Half Yearly Report -5-
30 Septembre 2010 - 8:01AM
UK Regulatory
+------------------------------------------------+-----------------+
| | |
+------------------------------------------------+-----------------+
| Accumulated amortisation | |
+------------------------------------------------+-----------------+
| At 1 January 2010 | 275 |
+------------------------------------------------+-----------------+
| Charge for the period | 111 |
+------------------------------------------------+-----------------+
| At 30 June 2010 | 386 |
+------------------------------------------------+-----------------+
| | |
+------------------------------------------------+-----------------+
| Net book value at 30 June 2010 | 2,362 |
+------------------------------------------------+-----------------+
| | |
+------------------------------------------------+-----------------+
+------------------------------------------------+-----------------+
| | Capitalised |
| | development |
| | costs |
+------------------------------------------------+-----------------+
| | GBP000 |
+------------------------------------------------+-----------------+
| 30 June 2009 | |
+------------------------------------------------+-----------------+
| | |
+------------------------------------------------+-----------------+
| Cost | |
+------------------------------------------------+-----------------+
| At 1 January 2009 | 1,526 |
+------------------------------------------------+-----------------+
| Additions | 320 |
+------------------------------------------------+-----------------+
| At 30 June 2009 | 1,846 |
+------------------------------------------------+-----------------+
| | |
+------------------------------------------------+-----------------+
| Accumulated amortisation | |
+------------------------------------------------+-----------------+
| At 1 January 2009 | 49 |
+------------------------------------------------+-----------------+
| Charge for the period | 126 |
+------------------------------------------------+-----------------+
| At 30 June 2009 | 175 |
+------------------------------------------------+-----------------+
| | |
+------------------------------------------------+-----------------+
| Net book value at 30 June 2009 | 1,671 |
+------------------------------------------------+-----------------+
4. Borrowings
The following borrowings are included in trade and other liabilities:
+--------------------------+----------+----------+---------+
| | 30 June | 31 | 30 June |
| | 2010 | December | |
| | | 2009 | 2009 |
+--------------------------+----------+----------+---------+
| | GBP000 | GBP000 | GBP000 |
+--------------------------+----------+----------+---------+
| | | | |
+--------------------------+----------+----------+---------+
| Bank overdraft | 125 | 56 | 251 |
+--------------------------+----------+----------+---------+
| Fixed interest rate loan | 1,500 | 1,127 | 661 |
+--------------------------+----------+----------+---------+
| | 1,625 | 1,183 | 912 |
+--------------------------+----------+----------+---------+
| | | | |
+--------------------------+----------+----------+---------+
| Undrawn borrowing | | | |
| facilities | | | |
+--------------------------+----------+----------+---------+
| Bank overdraft | 375 | 244 | 49 |
+--------------------------+----------+----------+---------+
| Fixed interest rate loan | - | - | 539 |
+--------------------------+----------+----------+---------+
| | 375 | 244 | 588 |
+--------------------------+----------+----------+---------+
In March 2010 the Company obtained overdraft facilities of GBP500,000 from
Coutts & Co. The overdraft is secured by a first charge over the Company's
assets (including the Company's intellectual property). In March 2010 the
Company also issued GBP1.5m of loan notes to Pennine AIM VCT PLC. The loan notes
are redeemable within five years. If the Company redeems the loan notes within
two years the redemption will be GBP1.25 per GBP1 of loan notes (less interest
paid prior to redemption). If the loan notes are redeemed after two years the
loan notes are redeemable at par. The interest payable on the loan notes is the
greater of 9% or 3% above LIBOR for the first three years. After three years,
the interest rate is 15%. The loan notes are secured by a second charge over the
Company's assets (and a charge over the assets of Ludorum Enterprises Limited, a
wholly owned subsidiary of the Company).
In March 2010 the Company also repaid the outstanding balance on its fixed
interest loan from Clydesdale Bank. The Group also changed its bankers from
Clydesdale Bank to Coutts & Co.
5. Related party transactions
Ludorum Inc, a group company, rented an office from a company controlled by
Richard Rothkopf, a director of the company. This arrangement ceased in 2009.
The rent payable during the current period was GBPnil (30 June 2009: GBP4,600).
Included in trade and other liabilities at 30 June 2010 is GBP22,500 in respect
of unpaid remuneration (and the associated employer's National Insurance
payable) owed to directors of the company (30 June 2009: GBPnil, 31 December
2009: GBPnil).
6. Commitments
In 2007 the company entered into an agreement with a toy manufacturer under the
terms of which the toy manufacturer agreed to fund 50% of the production cost of
the company's animated series "Chuggington" in return for which it has a global
master toy licence and the right to participate in the net profit of the
property. The agreed budget for the production of the first series of 52
episodes was $6.3 million (GBP3.15 million). Production of the first 52 episodes
was completed in early 2009. The company and the toy manufacturer have now
agreed to jointly fund, on the same terms as the first series, the production of
a second series of 26 episodes of Chuggington. The budget for the second series
is $5 million (GBP3.3 million). It is expected that all the episodes in the
second series will be completed by autumn 2010.
In 2009, the company entered into a further agreement with Shanghai Motion Magic
Digital Entertainment Inc ("Motion Magic") under the terms of which Motion Magic
is to provide animation and editing services for the production of a second
series of 26 episodes of Chuggington. The company is committed to pay between
RMB 13.8 million and RMB 14.4 million (between GBP1.35m and GBP1.4m) As at 30
June 2010, the company had paid RMB 1 million (GBP92,000).
Under the terms of the agreement with the toy manufacturer described above, 50%
of the amount paid and payable to Motion Magic has been or will be refunded to
the company by the toy manufacturer.
7. Post balance sheet events
In July 2010 the company placed 470,000 ordinary shares at a price of GBP3 per
share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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