Final Results

 

TIDMPLW 
 
RNS Number : 7956X 
Playwize PLC 
21 August 2009 
 

21 August 2009 
 
 
PLAYWIZE PLC 
("Playwize" or the "Company") 
 
 
PRELIMINARY RESULTS 
FOR THE TWELVE MONTHS TO 31 MARCH 2009 
 
 
 
 
The Board of Playwize plc, the AIM listed company, today announces its audited 
results for the twelve months to 31 March 2009. 
 
 
Highlights: 
 
 
  *  Loss before tax GBP321,000 (2008: Loss GBP808,000); 
 
 
 
  *  Turnover GBP22,000 (2008: GBP85,000); 
 
 
 
As previously reported,the Playwize Group has ceased to trade, and the Board 
continues to actively seek an acquisition as per the investment strategy which 
was approved  at the EGM held on 18th November 2008, where Shareholders approved 
a Resolution  to make an acquisition of a company (or the assets of a company), 
which trades in either the UK, the rest of Europe, the United States of America 
or the Middle East, and which, if possible, has a proven record of turnover and 
profitability, in any field of activity, other than real estate. As reported in 
the circular to Shareholders dated 23 October 2008, the Company has reached an 
agreement in principle with the Headstart Funds to make a further GBP250,000 
facility available to the Company, under certain conditions. 
 
 
Copies of the audited accounts for the year to 31 March 2009 have been posted to 
shareholders today, and may also be found on the Company's website at 
http://www.playwizeplc.com/investors.html 
 
 
 
 
 
 
=--ends--- 
 
 
Enquiries: 
 
 
+---------------------------------------------+----------------------------+ 
| Playwize plc                                |                            | 
+---------------------------------------------+----------------------------+ 
| John Corre Chairman                         | 00972 544602253            | 
+---------------------------------------------+----------------------------+ 
|                                             |                            | 
+---------------------------------------------+----------------------------+ 
| Allenby Capital Limited                     |                            | 
+---------------------------------------------+----------------------------+ 
| Imran Ahmad/James Reeve                     | 020 7510 8600              | 
+---------------------------------------------+----------------------------+ 
 
 
 
 
  Consolidated income statement 
_______________________________________________________________________________ 
for the year ended 31 March 2009 
 
 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
|                                             |      |  |                                       2009 |                                       2008 | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
|                                             |      |  |                                    GBP'000 |                                    GBP'000 | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
|                                             |      |  |                                            |                                            | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| Revenues                                    |      |  |                                         22 |                                         85 | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| Cost of revenues                            |      |  |                                      (168) |                                      (761) | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| Gross loss                                  |      |  |                                      (146) |                                      (676) | 
|                                             |      |  |                                            |                                            | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| Administrative expenses                     |      |  |                                      (168) |                                      (355) | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| Operating loss                              |      |  |                                      (314) |                                    (1,031) | 
|                                             |      |  |                                            |                                            | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| Interest receivable                         |      |  |                                          3 |                                          9 | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| Interest payable and similar charges        |      |  |                                       (70) |                                       (60) | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| Exceptional item                            |      |  |                                         60 |                                        274 | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| Loss for the year before taxation           |      |  |                                      (321) |                                      (808) | 
|                                             |      |  |                                            |                                            | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| Taxation                                    |      |  |                                          - |                                          - | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| Loss for the financial year                 |      |  |                                      (321) |                                      (808) | 
|                                             |      |  |                                            |                                            | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
|                                             |      |  |                                            |                                            | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| Basis and diluted loss per share            |      |  |                                      0.16p |                                       0.7p | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
| ­                                           |      |  |                                            |                                            | 
+---------------------------------------------+------+--+--------------------------------------------+--------------------------------------------+ 
 
 
All revenues and costs arise from discontinued trading activities 
 
 
There is no material difference between the results stated above and the results 
shown on an historical basis. 
 
 
There are no other gains or losses other than those recognised in the income 
statement. 
 
 
 
 
 
 
 
 
 
 
  Balance sheets 
_______________________________________________________________________________ 
at 31 March 2009 
 
 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
|                            |        |  Group   |  Group    |  Company  |  Company  | 
|                            |        |  2009    |   2008    |   2009    |   2008    | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
|                            |        | GBP'000  |  GBP'000  |  GBP'000  |  GBP'000  | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
|                            |        |          |           |           |           | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Non Current assets         |        |          |           |           |           | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Property, plant and        |        |        - | 24        |         - |   24      | 
| equipment                  |        |          |           |           |           | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
|                            |        |        - |        24 |         - |   24      | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Current assets             |        |          |           |           |           | 
|                            |        |          |           |           |           | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Trade and other            |        |       11 |        85 |         - |   51      | 
| receivables                |        |          |           |           |           | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Cash and cash equivalents  |        |       13 |       354 |         - |   354     | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Total current assets       |        |       24 |   439     |         - |   405     | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Total assets               |        |       24 |       463 |         - |   429     | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Current Liabilities        |        |          |           |           |           | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Trade and other payables   |        |    (792) |     (910) |     (783) |     (820) | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Net liabilities            |        |    (768) |     (447) |     (783) |     (391) | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
|                            |        |          |           |           |           | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Equity                     |        |          |           |           |           | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Share capital              |        |    1,935 |     1,935 |     1,935 |     1,935 | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Share premium              |        |    5,710 |     5,710 |     5,710 |     5,710 | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Revenue reserves           |        |  (8,413) |   (8,092) |   (8,428) |   (8,036) | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
| Total equity               |        |    (768) |     (447) |     (783) |     (391) | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
|                            |        |          |           |           |           | 
+----------------------------+--------+----------+-----------+-----------+-----------+ 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated cash flow statement 
_____________________________________________________________________________ 
for the year ended 31 March 2009 
 
 
+--------------------------------------+-----------+-----------+----------+----------+ 
|                                      |     Group |     Group |  Company |  Company | 
+--------------------------------------+-----------+-----------+----------+----------+ 
|                                      |      2009 |      2008 |     2009 |     2008 | 
+--------------------------------------+-----------+-----------+----------+----------+ 
|                                      |   GBP'000 |   GBP'000 |  GBP'000 |  GBP'000 | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Cash flows from operating activities |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Operating loss                       |     (254) |   (1,031) |    (326) |    (865) | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Adjustments for:                     |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Loss on disposal of assets           |         1 |         - |        1 |        - | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Depreciation                         |         - |        14 |        - |        - | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Fees settled in shares               |         - |        40 |        - |       40 | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Operating cash flow before working   |     (253) |     (977) |    (325) |    (825) | 
| capital                              |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
|                                      |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Decrease/(increase) in receivables   |        74 |      (20) |       51 |     (49) | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Increase/(decrease) in payables      |      (83) |      (55) |      (1) |     (16) | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Cash used in operating activities    |     (262) |   (1,012) |    (275) |    (890) | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Cash flows from investing activities |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Proceeds on disposal/(cost of        |        23 |      (26) |       23 |     (24) | 
| acquisition) of assets               |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Finance income                       |         3 |         9 |        3 |        8 | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Finance costs                        |      (70) |       (7) |     (70) |        - | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Net cash used in investing           |      (44) |      (24) |     (44) |     (16) | 
| activities                           |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Cash Flows from financing activities |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Proceeds from share issues           |         - |     1,150 |        - |    1,150 | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| (Repayments of)/proceeds from        |      (35) |       110 |     (35) |      110 | 
| borrowings                           |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Net cash(used in)/generated by       |      (35) |     1,260 |     (35) |    1,260 | 
| financing activities                 |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
|                                      |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Net change in cash and cash          |     (341) |       224 |    (354) |      354 | 
| equivalents                          |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Cash and cash equivalents at the     |       354 |       130 |      354 |        - | 
| beginning of the year                |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
| Cash and cash equivalents at the end |        13 |       354 |        - |      354 | 
| of the year                          |           |           |          |          | 
+--------------------------------------+-----------+-----------+----------+----------+ 
 
 
 
 
Financial Information 
 
 
1Publication of non-statutory accounts 
 
 
The financial information contained in this preliminary statement does not 
constitute statutory accounts as defined in Section 240 of the Companies Act 
1985. The financial information for the year ended 31 March 2009 has been 
extracted from the audited Group financial statements. 
 
 
The following are extracts from the notes to the audited Group financial 
statements for the year ended 31 March 2009. 
 
 
 
 
2Accounting policies 
 
 
The financial statements have been prepared under International Financial 
Reporting Standards as adopted by the European Union (EU). The following 
principal accounting policies have been applied and are in accordance with 
applicable accounting standards. 
 
 
Basis of preparation 
 
 
The financial statements have been prepared under the historical cost convention 
and on a going concern basis. 
 
 
Basis of consolidation 
 
 
The consolidated financial statements incorporate the results of the Company and 
its subsidiaries for the relevant accounting periods.  Subsidiaries are fully 
consolidated from the date on which control is transferred until the date that 
such control ceases. Intra-Group transactions, balances and unrealised gains and 
losses on transactions between Group companies are eliminated. 
 
 
Revenues 
 
 
Revenues represent amounts receivable for goods and services net of VAT and 
trade discounts.  Revenue is ascertained in a manner appropriate to the stage of 
completion of the contract and the industry in which it operates. 
 
 
Depreciation 
 
 
Depreciation is provided at a rate calculated to write off the cost less 
estimated residual value of all tangible fixed assets over their expected useful 
lives as follows: 
 
 
+------------------------------------+----------------------------------------+ 
| Property, plant and equipment      | 50% per annum straight line            | 
+------------------------------------+----------------------------------------+ 
 
 
Leasing 
 
 
Rentals payable under operating leases are charged to the profit and loss 
account on a straight line basis over the term of the lease. 
 
 
Deferred taxation 
 
 
Deferred tax is recognised in respect of all timing differences that have 
originated but not reversed by the balance sheet date except for deferred tax 
assets, which are only recognised to the extent that the Group anticipates 
making sufficient taxable profits in the future to absorb the reversal of the 
underlying timing differences. Deferred tax balances are not discounted. 
 
 
Foreign currency translation 
 
 
Monetary assets and liabilities denominated in foreign currencies are translated 
into Sterling at the rates of exchange ruling at the balance sheet date. 
Transactions in foreign currencies are recorded at the rate ruling at the date 
of the transaction. All differences are taken to the income statement. 
 
 
Exceptional item 
 
 
Exceptional items are those significant items which are disclosed by virtue of 
their size and to enable a fuller understanding of the Group's financial 
performance. Transactions giving rise to an exceptional item would include gains 
or losses on disposals of non-current assets, investments and subsidiaries. 
 
 
 
 
3    Loss per share 
 
 
Basic loss per share amounts are calculated by dividing loss for the period 
attributable to ordinary equity holders by the weighted average number of 
ordinary shares outstanding during the year. 
 
 
FRS 14 requires presentation of diluted EPS when a company could be called upon 
to issue shares that would decrease net loss per share. For a loss making 
company with outstanding share options, net loss per share would only be 
increased by the exercise of out-of-the money options. Since it seems 
inappropriate to assume option holders would act irrationally, no adjustment has 
been made to diluted EPS for out-of-the money options. 
 
 
The following reflects the income and share data used in the basic and diluted 
earnings per share computations. Loss per share has been calculated using the 
following: 
 
 
 
 
+------------------+--------------+--------------------+--------------+--------------+ 
|                  | 2009         | 2009               | 2008         | 2008         | 
|                  | (Loss)/      | Weighted           | (Loss)/      | Weighted     | 
|                  | Earnings     | average number of  | Earnings     | average      | 
|                  |              | shares             |              | number of    | 
|                  |              |                    |              | shares       | 
+------------------+--------------+--------------------+--------------+--------------+ 
|  Basic & diluted | (GBP321,000) | 1,935,180          | (GBP808,000) | 114,365,088  | 
+------------------+--------------+--------------------+--------------+--------------+ 
 
 
 
 
4 Statement of changes in equity 
 
 
+-------------------------------------+-----------+-----------+----------+----------+ 
|                                     |     Share |     Share | Retained |    Total | 
|                                     |   capital |   premium | earnings |   equity | 
+-------------------------------------+-----------+-----------+----------+----------+ 
| At 1 April 2007                     |       604 |     5,770 |  (7,284) |      910 | 
+-------------------------------------+-----------+-----------+----------+----------+ 
| Funds from share issues             |     1,331 |      (60) |        - |    1,271 | 
|                                     |           |           |          |          | 
+-------------------------------------+-----------+-----------+----------+----------+ 
| Loss for the financial year         |         - |           |    (921) |    (921) | 
|                                     |           |           |          |          | 
+-------------------------------------+-----------+-----------+----------+----------+ 
| At 1 April 2008                     |     1,935 |     5,710 |  (8,036) |    (391) | 
+-------------------------------------+-----------+-----------+----------+----------+ 
| Loss for the financial period       |         - |         - |    (392) |    (392) | 
+-------------------------------------+-----------+-----------+----------+----------+ 
| At 31 March 2009                    |     1,935 |     5,710 |  (8,428) |    (783) | 
+-------------------------------------+-----------+-----------+----------+----------+ 
 
 
 
 
5    Annual report 
 
 
The Annual Report and Accounts for the year ended 31 March 2009 will be mailed 
to shareholders shortly. 
 
 
 
 
6    Annual general meeting 
 
 
The Annual General Meeting of the shareholders of Playwize plc will be held at 
11.00am on 15 September 2009 at 7 Cork Street, London W1S 3LJ 
 
 
 
 
 
 
- Ends - 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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