Preliminary Results Y/e 30 September 2008
05 Décembre 2008 - 8:00AM
UK Regulatory
RNS Number : 5808J
Clerkenwell Ventures PLC
05 December 2008
Clerkenwell Ventures PLC - Unaudited Preliminary Results
5 December 2008
Unaudited Preliminary Results for the year ended 30 September 2008
Clerkenwell Ventures PLC ("Clerkenwell Ventures" or "the Company") announces its preliminary results for the year ended
30 September 2008.
Highlights:
* Net cash as at 30 September 2008 of �29.9 million (2007: �29.2 million)
* Profit before taxation for the year ended 30 September 2008 of �737,000 (2007: loss of �78,000)
* Net cash today of �30.3 million
David Page, Chairman, commented:
"In response to dramatically altered market conditions, the Board has decided to explore in detail the process for returning capital to
shareholders and is investigating the most efficient method for achieving this. Further details of this process will be announced when
appropriate."
Enquiries
Clerkenwell Ventures PLC
David Page, Non-executive Chairman Telephone: 07836 346934
Stefan Borson, Corporate Development Director 07824 638553
Seymour Pierce Limited Telephone: 020 7107 8000
Nicola Marrin
Clerkenwell Ventures PLC
Unaudited Preliminary Results
for the year ended 30 September 2008
Chairman's Statement
It gives me pleasure to report the preliminary results of Clerkenwell Ventures for the year ended 30 September 2008.
Acquisition strategy
Following shareholders' approval for the Company to continue its stated acquisition strategy at the Company's AGM on 30 April 2008, we
have continued to evaluate a number of businesses which could have been reversed into the Company. Both valuations and debt availability
across the leisure sector have been substantially impacted by economic conditions. Added to this, good businesses without a special need are
reluctant to crystallise value at current levels. Accordingly, the Company withdrew from several negotiations where valuations were
considered unrealistic.
Results
Profit after taxation for the year ended 30 September 2008 was �414,000 (2007: loss of �78,000). As at 30 September 2008, Clerkenwell
Ventures' net cash balances amounted to �29.9 million (2007: �29.2 million).
Impact of the adoption of International Financial Reporting Standards
The financial information shown in this preliminary statement is presented for the first time in accordance with the recognition and
measurement principles of International Financial Reporting Standards ("IFRS"). The comparative information for the year ended 30 September
2007 has been restated under these standards.
There was no impact on the Company's income statement for the year ended 30 September 2008 as a result of the change from UKGAAP to
IFRS.
Outlook
Pursuant to the Company's EGM circular dated 4 August 2007, as the Company will not make any acquisitions prior to 28 February 2009, and
in response to dramatically altered market conditions, the Board has decided to explore in detail the process for returning capital to
shareholders and is investigating the most efficient method for achieving this. Further details of this process will be announced when
appropriate.
David Page
Non-executive Chairman
5 December 2008
Clerkenwell Ventures PLC
Unaudited Income Statement
for the year ended 30 September 2008
Notes Year ended Year ended
30 September 30 September
2008 2007
Unaudited Unaudited
�'000 �'000
Administrative expenses (530) (377)
Operating loss before share (530) (377)
based payments
Share based payments (307) (22)
Operating loss (837) (399)
Finance income 1,574 321
Profit/(loss) on ordinary 737 (78)
activities before taxation
Taxation 3 (323) -
Profit/(loss) for the year 414 (78)
Earnings/(loss) per share
Basic 4 0.5p (0.4p)
Diluted 4 0.5p (0.4p)
All amounts relate to continuing activities.
Clerkenwell Ventures PLC
Unaudited Balance Sheet
as at 30 September 2008
As at As at
30 September 30 September
2008 2007
Unaudited Unaudited
�'000 �'000
Non current Assets
Property, plant and equipment 3 4
3 4
Current Assets
Trade and other receivables 276 59
Cash at bank and in hand 29,918 29,245
30,194 29,304
Total Assets 30,197 29,308
Current Liabilities
Trade and other payables (107) (253)
Current taxation liabilities (310) -
(417) (253)
Net current assets 29,777 29,051
Net assets 29,780 29,055
Equity
Called up share capital 4,122 4,122
Share premium account 24,898 24,894
Retained earnings 760 39
Total shareholders' equity 29,780 29,055
Clerkenwell Ventures PLC
Unaudited Cash Flow Statement
for the year ended 30 September 2008
Notes Year ended Year ended
30 September 30 September
2008 2007
Unaudited Unaudited
�'000 �'000
Net cash absorbed by operating 5 (905) (245)
activities
Investing activities
Acquisition of property, plant - (4)
and equipment
Interest received 1,574 321
Net cash generated by 1,574 317
investing activities
Financing activities
Proceeds from issuance of new 4 24,828
ordinary shares (net of
expenses)
Net cash from financing 4 24,828
activities
Net increase in cash and cash 673 24,900
equivalents
Cash and cash equivalents at
beginning of the period 29,245 4,345
Cash and cash equivalents at 29,918 29,245
end of period
Clerkenwell Ventures
Unaudited Statement of Changes in Shareholders' Equity
for the year ended 30 September 2008
Share Share Retained Total
capital premium earnings equity
�'000 �'000 �'000 �'000
At 1 October 2006 689 3,499 95 4,283
Loss for the period - - (78) (78)
Total recognised income and - - (78) (78)
expense
Ordinary shares issued (net of 3,433 21,395 - 24,828
expenses)
Share based payments - - 22 22
At 30 September 2007 4,122 24,894 39 29,055
Profit for the period - - 414 414
Total recognised income and - - 414 414
expense
Ordinary shares issued (net of - 4 - 4
expenses)
Share based payments - - 307 307
At 30 September 2008 4,122 24,898 760 29,780
Clerkenwell Ventures PLC
Notes to the Unaudited Preliminary Results
for the year ended 30 September 2008
* General information
Clerkenwell Ventures PLC is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the registered
office is 1 Park Row, Leeds, LS1 5AB, United Kingdom. Copies of this Preliminary Statement may be obtained from the above address or the
investor section of the Company's website at http://www.clerkenwellventures.com.
2. Basis of preparation
The Group has adopted International Financial Reporting Standards and IFRIC Interpretations ("IFRS"). The Group will apply IFRS as
adopted by the European Union.
The preliminary results for the year ended 30 September 2008 do not constitute statutory accounts within the meaning of section 240 of
the Companies Act 1985. Statutory accounts for the year ended 30 September 2007 were prepared under UK GAAP and have been delivered to the
Registrar of Companies. The audit report on these statutory accounts was unqualified and did not contain a statement either under section
237(2) or 237(3) of the Companies Act 1985.
The financial information for the year ended 30 September 2007 has been extracted from the statutory accounts for the Group for the
period, amended to conform to the IFRS accounting policies applied in the financial statements for the year ended 30 September 2008.
Included within note 6 is an analysis of how balance sheets, income statements and cash flow statements primarily prepared under UK GAAP
have changed under IFRS.
The preliminary announcement has been prepared using the same accounting policies as published in the interim announcement for the
period ended 31 March 2008.
The preliminary announcement is presented in Pounds Sterling because that is the currency of the primary economic environment in which
the group operates. All values are rounded to the nearest thousand Pounds (�'000) except when otherwise indicated.
3. Taxation
Year ended Year ended
30 September 30 September
2008 2007
Unaudited Unaudited
�'000 �'000
Based on the result for the
period:
UK Corporation tax at 29% 310 -
Under provision in earlier 13 -
periods
Total current tax 323 -
Deferred taxation:
Origination and reversal of - -
timing differences
Taxation payable 323 -
4. Earnings per share
Year ended Year ended
30 September 30 September
2008 2007
Unaudited Unaudited
�'000 �'000
Earnings for the purposes of
basic and diluted earnings per
share:
- Profit/(loss) for the period 414 (78)
Share based payments 307 22
Adjusted profit/(loss) for the
period for the purposes of 721 (56)
headline basic and diluted
earnings per share
Weighted Weighted
Average Average
number number
of shares of shares
'000 '000
Weighted average number of
shares in issue for the 82,447 18,597
purposes of basic earnings per
share
Effect of dilutive potential
ordinary shares:
- Share options 500 -
Weighted average number of
shares for the purposes of
diluted earnings per share
82,947 18,597
Earnings per share:
Basic 0.5p (0.4p)
Diluted 0.5p (0.4p)
Adjusted basic 0.9p (0.3p)
Adjusted diluted 0.9p (0.3p)
On 11 September 2007, every 5 ordinary shares of 1 pence each in the Company were consolidated into 1 new ordinary share of 5 pence each
in the Company. The weighted average number of shares in issue for the year ended 30 September 2007 has therefore been restated assuming the
consolidation had taken place.
5. Notes to the cash flow statement
Reconciliation of net cash flow from operating activities
Year ended Year ended
30 September 30 September
2008 2007
Unaudited Unaudited
�'000 �'000
Profit/(loss) before taxation 737 (78)
Adjustments:
Investment revenues (1,574) (321)
Depreciation and amortisation 1 -
Share based payments expense 307 22
Operating cash flows before (529) (377)
movements in working capital
Increase in trade and other (217) (41)
receivables
(Decrease)/increase in (146) 184
payables
Cash generated from operating (892) (234)
activities
Taxation (13) (11)
Net cash from operating (905) (245)
activities
6. Transition to IFRS
BASIS OF PREPARATION OF IFRS FINANCIAL INFORMATION
The Company's Annual Report for the year ended 30 September 2008 comprises its first annual consolidated financial statements that
comply with IFRS. The Company has applied IFRS 1 (First time adoption of International Reporting Standards) in preparing these results.
The Company's Annual Report for the year ended 30 September 2008 will provide one year of comparative financial information and the
opening balance sheet date for adoption of IFRS at 1 October 2006.
IFRS 1 EXEMPTIONS
IFRS 1 sets out the procedures that the Company must follow when adopting IFRS for the first time as the basis for preparing its
consolidated financial statements. The Company is required to establish its IFRS accounting policies as at 30 September 2008 and, in
general, apply these retrospectively to determine the IFRS opening balance sheet at the date of transition which is 1 October 2006. The
standard provides a number of optional exemptions to this general principle.
IMPACT OF TRANSITION TO IFRS
There were no material differences between IFRS and UK GAAP on the Company's total equity shareholders' funds and profit for the period
for the periods previously reported under UK GAAP following the date of transition to IFRS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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