretations relevant to the operations of the Group, which
have not yet been applied in these financial statements, were in issue but not
yet effective:
+------+-----------------------------------------+------------+
| | | Effective |
| | | for |
| | | periods |
| | | commencing |
| | | on or |
| | | after |
+------+-----------------------------------------+------------+
| IFRS | Business Combinations (revision) | 1 July |
| 3 | | 2009 |
+------+-----------------------------------------+------------+
| IFRS | Operating Segments (amendments) | 1 January |
| 8 | | 2010 |
+------+-----------------------------------------+------------+
| IAS | Statement of Cash Flows (amendments) | 1 January |
| 7 | | 2010 |
+------+-----------------------------------------+------------+
| IAS | Related Parties Disclosures (revision) | 1 January |
| 24 | | 2011 |
+------+-----------------------------------------+------------+
| IAS | Consolidated and Separate Financial | 1 July |
| 27 | Statements (revision) | 2009 |
+------+-----------------------------------------+------------+
| IAS | Financial Instruments: Presentation | 1 |
| 32 | (amendments) | February |
| | | 2010 |
+------+-----------------------------------------+------------+
| IAS | Impairment of Assets (amendments) | 1 January |
| 36 | | 2010 |
+------+-----------------------------------------+------------+
| IAS | Intangible Assets (amendments) | 1 July |
| 38 | | 2009 |
+------+-----------------------------------------+------------+
| IAS | Financial Instruments: Recognition and | 1 July |
| 39 | Measurement (amendments) | 2009 |
+------+-----------------------------------------+------------+
The Directors do not anticipate that the adoption of these Standards and
Interpretations will have a material impact on the financial statements of the
Group.
RESTATEMENT OF COMPARATIVE INFORMATION
Comparative information has been re-stated to present the results of the
discontinued operations as discontinued in the prior year - see note 16 for
further details of the discontinued operations.
2) OPERATING LOSS
+--------------------------------------+-----------+-----------+
| Continuing | Year to | Restated |
| operations | 31 | Year to |
| | January | 31 |
| | 2010 | January |
| | | 2009 |
+--------------------------------------+-----------+-----------+
| | GBP000 | GBP000 |
+--------------------------------------+-----------+-----------+
| Operating loss is stated after | | |
| charging: | | |
+--------------------------------------+-----------+-----------+
| Regulatory costs | 41 | 53 |
+--------------------------------------+-----------+-----------+
| Staff costs (see note 4) | 37 | 51 |
+--------------------------------------+-----------+-----------+
| Auditor's remuneration: | | |
+--------------------------------------+-----------+-----------+
| Fees payable to the Company's | 18 | 16 |
| auditor for the audit of the parent | | |
| company and consolidated financial | | |
| statements | | |
+--------------------------------------+-----------+-----------+
| Fees payable to the Company's | 5 | 12 |
| auditor for the audit of the | | |
| financial statements of the | | |
| subsidiary | | |
+--------------------------------------+-----------+-----------+
| Total auditor's remuneration | 23 | 28 |
+--------------------------------------+-----------+-----------+
3) FINANCE INCOME
+--------------------------------------+-----------+-----------+
| | Year to | Year to |
| | 31 | 31 |
| | January | January |
| | 2010 | 2009 |
+--------------------------------------+-----------+-----------+
| | GBP000 | GBP000 |
+--------------------------------------+-----------+-----------+
| Bank interest receivable | 9 | 127 |
+--------------------------------------+-----------+-----------+
4) STAFF COSTS
+--------------------------------------+-----------+-----------+
| | Year to | Year to |
| | 31 | 31 |
| | January | January |
| | 2010 | 2009 |
+--------------------------------------+-----------+-----------+
| | Number | Number |
+--------------------------------------+-----------+-----------+
| The average monthly number of | | |
| persons (including Directors) | | |
| employed by the Group during the | | |
| year was: | | |
+--------------------------------------+-----------+-----------+
| Administration and management | 6 | 7 |
+--------------------------------------+-----------+-----------+
| | | |
+--------------------------------------+-----------+-----------+
| | Year | Restated |
| | ended | Year to |
| | 31 | 31 |
| | January | January |
| | 2010 | 2009 |
+--------------------------------------+-----------+-----------+
| | GBP000 | GBP000 |
+--------------------------------------+-----------+-----------+
| The aggregate remuneration | | |
| comprised: | | |
+--------------------------------------+-----------+-----------+
| Continuing operations: | 35 | 49 |
| Wages and salaries | | |
+--------------------------------------+-----------+-----------+
| Social security costs | 2 | 2 |
+--------------------------------------+-----------+-----------+
| | 37 | 51 |
+--------------------------------------+-----------+-----------+
| Discontinued operations: | 64 | 81 |
| Wages and salaries | | |
+--------------------------------------+-----------+-----------+
| Contributions to personal pension | 6 | 6 |
| schemes | | |
+--------------------------------------+-----------+-----------+
| Social security costs | 7 | 12 |
+--------------------------------------+-----------+-----------+
| | 77 | 99 |
+--------------------------------------+-----------+-----------+
| | 114 | 150 |
+--------------------------------------+-----------+-----------+
| | | |
+--------------------------------------+-----------+-----------+
| Director's remuneration included in | | |
| the aggregate remuneration above | | |
| comprised: | | |
+--------------------------------------+-----------+-----------+
| Emoluments for qualifying services | 35 | 49 |
+--------------------------------------+-----------+-----------+
No pension contributions were made on behalf of the directors (2009: Nil).
5) TAXATION
+--------------------------------------+-----------+-----------+
| | Year to | Restated |
| | 31 | Year to |
| | January | 31 |
| | 2010 | January |
| | | 2009 |
+--------------------------------------+-----------+-----------+
| The Group | GBP000 | GBP000 |
+--------------------------------------+-----------+-----------+
| Current tax: | | |
+--------------------------------------+-----------+-----------+
| UK corporation tax on losses for the | - | - |
| year | | |
+--------------------------------------+-----------+-----------+
| Prior period adjustment | (2) | (3) |
+--------------------------------------+-----------+-----------+
| | (2) | (3) |
+--------------------------------------+-----------+-----------+
| Deferred tax: | | |
+--------------------------------------+-----------+-----------+
| Origination and reversal of timing | - | - |
| differences | | |
+--------------------------------------+-----------+-----------+
| Tax on loss on ordinary activities | (2) | (3) |
+--------------------------------------+-----------+-----------+
| | | |
+--------------------------------------+-----------+-----------+
| Factors affecting tax charge for the | | |
| year | | |
+--------------------------------------+-----------+-----------+
| The tax assessed for the year varies | | |
| from the standard rate of | | |
| corporation tax as explained below: | | |
+--------------------------------------+-----------+-----------+
| Loss on ordinary activities before | (122) | (2,155) |
| tax | | |
+--------------------------------------+-----------+-----------+
| Loss on ordinary activities | (34) | (603) |
| multiplied by the standard rate of | | |
| corporation tax 28% (2009: 28%) | | |
+--------------------------------------+-----------+-----------+
| Effects of: | | |
+--------------------------------------+-----------+-----------+
| Expenses not deductable for tax | - | 600 |
| purposes | | |
+--------------------------------------+-----------+-----------+
| Prior period adjustment | (2) | (3) |
+--------------------------------------+-----------+-----------+
| Unutilised tax losses | 34 | 3 |
+--------------------------------------+-----------+-----------+
| Tax credit for the year | (2) | (3) |
+--------------------------------------+-----------+-----------+
The Group has estimated losses of GBP150,000 available for carry forward against
future trading profit (2009: GBP398,000). The Group has not recognised
deferred tax assets of GBP42,000 relating to these losses as their
recoverability is uncertain (2009: GBP111,000).
6) LOSS PER SHARE
+-----------------------------------------+---------+----------+
| Basic | Year to | Restated |
| | 31 | Year to |
| | January | 31 |
| | 2010 | January |
| | | 2009 |
+-----------------------------------------+---------+----------+
| | GBP'000 | GBP'000 |
+-----------------------------------------+---------+----------+
| Loss for the year represented by: | | |
+-----------------------------------------+---------+----------+
| Continuing operations pre impairment | (120) | (32) |
+-----------------------------------------+---------+----------+
| Impairment | - | (2,120) |
+-----------------------------------------+---------+----------+
| Discontinued operations | (107) | (196) |
+-----------------------------------------+---------+----------+
| Total loss for the year | (227) | (2,348) |
+-----------------------------------------+---------+----------+
| Weighted average number of ordinary | '000 | '000 |
| shares | | |
+-----------------------------------------+---------+----------+
| Weighted average number of ordinary | 600,000 | 600,000 |
| shares used in calculating earnings per | | |
| share | | |
+-----------------------------------------+---------+----------+
| Earnings per share | | |
+-----------------------------------------+---------+----------+
| Basic & diluted on continuing | | |
| operations: | | |
+-----------------------------------------+---------+----------+
| - post impairment of goodwill | (0.02)p | (0.36)p |
+-----------------------------------------+---------+----------+
| - pre impairment of goodwill | (0.02)p | (0.01)p |
+-----------------------------------------+---------+----------+
| Basic & diluted on the total loss for | | |
| the year | | |
+-----------------------------------------+---------+----------+
| - post impairment of goodwill | (0.04)p | (0.39)p |
+-----------------------------------------+---------+----------+
| - pre impairment of goodwill | (0.04)p | (0.04)p |
+-----------------------------------------+---------+----------+
7) PROPERTY, PLANT AND EQUIPMENT
+------------------------------------------+----------+-----------+
| | Fixtures |
| | and |
| | equipment |
+-----------------------------------------------------+-----------+
| The Group | | GBP000 |
+------------------------------------------+----------+-----------+
| Cost | | |
+------------------------------------------+----------+-----------+
| At 31 January 2008 | | 3 |
+------------------------------------------+----------+-----------+
| Additions | | 1 |
+------------------------------------------+----------+-----------+
| At 31 January 2009 | | 4 |
+------------------------------------------+----------+-----------+
| Disposals | | (4) |
+------------------------------------------+----------+-----------+
| At 31 January 2010 | | - |
+------------------------------------------+----------+-----------+
| | | |
+------------------------------------------+----------+-----------+
| Depreciation | | |
+------------------------------------------+----------+-----------+
| At 31 January 2008 | | 1 |
+------------------------------------------+----------+-----------+
| Charge for the year | | 1 |
+------------------------------------------+----------+-----------+
| At 31 January 2009 | | 2 |
+------------------------------------------+----------+-----------+
| Charge for the year | | 2 |
+------------------------------------------+----------+-----------+
| Disposals | | (4) |
+------------------------------------------+----------+-----------+
| At 31 January 2010 | | - |
+------------------------------------------+----------+-----------+
| | | |
+------------------------------------------+----------+-----------+
| Net book value | | |
+------------------------------------------+----------+-----------+
| At 31 January 2010 | | - |
+------------------------------------------+----------+-----------+
| At 31 January 2009 | | 2 |
+------------------------------------------+----------+-----------+
| At 31 January 2008 | | 2 |
+------------------------------------------+----------+-----------+
8) INTANGIBLE ASSETS - GOODWILL
+------------------------------------------+----------+---------+
| The Group | | GBP000 |
+------------------------------------------+----------+---------+
| Cost and net book value | | |
+------------------------------------------+----------+---------+
| At 31 January 2008 | | 2,120 |
+------------------------------------------+----------+---------+
| Impairment for the year to 31 January | | (2,120) |
| 2009 | | |
+------------------------------------------+----------+---------+
| At 31 January 2009 and 31 January 2010 | | - |
+------------------------------------------+----------+---------+
9)INVESTMENT IN SUBSIDIARY
+------------------------------------------+----------+---------+
| The Company | | GBP000 |
+------------------------------------------+----------+---------+
| Cost | | |
+------------------------------------------+----------+---------+
| At 31 January 2008 and 31 January 2009 | | 2,100 |
+------------------------------------------+----------+---------+
| Transfer of a 15 per cent. interest | | (315) |
+------------------------------------------+----------+---------+
| At 31 January 2010 | | 1,785 |
+------------------------------------------+----------+---------+
| | | |
+------------------------------------------+----------+---------+
| Impairment | | |
+------------------------------------------+----------+---------+
| At 31 January 2008 | | - |
+------------------------------------------+----------+---------+
| Impairment | | (2,100) |
+------------------------------------------+----------+---------+
| At 31 January 2009 | | (2,100) |
+------------------------------------------+----------+---------+
| Reversal of element of impairment | | 315 |
| relating to disposal | | |
+------------------------------------------+----------+---------+
| At 31 January 2010 | | (1,785) |
+------------------------------------------+----------+---------+
| | | |
+------------------------------------------+----------+---------+
| Carrying value | | |
+------------------------------------------+----------+---------+
| 31 January 2010 | | - |
+------------------------------------------+----------+---------+
| 31 January 2009 | | - |
+------------------------------------------+----------+---------+
| 31 January 2008 | | 2,100 |
+------------------------------------------+----------+---------+
The Company's investment in Oxray Limited was written down to nil in the year
ended 31 January 2009 and subsequent efforts to secure a commercial exit from
the Oxray business were not successful. The Directors therefore concluded that
the most prudent course of action was to stop any further investment in Oxray
with an emphasis on preserving cash. The subsidiary has now become a dormant
subsidiary whilst retaining control of the underlying intellectual property
("IP"). In addition, the Company has transferred an equity stake of 15 per cent.
in this subsidiary at nil consideration to Oxray's former Commercial Manager as
an incentive to help potentially realise some future value from the IP.
At 31 January 2010 the Company had an investment in the following dormant
subsidiary where it holds 50 per cent. or more of the issued share capital.
Oxray Limited is incorporated in England and Wales.
+---------------+------------+------------------+---------+---------+
| | | | Share of issued |
| | | | ordinary |
| | | | share capital |
| | | | and voting |
| | | | rights |
+---------------+------------+------------------+-------------------+
| Undertaking | Sector | | 31 | 31 |
| | | | January | January |
| | | | 2010 | 2009 |
+---------------+------------+------------------+---------+---------+
| | | | % | % |
+---------------+------------+------------------+---------+---------+
| Oxray Ltd | Technology | | 85 | 100 |
+---------------+------------+------------------+---------+---------+
All subsidiaries have been included in the consolidated financial statements.
10) TRADE AND OTHER RECEIVABLES
+----------------------------+--------+--------+---------+---------+
| | Group | Group | Company | Company |
+----------------------------+--------+--------+---------+---------+
| | 2010 | 2009 | 2010 | 2009 |
+----------------------------+--------+--------+---------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+----------------------------+--------+--------+---------+---------+
| Trade and other | 2 | 6 | 2 | 4 |
| receivables | | | | |
+----------------------------+--------+--------+---------+---------+
| Prepayments and accrued | 9 | 22 | 9 | 17 |
| income | | | | |
+----------------------------+--------+--------+---------+---------+
| | 11 | 28 | 11 | 21 |
+----------------------------+--------+--------+---------+---------+
The Directors consider that the carrying amount of trade and other receivables
approximates to their fair value.
A maturity analysis has not been included as all of the receivables are current
and none are past due or impaired.
11) RISK MANAGEMENT OF FINANCIAL ASSETS AND LIABILITIES
The Group's activities expose it to a variety of financial risks: market risk
(primarily interest risk), credit risk and liquidity risk. The Group's overall
risk management programme focuses on the unpredictability of financial markets
and seeks to minimise potential adverse effects on the Group's financial
performance.
The management of these risks is vested in the Board of Directors. The policies
for managing each of these risks are summarised below:
Management of market risk
The most significant area of market risk to which the Group and Company are
exposed is interest risk. However, as the Group has no borrowings, its risk is
limited to the reduction of interest received on cash surpluses held. This risk
is managed in accordance with the liquidity requirement of the Group, ensuring
that surplus funds are held within fixed rate accounts to mitigate the risk.
Interest rate risk sensitivity
The Group holds interest-bearing cash and cash equivalent balances held as set
out below:
+----------------------+--------+----------+--------+--------+----------+--------+
| | 31 January 2010 | 31 January 2009 |
+----------------------+----------------------------+----------------------------+
| | Fixed | Floating | Total | Fixed | Floating | Total |
| | rate | rate | | rate | rate | |
+----------------------+--------+----------+--------+--------+----------+--------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+----------------------+--------+----------+--------+--------+----------+--------+
| Cash and cash | 532 | 1,784 | 2,316 | 1,524 | 1,010 | 2,534 |
| equivalents | | | | | | |
+----------------------+--------+----------+--------+--------+----------+--------+
The impact of a 10 per cent. increase/decrease in the average annual interest
rates on the total cash and cash equivalents balances equates to GBP2,000 (31
January 2009: GBP1,000).
Management of credit risk
The Group's principal financial asset is cash and cash equivalents. Credit risk
associated with trade and other receivables is considered to be minimal as the
majority are due from related parties with no history of defaulting and they are
immaterial in size.
The Group seeks to limit the level of credit risk on the cash balances by only
depositing surplus liquid funds with counterparty banks, as shown below:
Credit risk sensitivity
+-----------------------------------------+------------+-----------+
| | 2010 | 2009 |
+-----------------------------------------+------------+-----------+
| The Group | GBP000 | GBP000 |
+-----------------------------------------+------------+-----------+
| Cash and cash equivalents | | |
+-----------------------------------------+------------+-----------+
| A | 1,784 | 2,534 |
+-----------------------------------------+------------+-----------+
| BBB* | 532 | - |
+-----------------------------------------+------------+-----------+
| | 2,316 | 2,534 |
+-----------------------------------------+------------+-----------+
*the relevant bank was downgraded from A to BBB in the year.
The maximum exposure to credit risk on the Group's financial assets is
represented by their carrying amounts as outlined in the categorisation of
financial instruments table below.
The Group does not consider that any changes in fair value of financial assets
or liabilities in the year are attributable to credit risk.
No aged analysis of financial assets is presented as no significant financial
assets are past due at the reporting date.
Management of liquidity risk
The Group seeks to manage liquidity risk by regularly reviewing cash flow
budgets and forecasts to ensure that sufficient liquidity is available to meet
foreseeable needs and to invest cash assets safely and profitably. The Group
deems there is sufficient liquidity for the foreseeable future.
The Group and the Company had cash and cash equivalents at 31 January 2010 of
GBP2,316,000 (2009: GBP2,534,000) and GBP2,316,000 (2009: GBP2,524,000)
respectively. The disclosures above in respect of market risk, credit risk and
liquidity risk apply to both the Group and the Company.
As at 31 January 2010 all financial assets and liabilities mature for payment
within one year.
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able
to continue as a going concern while maximising the return to stakeholders.
The capital structure of the Group consists of equity attributable to equity
holders of the parent, comprising issued share capital, reserves and retained
earnings as disclosed in notes 13 and 14 and in the Group Statement of Changes
in Equity.
The Group manages its capital structure in light of changes in economic
conditions. To maintain or adjust the capital structure, the Group may adjust
the dividend payment to the shareholders, buy back shares or issue new shares.
The Group monitors capital by using the net asset per share ratio. At 31
January 2010 the net asset per share was 0.38p compared to 0.42p at 31 January
2009.
No changes were made in the objectives, policies or processes during the years
ended 31 January 2010 and 31 January 2009.
Categorisation of financial instruments
+-------------------------------+-------------+-------------+--------+
| The Group | | | |
+-------------------------------+-------------+-------------+--------+
| | Loans | Financial | Total |
| | and | liabilities | |
| | receivables | at | |
| | | amortised | |
| | | cost | |
+-------------------------------+-------------+-------------+--------+
| Financial | GBP000 | GBP000 | GBP000 |
| assets/(liabilities) | | | |
+-------------------------------+-------------+-------------+--------+
| At 31 January 2010 | | | |
+-------------------------------+-------------+-------------+--------+
| Trade and other receivables | 2 | - | 2 |
+-------------------------------+-------------+-------------+--------+
| Cash and cash equivalents | 2,316 | - | 2,316 |
+-------------------------------+-------------+-------------+--------+
| Trade and other payables | - | (31) | (31) |
+-------------------------------+-------------+-------------+--------+
| TOTAL | 2,318 | (31) | 2,287 |
+-------------------------------+-------------+-------------+--------+
| At 31 January 2009 | | | |
+-------------------------------+-------------+-------------+--------+
| Trade and other receivables | 6 | - | 6 |
+-------------------------------+-------------+-------------+--------+
| Cash and cash equivalents | 2,534 | - | 2,534 |
+-------------------------------+-------------+-------------+--------+
| Trade and other payables | - | (38) | (38) |
+-------------------------------+-------------+-------------+--------+
| TOTAL | 2,540 | (38) | 2,502 |
+-------------------------------+-------------+-------------+--------+
+-------------------------------+-------------+-------------+--------+
| The Company | | | |
+-------------------------------+-------------+-------------+--------+
| | Loans | Financial | Total |
| | and | liabilities | |
| | receivables | at | |
| | | amortised | |
| | | cost | |
+-------------------------------+-------------+-------------+--------+
| Financial | GBP000 | GBP000 | GBP000 |
| assets/(liabilities) | | | |
+-------------------------------+-------------+-------------+--------+
| At 31 January 2010 | | | |
+-------------------------------+-------------+-------------+--------+
| Trade and other receivables | 2 | - | 2 |
+-------------------------------+-------------+-------------+--------+
| Cash and cash equivalents | 2,316 | - | 2,316 |
+-------------------------------+-------------+-------------+--------+
| Trade and other payables | - | (31) | (31) |
+-------------------------------+-------------+-------------+--------+
| TOTAL | 2,318 | (31) | 2,287 |
+-------------------------------+-------------+-------------+--------+
| At 31 January 2009 | | | |
+-------------------------------+-------------+-------------+--------+
| Trade and other receivables | 4 | - | 4 |
+-------------------------------+-------------+-------------+--------+
| Cash and cash equivalents | 2,524 | - | 2,524 |
+-------------------------------+-------------+-------------+--------+
| Trade and other payables | - | (22) | (22) |
+-------------------------------+-------------+-------------+--------+
| TOTAL | 2,528 | (22) | 2,506 |
+-------------------------------+-------------+-------------+--------+
12) TRADE AND OTHER PAYABLES
+----------------------------+--------+--------+---------+---------+
| | Group | Group | Company | Company |
+----------------------------+--------+--------+---------+---------+
| | 2010 | 2009 | 2010 | 2009 |
+----------------------------+--------+--------+---------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+----------------------------+--------+--------+---------+---------+
| Trade payables | 4 | 12 | 4 | 8 |
+----------------------------+--------+--------+---------+---------+
| Other taxes and social | 1 | 4 | 1 | 1 |
| security | | | | |
+----------------------------+--------+--------+---------+---------+
| Accruals | 27 | 26 | 27 | 14 |
+----------------------------+--------+--------+---------+---------+
| | 32 | 42 | 32 | 23 |
+----------------------------+--------+--------+---------+---------+
The Directors consider that the carrying amount of trade and other payables
approximates to their fair value.
13) SHARE CAPITAL
The Group and the Company
+------------------------------------------+---------------+---------+
| | Number | GBP000 |
+------------------------------------------+---------------+---------+
| Authorised ordinary shares of 0.1p | | |
+------------------------------------------+---------------+---------+
| At 31 January 2008, 31 January 2009 and | 1,000,000,000 | 1,000 |
| 31 January 2010 | | |
+------------------------------------------+---------------+---------+
| Allotted, issued and fully paid ordinary | | |
| shares of 0.1p | | |
+------------------------------------------+---------------+---------+
| At 31 January 2008, 31 January 2009 and | 600,000,000 | 600 |
| 31 January 2010 | | |
+------------------------------------------+---------------+---------+
14) SHARE PREMIUM ACCOUNT
The Group and the Company
+------------------------------------------+----------+---------+
| | | GBP000 |
+------------------------------------------+----------+---------+
| At 31 January 2008, 31 January 2009 and | | 4,333 |
| 31 January 2010 | | |
+------------------------------------------+----------+---------+
15) COMMITMENTS UNDER OPERATING LEASES
At 31 January 2010, the Group and Company had no commitments under
non-cancellable leases.
16) DISCONTINUED OPERATIONS
In June 2007 the Company acquired 100 per cent. of the issued share capital in
Oxray Limited, a start up business that aimed to became a leading provider of
molecular structure determination services. By early 2009, Oxray had
substantially completed the development of its novel X-ray crystallography
structure determination software but the results of marketing efforts to
establish a solid customer base had been disappointing. Also, Oxray had not been
able to strengthen and develop its product service offering through bolt-on
acquisitions in this field as originally envisaged in June 2007.
The Company's investment in Oxray was written down to nil in the financial
statements for the year ended 31 January 2009 as announced on 20 April 2009.
Subsequent efforts to secure a commercial exit from the Oxray business were not
successful and the Directors therefore concluded in July 2009 that the most
prudent course of action in the current economic climate was to stop any further
investment in Oxray with an emphasis on preserving the Group's cash. Oxray has
now become a dormant subsidiary whilst retaining control of the underlying
intellectual property ("IP"). In addition, the Company has transferred an equity
stake of 15 per cent. in this subsidiary at nil consideration to Oxray's former
Commercial Manager as an incentive to help potentially realise some future value
from the IP.
The results of Oxray for the period from 1 February 2009 which have been
classified within discontinued operations in the consolidated financial
statements are as follows:
+----------------------------------------+----------+----------+
| | Year to | Year to |
| | 31 | 31 |
| | January | January |
| | 2010 | 2009 |
+----------------------------------------+----------+----------+
| | GBP000 | GBP000 |
+----------------------------------------+----------+----------+
| Revenue | 12 | 18 |
+----------------------------------------+----------+----------+
| Operating costs | (119) | (214) |
+----------------------------------------+----------+----------+
| Operating loss | (107) | (196) |
+----------------------------------------+----------+----------+
| Finance income | - | - |
+----------------------------------------+----------+----------+
| Loss before and after tax | (107) | (196) |
+----------------------------------------+----------+----------+
| Attributable to: | | |
+----------------------------------------+----------+----------+
| Equity holders of parent | (107) | (196) |
+----------------------------------------+----------+----------+
Operating loss is stated after charging:
+----------------------------------------+----------+----------+
| | Year to | Year to |
| | 31 | 31 |
| | January | January |
| | 2010 | 2009 |
+----------------------------------------+----------+----------+
| | GBP000 | GBP000 |
+----------------------------------------+----------+----------+
| Depreciation of property, plant and | 2 | 1 |
| equipment | | |
+----------------------------------------+----------+----------+
| Operating lease rentals | 6 | 5 |
+----------------------------------------+----------+----------+
| Software development and research | 34 | 74 |
| costs | | |
+----------------------------------------+----------+----------+
| Foreign exchange losses | - | 1 |
+----------------------------------------+----------+----------+
| Staff costs (see note 4) | 77 | 99 |
+----------------------------------------+----------+----------+
Auditor's remuneration for the discontinued operations was borne by the parent
company.
Cashflows from discontinued operations
+----------------------------------------+----------+----------+
| | Year to | Year to |
| | 31 | 31 |
| | January | January |
| | 2010 | 2009 |
+----------------------------------------+----------+----------+
| | GBP000 | GBP000 |
+----------------------------------------+----------+----------+
| Operating cashflows | (117) | (206) |
+----------------------------------------+----------+----------+
| Investing cashflows | - | 1 |
+----------------------------------------+----------+----------+
| Financing cashflows | 107 | 100 |
+----------------------------------------+----------+----------+
| Total cashflows | (10) | (105) |
+----------------------------------------+----------+----------+
17) RELATED PARTY TRANSACTIONS
Trading transactions
During the year the Company entered into the following transactions with Ora
Capital Limited, which is a fellow subsidiary of Ora (Guernsey) Limited which as
at 31 January 2010 holds 45.25 per cent. of the Company's issued share capital:
+----------------------------+--------+--------+---------+---------+
| | Group | Group | Company | Company |
+----------------------------+--------+--------+---------+---------+
| | 2010 | 2009 | 2010 | 2009 |
+----------------------------+--------+--------+---------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+----------------------------+--------+--------+---------+---------+
| Consultancy fees charged | 12 | 12 | 12 | 12 |
| by Ora Capital Limited in | | | | |
| the year | | | | |
+----------------------------+--------+--------+---------+---------+
The outstanding balance owed to Ora Capital Limited at the balance sheet date
was GBP1,000 (2009: GBP1,000).
During the year, Oxray Limited borrowed GBP107,000 from the Company for working
capital purposes (2009: GBP100,000). The loan is unsecured and non-interest
bearing and it is repayable on demand. The outstanding balance at 31 January
2010 was GBP407,000 (2009: GBP300,000), which was fully provided against,
resulting in a charge to the Company's income statement of GBP107,000 (2009:
GBP300,000)
Transactions with Key Management Personnel
The Group's key management personnel comprised only the Directors of the
Company.
During the year Group companies entered into the following transactions in which
the Directors had an interest:
i. Directors' remuneration.
The remuneration of the individual Directors are shown below
+----------------------------+----------+------------+--------+--------+
| | 2010 | 2009 |
+----------------------------+--------------------------------+--------+
| Short-term employment | Salaries | Employer's | Total | Total |
| benefits | & fees | national | | |
| | | insurance | | |
+----------------------------+----------+------------+--------+--------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+----------------------------+----------+------------+--------+--------+
| Michael Bretherton | 10 | 1 | 11 | 11 |
+----------------------------+----------+------------+--------+--------+
| Professor William Graham | 10 | 1 | 11 | 11 |
| Richards CBE | | | | |
+----------------------------+----------+------------+--------+--------+
| Gordon Hall (appointed 2 | 7 | 1 | 8 | - |
| June 2009) | | | | |
+----------------------------+----------+------------+--------+--------+
| Jussi Westergren (resigned | 1 | - | 1 | 10 |
| 18 March 2009)* | | | | |
+----------------------------+----------+------------+--------+--------+
| Professor Stephen Davies | 8 | 1 | 9 | 11 |
| (resigned 23 July 2009) | | | | |
+----------------------------+----------+------------+--------+--------+
| David Norwood (resigned 31 | - | - | - | 10 |
| December 2008) | | | | |
+----------------------------+----------+------------+--------+--------+
*fees of were paid to Pembroke House Technologies Ltd in the year on behalf of
Jussi Westergren
ii. Directors had interests in Ora Capital Partners Limited, which holds
45.25 per cent. of the Company's share capital (directly held by Ora (Guernsey)
limited which is a 100 per cent. owned subsidiary of Ora Capital Partners
Limited), as follows as at 31 January 2010:
+----------------------------------------------+--------------+
| Director | % of issued |
| | share |
| | capital of |
| | Ora held |
+----------------------------------------------+--------------+
| Michael Bretherton | 0.06 % |
+----------------------------------------------+--------------+
Michael Bretherton is a Director of Ora Capital Partners Limited.
17) ULTIMATE CONTROLLING PARTY
The Directors do not believe that there is an ultimate controlling party.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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