RNS Number:1322M
Crystalband PLC
18 January 2008
Crystalband Plc - Results to 30 September 2007
Chairman's Statement
The Group's turnover for the year ended 30 September 2007 was �5,920,701, an
increase of �885,230 on the previous year. We are delighted that this has been
achieved in a very competitive market.
The loss on ordinary activities before taxation for the period was �279,969
(2006: �654,604 loss) and given the losses sustained the Board does not
recommend a dividend to be paid at this time.
Whilst it is disappointing to report a trading loss for the third consecutive
year we are nevertheless pleased with the Group's performance, particularly in
the last 8 months of the year. We believe that the management changes
implemented at the beginning of the period have been fully justified and were a
major factor in the company having produced net profits on a month by month
basis for the final two thirds of the year. The post tax retained profit for
the year of �23,655 arises as a result of the Board's decision to recognize the
benefit of the brought forward losses as an asset.
We are particularly pleased that the new management team's efforts in restoring
quality and service levels to the standards we and our customers expect have
clearly had a positive impact on the business. From a financial perspective,
the efficiency improvements implemented have helped to contribute an extra 4% to
the gross margin.
I am delighted that Gary Torr accepted the position as Managing Director of the
Company, as announced on 21 December 2007. Gary brings with him considerable
experience of the sector and the Board believes that he has the necessary drive
and vision to help us grow the business in a controlled manner. Indeed, the
significant improvement in the business in the last few months has been, to a
large degree, a result of the consultancy services he has provided.
The Group now has in place sound financial and operational controls which are
measured monthly by the Board using detailed key performance indicators.
The Group continues to expand its customer base which leaves it well placed to
continue to grow the business in a consistent fashion.
In summary I now believe the difficulties the group faced when I accepted the
position as Chairman have been overcome and this is reflected by further strong
trading results in the first 3 months of the current financial year. This has
taken longer than expected but I believe the measures taken at the beginning of
the period were in the best long term interests of the Company and the Group.
Looking forward, I believe the Group is well placed to take advantage of its
strengthened position and your Board believes it will continue to deliver a good
trading performance in the remainder of the financial year.
Alan Rothwell
Chairman
18 January 2008
PROFIT & LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2007
2007 2006
Notes � �
Turnover 2 5,920,701 5,035,471
Cost of sales (4,174,280) (3,731,419)
Gross Profit 1,746,421 1,304,052
Administrative expenses (1,880,097) (1,899,155)
Other operating income 3 - 2,693
Operating Loss 4 (133,676) (592,410)
Interest receivable 10,679 72,627
Interest payable and similar charges 5 (156,972) (134,821)
Loss on Ordinary Activities Before Taxation (279,969) (654,604)
Tax on loss on ordinary activities 303,624 -
Profit/(Loss) for the Financial Year 23,655 (654,604)
Profit/(Loss) per ordinary share (pence) 6 0.09 (2.3)
All of the activities of the group are classed as continuing.
The group has no recognised gains or losses other than the results for the
period as set out above.
There is no difference between the results for the year shown above and those
presented on the historical costs basis.
RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS FUNDS
FOR THE YEAR ENDED 30 SEPTEMBER 2007
2007 2006
� �
Profit/(Loss) for the financial year 23,655 (654,604)
Net addition/(reduction) to shareholders' funds 23,655 (654,604)
Opening shareholders funds 779,882 1,434,486
Closing shareholders' funds 803,537 779,882
GROUP BALANCE SHEET
FOR THE YEAR ENDED 30 SEPTEMBER 2007
2007 2006
Notes � � � �
Fixed Assets
Intangible assets 2,733,311 2,894,094
Tangible assets 481,681 535,210
3,214,992 3,429,304
Current Assets
Stocks 7 245,599 252,341
Debtors 8 1,606,227 1,367,578
Short term deposits - 1,600,000
Cash in hand 1,174 554
1,853,000 3,220,473
Creditors: Amounts falling due within one year 9 (2,630,646) (5,770,810)
Net Current Liabilities (777,646) (2,550,337)
Total Assets Less Current Liabilities 2,437,346 878,967
Creditors: Amounts falling due after more than
one year 10 (1,633,809) (99,085)
803,537 779,882
Capital and Reserves
Called-up equity share capital 139,432 139,432
Share premium account 2,768,865 2,768,865
Profit and loss account (2,104,760) (2,128,415)
Shareholders' Funds 803,537 779,882
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2007
2007 2006
� � � �
Net Cash Inflow from Operating Activities 285,766 107,655
Returns on Investments and Servicing of Finance
Interest received 10,679 72,627
Interest paid (104,022) (120,610)
Interest element of hire purchase (33,793) (14,211)
Net Cash (Outflow) from Returns on Investments & Servicing
of Finance (127,136) (62,194)
Capital Expenditure
Payments to acquire tangible fixed assets (17,617) (121,477)
Receipts from sale of fixed assets - 29,000
Net Cash (Outflow) from Capital Expenditure (17,617) (92,477)
Cash Inflow/(Outflow) Before Financing 141,013 (47,016)
Financing
Principal payment on hire purchase agreements (81,063) (55,053)
Net Cash (Outflow) from Financing (81,063) (55,053)
Increase/(Decrease)in Cash 59,950 (102,069)
RECONCILIATION OF OPERATING LOSS TO NET CASH
INFLOW FROM OPERATING ACTIVITIES
2007 2006
� �
Operating loss (133,676) (592,410)
Amortisation 160,783 160,783
Depreciation 71,146 71,035
Loss on disposal of fixed assets - 5,117
Decrease in stocks 6,742 38,578
Decrease/(Increase) in debtors 1,664,975 (432,092)
(Decrease)/Increase in creditors (1,484,204) 856,644
Net Cash Inflow from Operating Activities 285,766 107,655
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2007 2006
� �
Increase/(Decrease) in cash in the period 59,950 (102,069)
New hire purchase agreements - (200,000)
Cash outflow in respect of hire purchase 81,063 55,053
Change in net debt 141,013 (247,016)
Net Debt at 30 September 2006 (326,575) (79,559)
Net Debt at 30 September 2007 (185,562) (326,575)
ANALYSIS OF CHANGES IN NET DEBT
At At
30.09.06 Cash flows Non-Cash 30.09.07
� � � �
Net cash 554 620 - 1,174
Cash in hand and at bank (117,036) 59,330 - (57,706)
(116,482) 59,950 - (56,532)
Debt:
Hire purchase agreements (210,093) 81,063 - (129,030)
Net Debt (326,575) 141,013 - (185,562)
NOTES
1 ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost
convention, and in accordance with applicable accounting standards.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the company and all group undertakings. As a consolidated profit and loss
account is published, a separate profit and loss account for the parent company
is omitted from the group financial statements by virtue of Section 230 of the
Companies Act 1985.
Going Concern
The directors have prepared detailed cashflows for the group for a period of 12
months from the date of signing these financial statements. These indicate that
the group will be able operate within its existing facilities with both its
bankers and suppliers. On this basis, the director considers it appropriate to
prepare the financial statements on the going concern basis.
Turnover
The turnover shown in the profit and loss account represents amounts
invoiced during the period, exclusive of Value Added Tax.
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised,
classified as an asset on the Balance Sheet and amortised over its estimated
useful life up to a maximum of 20 years. This length of time is presumed to be
the maximum useful life of purchased goodwill because it is difficult to make
projections beyond this period. Goodwill is reviewed for impairment at the end
of the first full financial year following each acquisition and subsequently as
and when necessary if circumstances emerge that indicate that the carrying value
may not be recoverable.
Fixed Assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its
estimated residual value, over the useful economic life of that asset as
follows: -
Plant & Machinery - 10 years straight line
Fixtures & Fittings - 10 years straight line
Motor Vehicles - 3 years straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making
due allowance for obsolete and slow moving items.
Work in progress is valued on the basis of direct costs plus attributable
overheads based on normal level of activity. Provision is made for any
foreseeable losses where appropriate. No element of profit is included in the
valuation of work in progress.
Hire Purchase Agreements
Assets held under hire purchase agreements are capitalised and disclosed under
tangible fixed assets at their fair value. The capital element of the future
payments is treated as a liability and the interest is charged to the profit and
loss account on a straight line basis.
Operating Lease Agreements
Rentals applicable to operating leases where substantially all of the benefits
and risks of ownership remain with the lessor are charged against profits on a
straight line basis over the period of the lease.
Deferred Taxation
Deferred tax is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date where transactions or
events have occurred at that date that will result in an obligation to pay more,
or a right to pay less or to receive more tax, with the following exceptions: -
Provision is made for tax on gains arising from the revaluation (and similar
fair value adjustments) of fixed assets, and gains on disposal of fixed assets
that have been rolled over into replacement assets, only to the extent that, at
the balance sheet date, there is a binding agreement to dispose of the assets
concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable
gain will be rolled over into replacement assets and charged to tax only where
the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors
consider that it is more likely than not that there will be suitable taxable
profits from which the future reversal of the underlying timing differences can
be deducted.
Deferred tax is measure on an undiscounted basis at the tax rates that are
expected to apply in the periods in which timing differences reverse, based on
tax rates and laws enacted or substantively enacted at the balance sheet date.
2 TURNOVER
The turnover is attributable to the one principal activity of the group.
An analysis of turnover is given below: -
2007 2006
� �
United Kingdom 5,920,701 5,035,471
3 OTHER OPERATING INCOME
2007 2006
� �
Other operating income - 2,693
4 OPERATING LOSS
Operating loss is stated after 2007 2006
charging: - � �
Amortisation 160,783 160,783
Depreciation of owned fixed assets 24,044 23,933
Depreciation of assets held under 47,102 47,102
HP agreements
Loss on disposal of fixed assets - 5,117
Auditors remuneration 9,000 10,000
Restructuring costs 95,293 -
Operating lease costs:
- plant & equipment - 3,437
- vehicles 145,595 98,217
During the year the auditors provided no other services to the group.
5 INTEREST PAYABLE 2007 2006
AND SIMILAR CHARGES � �
Interest payable on bank borrowing 8,254 67,535
Other loans 19,157 -
Finance charges 33,793 14,211
Debt factoring charge 95,768 53,075
156,972 134,821
6 PROFIT/(LOSS) PER SHARE 2007 2006
Pence Pence
Profit/(Loss( per ordinary share 0.09 (2. 3)
Profit/Loss per share has been calculated on the net basis on the profit/loss on
ordinary activities after taxation of �23,655 (2006: (�654,604)) using the
weighted average number of ordinary shares in issue of 27,866,401 (2006:
27,866,401).
7 STOCKS
2007 2006
� �
Raw materials 180,380 175,398
Work in progress 21,419 41,960
Finished goods 43,800 34,983
245,599 252,341
8 DEBTORS
2007 2006
� �
Trade debtors 1,081,099 1,193,124
VAT recoverable 4,916 4,916
Deferred taxation 303,624 -
Prepayments & accrued income 216,588 169,538
1,606,227 1,367,578
2007 2006
9 CREDITORS: Amounts falling due within one year � �
57,706 117,036
Bank loans and overdrafts 625,654 1,063,182
Trade creditors 432,840 239,500
Other tax and social security payable 95,221 111,008
Hire purchase agreements 1,332,097 4,118,889
Other creditors 87,128 121,195
Accruals & deferred income
2,630,646 5,770,810
10 CREDITORS: Amounts due after more than one year
2007 2006
� �
Other Creditors 1,600,000 -
Hire purchase agreements 33,809 99,085
1,633,809 99,085
Future commitments under hire purchase
agreements are as follows: -
2007 2006
� �
Amounts payable within 1 year 95,221 111,008
Amounts payable between 1 to 2 years 33,809 66,666
Amounts payable between 2 to 5 years - 32,419
129,030 210,093
11 Accounts
The financial statements for the year ended 30 September 2007 will be despatched
to shareholders on or before 25 January 2008, at which time copies will also be
available to the public, free of charge from the Company's registered office:
Unit 22, Castle Park Industrial Estate, Flint, CH6 5XA and on the Company's
website www.frame1.co.uk.
12 Annual General Meeting
The Company's Annual General Meeting will be held on Thursday, 21 February 2008.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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