RNS Number : 5779E
Abraxus Investments PLC
29 September 2008
Abraxus Investments PLC
Final Results for the Year Ended 31 March 2008
Chairman's statement
I am pleased to set out below the Director's Report and Financial Statements of Abraxus Investments PLC ("Abraxus") for the year ended
31 March 2008.Comparatives are for the year ended 31 March 2007.
Financial Results:
Turnover for the year was nil (2007 - nil) with a loss on ordinary activities before taxation of �41,627 (2007 - loss �15,447). At 31
March 2008 the Company had cash balances of �1,512,031 (2007: �1,641,334). The Board is not recommending the payment of a dividend.
Operational Review:
The Company's activities during the period under review were devoted to identifying and investigating various investment opportunities.
This is an ongoing activity and while we are at an advanced stage of examining one such opportunity (which would be a Reverse Takeover under
the AIM Rules), I cannot say at the moment given the global economic uncertainty when we will be successful in completing a suitable deal.
The Company will continue to keep shareholders advised of future developments in our investment strategy. As a result of these discussions
the Company's shares will be suspended, with immediate effect, from trading on AIM.
D.Sparks
Chairman
29 September 2008
Enquiries
Shore Capital and Corporate Limited
Nominated advisor to the company
Christian Littlewood
Edward Mansfield
Tel 020 7408 4090
Income Statement
For the year ended 31 March 2008
Notes 2008 � 2007 �
Administrative expenses (117,316) (216,843)
Operating loss 2 (117,316) (216,843)
Profit on disposal of subsidiary - 96,221
Finance income 4 75,689 105,175
Loss on ordinary activities before taxation 5 (41,627) (15,447)
Taxation - -
Retained loss for the year (41,627) (15,447)
Loss per ordinary share
Basic and diluted 6 (0.12p) (0.04p)
Statement of Changes in Shareholders' Equity
For the year ended 31 March 2008
Share capital Share premium Retained earnings Total Equity
� � � �
At 1 April 2006 Loss for the 1,722,222 7,435,193 (7,629,744) 1,527,671
period - - (15,447) (15,447)
At 31 March 2007 1,722,222 7,435,193 (7,645,191) 1,512,224
Loss for the period - - (41,627) (41,627)
At 31 March 2008 1,722,222 7,435,193 (7,686,818) 1,470,597
Balance Sheet
As at 31 March 2008
Notes 2008 � 2007 �
Assets
Current
Trade and other receivables 8 4,227 5,903
Cash and cash equivalents 1,512,031 1,641,334
Total assets 1,516,258 1,647,237
Equity
Called up share capital 10 1,722,222 1,722,222
Share premium account 7,435,193 7,435,193
Retained earnings (7,686,818) (7,645,191)
Total equity 1,470,597 1,512,224
Current liabilities
Trade and other payables 9 45,661 135,013
Total equity and liabilities 1,516,258 1,647,237
Approved by the Board of Directors and authorised for issue on 29 September 2008 and signed on its behalf by:
J. Anthony
Cashflow Statement
For the year ended 31 March 2008
Notes 2008 � 2007 �
Operating
Loss for the year before interest (117,316) (216,843)
Profit on disposal of fixed assets/subsidiary - 8,166
Change in trade and other receivables 1,676 97,835
Change in trade and other payables (89,352) (241,311)
(204,992) (352,153)
Investing
Interest received 4 75,689 105,175
Disposal of fixed assets/subsidiary - 1,490,431
75,689 1,595,606
Net (decrease)/increase in cash and cash (129,303) 1,243,453
equivalents
Cash and cash equivalents, beginning of period 1,641,334 397,881
Cash and cash equivalents, end of period 1,512,031 1,641,334
Notes to the Financial Statements
For the year ended 31 March 2008
1. Accounting policies
These are the first financial statements prepared in accordance with International Financial Reporting Standards as adopted by the
European Union ('IFRS') and issued by the International Accounting Standards Board ('IASB'). No adjustments to the prior year comparatives,
which were prepared under United Kingdom Generally Accepted Accounting Practice ("UK GAAP"), were necessary. As such a reconciliation of the
effect of the transition is not required. The date of transition to IFRS was 1 April 2006.
The Directors are not aware of any Standard or interpretation in issue but not yet effective that would materially impact upon the
financial statements.
The financial statements have been prepared under the historical cost convention, except for financial assets and liabilities which are
carried at amortised cost, and on a going concern basis.
Critical accounting judgments and key sources of estimation uncertainty
The preparation of the financial statements in conformity with IFRS requires management to exercise certain critical accounting
judgements and estimates in the process of applying the Company's accounting policies. The Directors base their estimates on historical
experience and various other assumptions that they believe are reasonable. Actual results may differ from these estimates under different
assumptions or conditions.
Going concern
The Board is of the opinion that the Company will have sufficient funding to meet its working capital needs. As a result, the Directors
consider it appropriate to prepare the financial statements on a going concern basis.
Equity
Share capital is determined using the nominal value of shares that have been issued. The share premium account includes any premiums
received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from the
premium paid.
Financial assets and liabilities
Assets
The Company's financial assets comprise cash and cash equivalents and trade and other receivables which are classified as loans and
receivables and are initially recognised at fair value. Receivables are non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market. They arise when the Company provides money, goods or services directly to a debtor with no
intention of trading the receivables. Loans and receivables are subsequently measured at amortised cost using the effective interest method,
less provision for impairment. Any impairment is recognised in profit or loss.
Cash and cash equivalents include cash at bank and in hand as well as bank deposits. Cash equivalents are held for the purpose of
meeting short-term cash commitments rather than for investment or other purposes.
Liabilities
The Company's financial liabilities comprise trade and other payables and are recognised when the Company becomes party to the
contractual agreements of the instrument.
All interest and related charges are recognised as an expense in the income statement. Trade payables are recognised initially at their
fair value and subsequently measured at amortised cost less settlement payments.
Dividend distributions to shareholders are recognised when the dividends are approved by the shareholders' meeting.
Interest-bearing bank loans and overdrafts are initially measured at fair value, and are subsequently measured at amortised cost, using
the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of
borrowings is recognised over the term of the borrowings in accordance with the Company's accounting policy for borrowing costs.
2. Operating loss
2008 2007
� �
This is stated after charging:
Auditor's remuneration - audit services 5,500 5,500
- taxation 2,000 2,000
3. Staff costs employees and Directors' emoluments
2008 2007
� �
i) Directors' remuneration
Fees 65,000 80,000
ii) Staff costs (including Directors' emoluments)
Wages and salaries 65,000 80,000
The Directors consider that key management personnel consists of the Directors only, as such, compensation for key management personnel
is not disclosed separately.
The average number of employees (including directors) during the year was 4 (2007:5). No social security costs or pension costs were
incurred by the Company during the year (2007:nil).
4. Finance income and costs
2008 2007 �
�
Interest income from short term deposits 75,689 105,175
5. Tax loss on ordinary activities
There was no tax charge on the loss on ordinary activities in both current and preceding year.
2008 � 2007 �
Loss on ordinary activities before tax (41,627) (15,447)
Loss on ordinary activities multiplied by standard rate (12,488) (4,634)
of corporation tax in the UK of 30% (2007: 30%)
Effects of:
Expenses not deductible for tax purposes 9,946 -
Income not taxable (10,276) -
Increase in tax losses 12,818 4,634
Current tax for period - -
No deferred tax asset has been recognised in respect of tax losses carried forward in the accounts as there is insufficient evidence
that the asset will be recoverable.
6. Loss per ordinary share
Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders after taxation by the weighted average
number of ordinary shares in issue during the year.
Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of exercise
of all dilutive options.
There were no dilutive options outstanding at 31 March 2008
2008 � 2007 �
Net loss after taxation attributable to ordinary (41,627) (15,447)
shareholders
Weighted average number of ordinary shares 34,444,444 34,444,444
Loss per ordinary share (0.12p) (0.04p)
7. Investments
The investments of the Company are as follows:
Subsidiary undertakings
Ordinary
shares Registered Principal Carrying
% holding in activity value
Abraxus Investments (UK) Limited 100 England Dormant Nil
8. Trade and other receivables
2008 2007
� �
Other debtors 4,227 2,413
Prepayments and accrued income - 3,491
4,227 5,903
9. Current liabilities
2008 2007 �
�
Other creditors - 34,253
Accruals and deferred income 45,661 100,760
45,661 135,013
10. Share Capital
2008 � 2007 �
Authorised:
108,888,888 ordinary shares of 5p each (2007: 5,444,444 5,444,444
108,888,888)
Issued and fully paid:
34,444,444 ordinary shares of 5p each (2007: 1,722,222 1,722,222
34,444,444)
11.Controlling party
The Directors believe there is no ultimate controlling party.
12. Financial risk management
The Company uses various financial instruments which include loans, cash and various items, such as other receivables and trade and
other payables that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the
Company's operations and manage its working capital requirements.
The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail
below. The main risks arising from the Company financial instruments are market risk, currency risk, liquidity risk, interest rate risk and
credit risk. The Directors review and agree policies for managing each of these risks. These policies have remained unchanged from previous
years.
Market risk
The Company is exposed to market risk through its use of financial instruments and specifically to currency risk, interest rate risk and
certain other price risks, which result from both its operating and investing activities. The Company's risk management is coordinated at
its headquarters, in close co-operation with the Board of Directors, and focuses on actively securing the Company's short to medium term
cash flows by minimising the exposure to financial markets.
The Company does not actively engage in the trading of financial assets for speculative purposes or does it write options.
Currency risk
The Company is exposed to translation and transaction foreign exchange risk. As the majority of the Company's transactions are
denominated in sterling, the Directors deem the Company's exposure to exchange rate fluctuations to be minimal.
Interest rate risk
The Company's exposure to upside interest rate risk is limited to the interest bearing deposit accounts in which the Company invests
surplus funds. Bank deposit accounts are held at variable interest rates based on Natwest Treasury base rate.
The Directors do not consider the impact of possible interest rate changes based on current market conditions to be material to the net
result for the year or the equity position at the year end.
Credit risk
The Company's exposure to credit risk is limited to the carrying amount of financial asset recognised at the balance sheet date.
Generally, the maximum credit risk exposure of financial assets is the carrying amount of the financial assets as shown on the face of
the balance sheet (or in the detailed analysis provided in the notes to the financial statements). Credit risk, therefore, is only disclosed
in circumstances where the maximum potential loss differs significantly from the financial asset's carrying amount.
The Company's other receivables are actively monitored to avoid significant concentrations of credit risk. There is no significant
concentration of credit risk. The Directors consider that all the above financial assets that are not impaired for each of the reporting
dates under review are of good credit quality. No amounts were past due at the year end (2007: � nil).
None of the Company's financial assets are secured by collateral or other credit enhancements.
The credit risk for liquid funds and other short-term financial assets is considered negligible, since the counterparties are reputable
banks with high quality external credit ratings.
Liquidity risk
The Company manages its liquidity needs by carefully monitoring scheduled debt servicing payments for long-term financial liabilities as
well as cash-outflows due in day-to-day business. Liquidity needs are monitored in various time bands, on a day-to-day and week-to-week
basis, as well as on the basis of a rolling 30-day projection. Long-term liquidity needs for a 180-day and a 360-day lookout period are
identified monthly.
All current liabilities were due within six months at 31 March 2008 and 31 March 2007
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END
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