TIDMRCAP
RNS Number : 2453O
Ricmore Capital PLC
25 June 2010
For immediate release
25 June 2010
Ricmore Capital Plc ("Ricmore" or "the Company")
(formerly Energy Asset Management Plc)
Report and Accounts for the nine month period ended 31 December 2009
Change of Broker
The Company is pleased to announce that the Report and Accounts for the nine
month period ended 31 December 2009, extracts from which are set out below, have
been posted to shareholders and are available on the website:
www.ricmorecapital.co.uk
In addition, the Company announces the appointment of Daniel Stewart & Company
Plc as broker to Ricmore who replace Religare Capital Markets plc with immediate
effect.
Chairman's Statement
Financial Results
In the nine months to 31 December 2009 the Company made a loss after taxation of
GBP31,636 (15 months ended 31 March 2009 - loss GBP3,289,636) representing a
loss per share of 0.01p (2009 - loss 0.99p per share).
The Company received the second tranche of deferred consideration arising out of
the sale of Energy Assets Limited. The amount received was greater than that
accrued for at 31 March 2009 and thus the extra funds received amounting to
GBP75,714 are reported as a gain in these nine month financial statements to 31
December 2009.
Following receipt of the initial and deferred consideration arising from the
sale of Energy Assets Limited in January 2009, and after subsequent operating
costs paid, cash balances amounted to some GBP943,000 at the end of December
2009.
Suspension from trading on AIM
As an investing company under the AIM Rules, Ricmore needed to have either
substantially implemented its investment strategy or concluded a reverse
takeover on or before 9 January 2010 or otherwise its shares would be suspended
from trading on AIM. As the Company had not yet done so, the Company's shares
were suspended on 11 January 2010. Should the Company have not substantially
implemented its investment strategy or concluded a reverse takeover on or before
9 July 2010 it will be de-listed.
Intended acquisition
On 11 January 2010, the Board reported that it was actively considering a
particular transaction and would report further to shareholders as and when
appropriate. Since that date that transaction, a reverse acquisition, has been
and is still being actively pursued.
Accounting reference date
In order to align the Company's accounting reference date to the accounting
calendar of the intended acquisition, the Company has changed its accounting
reference date to 31 December from 31 March and accordingly these financial
statements present the results from 31 March 2009 to 31 December 2009.
The Future
The board continues to work towards the completion of the aforementioned
acquisition and will in due course be writing to shareholders.
Contact:
John Shaw, Ricmore Capital Plc on 07973 826613
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396
Martin Lampshire, Daniel Stewart & Company Plc on 0207 776 6550
Statement of Comprehensive Income
for the nine month period to 31 December 2009
+--------------------+------+---------+-----------+--------------+
| | Note | | Period | Period |
| | | | to | to |
| | | | 31 | 31 |
| | | | December | March |
| | | | 2009 | 2009 |
+--------------------+------+---------+-----------+--------------+
| | | | GBP | GBP |
+--------------------+------+---------+-----------+--------------+
| Revenue | 2 | | - | - |
+--------------------+------+---------+-----------+--------------+
| Cost of sales | | | - | - |
+--------------------+------+---------+-----------+--------------+
| Gross Profit | | | - | - |
+--------------------+------+---------+-----------+--------------+
| | | | | |
+--------------------+------+---------+-----------+--------------+
| Operating expenses | 3 | | (108,550) | (377,582) |
+--------------------+------+---------+-----------+--------------+
| Operating loss | | | (108,550) | (377,582) |
+--------------------+------+---------+-----------+--------------+
| | | | | |
+--------------------+------+---------+-----------+--------------+
| Finance Income | | | 1,200 | 5,041 |
+--------------------+------+---------+-----------+--------------+
| Profit/(loss) on | 8 | | 75,714 | (2,917,095) |
| disposal of | | | | |
| subsidiary | | | | |
| undertakings | | | | |
+--------------------+------+---------+-----------+--------------+
| Loss before | | | (31,636) | (3,289,636) |
| taxation | | | | |
+--------------------+------+---------+-----------+--------------+
| Taxation | 6 | | - | - |
+--------------------+------+---------+-----------+--------------+
| Loss after | | | (31,636) | (3,289,636) |
| taxation | | | | |
| attributable to | | | | |
| equity | | | | |
| shareholders | | | | |
+--------------------+------+---------+-----------+--------------+
| | | | | |
+--------------------+------+---------+-----------+--------------+
| Other | | | | |
| comprehensive | | | | |
| income: | | | | |
+--------------------+------+---------+-----------+--------------+
| Share issue costs | | | - | (18,030) |
+--------------------+------+---------+-----------+--------------+
| Total | | | (31,636) | (3, 307,666) |
| comprehensive | | | | |
| income | | | | |
| attributable to | | | | |
| equity | | | | |
| shareholders | | | | |
+--------------------+------+---------+-----------+--------------+
| | | | | |
+--------------------+------+---------+-----------+--------------+
| Loss per share | 7 | | | |
| basic | | | (0.01) | (0.99) |
| and diluted (p) | | | | |
+--------------------+------+---------+-----------+--------------+
Balance Sheet
at 31 December 2009
+--------------------+------+---------+-------------+-------------+
| | | | 31 | 31 March |
| | | | December | |
+--------------------+------+---------+-------------+-------------+
| | | | 2009 | 2009 |
+--------------------+------+---------+-------------+-------------+
| |Note | | GBP | GBP |
+--------------------+------+---------+-------------+-------------+
| Assets | | | | |
+--------------------+------+---------+-------------+-------------+
| Non current assets | | | | |
+--------------------+------+---------+-------------+-------------+
| Investment | 8 | | - | - |
+--------------------+------+---------+-------------+-------------+
| Total non current | | | - | - |
| assets | | | | |
+--------------------+------+---------+-------------+-------------+
| Current assets | | | | |
+--------------------+------+---------+-------------+-------------+
| Trade and other | 9 | | - | 515,239 |
| receivables | | | | |
+--------------------+------+---------+-------------+-------------+
| Cash and cash | | | 943,118 | 451,855 |
| equivalents | | | | |
+--------------------+------+---------+-------------+-------------+
| Total current | | | 943,118 | 967,094 |
| assets | | | | |
+--------------------+------+---------+-------------+-------------+
| | | | | |
+--------------------+------+---------+-------------+-------------+
| Total Assets | | | 943,118 | 967,094 |
+--------------------+------+---------+-------------+-------------+
| | | | | |
+--------------------+------+---------+-------------+-------------+
| Equity and liabilities | | | |
| attributable to equity | | | |
| holders of the Company | | | |
+---------------------------+---------+-------------+-------------+
| Share capital and | | | | |
| reserves | | | | |
+--------------------+------+---------+-------------+-------------+
| Issued capital | 10 | | 3,327,684 | 3,327,684 |
+--------------------+------+---------+-------------+-------------+
| Share premium | | | 1,145,899 | 1,145,899 |
| account | | | | |
+--------------------+------+---------+-------------+-------------+
| Reserves | | | (3,572,043) | (3,540,407) |
+--------------------+------+---------+-------------+-------------+
| Total Equity | | | 901,540 | 933,176 |
+--------------------+------+---------+-------------+-------------+
| | | | | |
+--------------------+------+---------+-------------+-------------+
| Current | | | | |
| liabilities | | | | |
+--------------------+------+---------+-------------+-------------+
| Trade and other | 11 | | 41,578 | 33,918 |
| payables | | | | |
+--------------------+------+---------+-------------+-------------+
| Total current | | | 41,578 | 33,918 |
| liabilities | | | | |
+--------------------+------+---------+-------------+-------------+
| | | | | |
+--------------------+------+---------+-------------+-------------+
| Total equity and | | | 943,118 | 967,094 |
| liabilities | | | | |
+--------------------+------+---------+-------------+-------------+
Statement of Changes in Equity
at 31 December 2009
+--------------------------+--------+-----------+-----------+-------------+-------------+
| | | Share | Share | Retained | |
+--------------------------+--------+-----------+-----------+-------------+-------------+
| | | Capital | Premium | Earnings | Total |
+--------------------------+--------+-----------+-----------+-------------+-------------+
| | | GBP | GBP | GBP | GBP |
+--------------------------+--------+-----------+-----------+-------------+-------------+
| Balance at 1 January | | 2,787,684 | 1,163,929 | (363,917) | 3,587,696 |
| 2008 | | | | | |
+--------------------------+--------+-----------+-----------+-------------+-------------+
| Comprehensive income for | | - | (18,030) | (3,289,636) | (3,307,666) |
| the period attributable | | | | | |
| to equity holders | | | | | |
+--------------------------+--------+-----------+-----------+-------------+-------------+
| Share based payments | | - | - | 113,146 | 113,146 |
+--------------------------+--------+-----------+-----------+-------------+-------------+
| Shares issued | | 540,000 | - | - | 540,000 |
+--------------------------+--------+-----------+-----------+-------------+-------------+
| Balance at 31 March 2009 | | 3,327,684 | 1,145,899 | (3,540,407) | 933,176 |
+--------------------------+--------+-----------+-----------+-------------+-------------+
| Comprehensive income for | | - | - | (31,636) | (31,636) |
| the period attributable | | | | | |
| to equity holders | | | | | |
+--------------------------+--------+-----------+-----------+-------------+-------------+
| Balance at 31 December | | 3,327,684 | 1,145,899 | (3,572,043) | 901,540 |
| 2009 | | | | | |
+--------------------------+--------+-----------+-----------+-------------+-------------+
Cash Flow Statement
for the nine month period to 31 December 2009
+--------------------------+--+----------+-----------+------------+-------------+
| | | | Period to | | Period |
| | | | 31 | | to |
| | | | December | | 31 March |
| | | | 2009 | | 2009 |
+--------------------------+--+----------+-----------+------------+-------------+
| | | | GBP | | GBP |
+--------------------------+--+----------+-----------+------------+-------------+
| Cash flows from | | | | | |
| operating activities | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Operating loss for the | | | (105,550) | | (377,582) |
| period as per | | | | | |
| comprehensive income | | | | | |
| statement | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Share based payments | | | - | | 113,146 |
+--------------------------+--+----------+-----------+------------+-------------+
| | | | (108,550) | | (264,436) |
+--------------------------+--+----------+-----------+------------+-------------+
| Movements in working | | | | | |
| capital | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Increase in trade and | | | - | | (847,770) |
| other receivables | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Increase/(decrease) in | | | 7,660 | | (18,128) |
| trade and other payables | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Net cash outflow from | | | (100,890) | | (1,130,334) |
| operations | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Cash flows from | | | | | |
| financing activities | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Net proceeds from issue | | - | | 521,970 | |
| of equity shares | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Net cash flows from | | | - | | 521,970 |
| financing activities | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Cash flows from | | | | | |
| investing activities | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Interest received | | 1,200 | | 5,041 | |
+--------------------------+--+----------+-----------+------------+-------------+
| Net proceeds of sale of | | 590,953 | | 1,033,208 | |
| subsidiary | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Net cash inflow from | | | 592,153 | | 1,038,249 |
| investing activities | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Net increase in cash and | | | 491,263 | | 429,885 |
| cash equivalents | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Cash and cash | | | 451,855 | | 21,970 |
| equivalents at the | | | | | |
| beginning of period | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
| Cash and cash | | | 943,118 | | 451,855 |
| equivalents at end of | | | | | |
| period | | | | | |
+--------------------------+--+----------+-----------+------------+-------------+
Notes to the Financial Statements
2. Segmental information
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-makers, who are responsible
for allocating resource, assessing performance and making strategic decisions.
All of the Company's activity is located in the UK. In the period the Company
was seeking a suitable acquisition and did not have any active trade. Therefore
it is considered that the Company does not have any reportable segments for the
period.
3. Operating expenses
+--------------------------+----------------+-----------+----------+
| | | Period to | Period |
| | | 31 | to |
| | | December | 31 March |
| | | 2009 | 2009 |
+--------------------------+----------------+-----------+----------+
| | | GBP | GBP |
+--------------------------+----------------+-----------+----------+
| Auditors' remuneration | | | |
+--------------------------+----------------+-----------+----------+
| Audit - fees | 8,250 | 8,000 |
+-------------------------------------------+-----------+----------+
| Fees payable to the Company's auditor | | |
| for other services: | | |
+-------------------------------------------+-----------+----------+
| - other services | | - | - |
| pursuant to legislation | | | |
+--------------------------+----------------+-----------+----------+
| - tax services | | 1,250 | 4,747 |
+--------------------------+----------------+-----------+----------+
| - other services | | - | 4,120 |
+--------------------------+----------------+-----------+----------+
| Other employee benefit | | 45,433 | 198,126 |
| expense | | | |
+--------------------------+----------------+-----------+----------+
| Other administrative | | 53,617 | 162,589 |
| expenses | | | |
+--------------------------+----------------+-----------+----------+
| | | 108,550 | 377,582 |
+--------------------------+----------------+-----------+----------+
4. Staff costs
+-----------------------------+-------------+-----------+----------+
| Staff costs, including Directors' remuneration, were | |
| as follows: | |
+-------------------------------------------------------+----------+
| | | Period to | Period |
| | | 31 | to |
| | | December | 31 March |
| | | 2009 | 2009 |
+-----------------------------+-------------+-----------+----------+
| | | GBP | GBP |
+-----------------------------+-------------+-----------+----------+
| Wages and salaries | | 41,250 | 75,645 |
+-----------------------------+-------------+-----------+----------+
| Social security costs | | 4,183 | 9,335 |
+-----------------------------+-------------+-----------+----------+
| Defined contribution | | - | - |
| pension costs | | | |
+-----------------------------+-------------+-----------+----------+
| Share based payments | | - | 113,146 |
+-----------------------------+-------------+-----------+----------+
| | | 45,433 | 198,126 |
+-----------------------------+-------------+-----------+----------+
| | | | |
+-----------------------------+-------------+-----------+----------+
| The average monthly number of employees, | 2 | 5 |
| including Directors, during the period | | |
| was : | | |
+-----------------------------+-------------+-----------+----------+
5. Directors' remuneration
+-----------------------------+-------------+-----------+----------+
| | | Period to | Period |
| | | 31 | to |
| | | December | 31 March |
| | | 2009 | 2009 |
+-----------------------------+-------------+-----------+----------+
| | | GBP | GBP |
+-----------------------------+-------------+-----------+----------+
| Emoluments | | 41,250 | 75,645 |
+-----------------------------+-------------+-----------+----------+
| Social security costs | | 4,183 | 9,335 |
+-----------------------------+-------------+-----------+----------+
| | | 45,433 | 84,980 |
+-----------------------------+-------------+-----------+----------+
6. Taxation
Income tax
Tax charge for the period
No taxation arises on the result for the period because of the trading loss.
Factors affecting the tax charge for the period
The total charge for the period can be reconciled to the accounting loss as
follows:
+------------+--+---------------------------+-+------------+-------------+
| | | | | Period to | Period |
| | | | | 31 | to |
| | | | | December | 31 March |
| | | | | 2009 | 2009 |
+------------+--+---------------------------+-+------------+-------------+
| | | | | GBP | GBP |
+------------+--+---------------------------+-+------------+-------------+
| Loss for the period before taxation | | (31,636) | (3,289,636) |
+-------------------------------------------+-+------------+-------------+
| | | | | | |
+------------+--+---------------------------+-+------------+-------------+
| Loss for the period before tax multiplied | | (8,858) | (657,927) |
| by the UK standard corporation tax rate | | | |
| of 28% (March 2009: 20%) | | | |
+-------------------------------------------+-+------------+-------------+
| Expenses not deductible for tax | | 138 | 22,702 |
+-------------------------------------------+-+------------+-------------+
| Capital (gains)/losses (utilised)/carried | | (21,200) | 583,419 |
| forward | | | |
+-------------------------------------------+-+------------+-------------+
| Marginal relief | | 2,215 | - |
+-------------------------------------------+-+------------+-------------+
| Tax losses for the period not relieved | | 27,705 | 51,806 |
+-------------------------------------------+-+------------+-------------+
| | | | | - | - |
+------------+--+---------------------------+-+------------+-------------+
Factors affecting the tax charge of future periods
Tax losses available to be carried forward by the Company at 31 December 2009
against future profits are estimated to comprise trading losses of approximately
GBP695,000 and capital losses of approximately GBP2,825,000.
A deferred tax asset amounting to approximately GBP195,000 (31 March 2009:
GBP118,000) has not been recognised in respect of accumulated losses, as there
is insufficient evidence that the asset will be recovered in the foreseeable
future. There were no factors that may affect future tax charges.
7. Loss per share
The calculation of basic loss per share is based on the loss attributable to
ordinary shareholders, as split between continuing and discontinued activities,
divided by the weighted average number of ordinary shares in issue being
332,768,383 (March 2009: 330,869,482) during the period. No option or warrant is
potentially dilutive, and hence basic and diluted loss per share are the same.
As at 31 December 2009, there were warrants in issue over 11,403,051 ordinary
shares which if exercised could potentially dilute future earnings per share.
8. Investment in subsidiary undertakings
+----------------------------------------+----+----------+-------------+
| | | 31 | 31 March |
| | | December | 2009 |
| | | 2009 | |
+----------------------------------------+----+----------+-------------+
| | | GBP | GBP |
+----------------------------------------+----+----------+-------------+
| Company | | | |
+----------------------------------------+----+----------+-------------+
| Cost brought forward | - | 2,382,690 |
+---------------------------------------------+----------+-------------+
| Intercompany balances capitalised | | - | 1,552,326 |
| during period | | | |
+----------------------------------------+----+----------+-------------+
| Disposed of during the period | - | (3,935,016) |
+---------------------------------------------+----------+-------------+
| | | | |
+----------------------------------------+----+----------+-------------+
| Cost carried forward | - | - |
+----------------------------------------+----+----------+-------------+
During the prior period, to 31 March 2009, the Company disposed of all of its
subsidiary undertakings, of which the principal entity was Energy Assets
Limited.
Disposal of subsidiary undertakings
+-------------------------------------+---------+-------------+-------------+
| | | GBP | GBP |
+-------------------------------------+---------+-------------+-------------+
| Disposal proceeds in period to 31 | | | 1,106,197 |
| March 2009 | | | |
+-------------------------------------+---------+-------------+-------------+
| Costs of disposal | | (72,990) | |
+-------------------------------------+---------+-------------+-------------+
| Investments disposed in the period | | (3,935,016) | |
+-------------------------------------+---------+-------------+-------------+
| Amounts due from subsidiaries | | (15,286) | |
| disposed | | | |
+-------------------------------------+---------+-------------+-------------+
| | | | (4,023,292) |
+-------------------------------------+---------+-------------+-------------+
| Loss on disposal at 31 March 2009 | | | (2,917,095) |
+-------------------------------------+---------+-------------+-------------+
| Further proceeds received in period | | | 75,714 |
+-------------------------------------+---------+-------------+-------------+
| Accumulated loss on disposal at 31 | | | (2,841,381) |
| December 2009 | | | |
+-------------------------------------+---------+-------------+-------------+
9. Trade and other receivables
+-------------------------+----------+---------+--------+----------+---------+
| | | | |
+-------------------------+----------+------------------+--------------------+
| | | | | 31 | 31 |
| | | | | December | March |
| | | | | 2009 | 2009 |
+-------------------------+----------+---------+--------+----------+---------+
| | | | | GBP | GBP |
+-------------------------+----------+---------+--------+----------+---------+
| Other receivables | | | | - | 515,239 |
+-------------------------+----------+---------+--------+----------+---------+
| | | | | | |
+-------------------------+----------+---------+--------+----------+---------+
| | | | | - | 515,239 |
+-------------------------+----------+---------+--------+----------+---------+
'Other receivables' of GBP515,239 as at 31 March 2009 represented deferred
consideration arising on the sale of Energy Assets Limited and was received in
December 2009.
10. Called up share capital
+-------------------------------+--+----------+-------------+------------+------------+
| | | | | 31 | 31 |
| | | | | December | March |
| | | | | 2009 | 2009 |
+-------------------------------+--+----------+-------------+------------+------------+
| | | | | GBP | GBP |
+-------------------------------+--+----------+-------------+------------+------------+
| Authorised | | | | | |
+-------------------------------+--+----------+-------------+------------+------------+
| 500,000,000 Ordinary shares of 1p each | | 5,000,000 | 5,000,000 |
+---------------------------------------------+-------------+------------+------------+
| | | | | | |
+-------------------------------+--+----------+-------------+------------+------------+
| Allotted issued and fully paid | | | | |
+----------------------------------+----------+-------------+------------+------------+
| Ordinary shares of 1p each | | | No. of | Nominal | |
| | | | Shares | value | |
+-------------------------------+--+----------+-------------+------------+------------+
| | | | | GBP | |
+-------------------------------+--+----------+-------------+------------+------------+
| Opening balance as at 1 April 2009 | 332,768,383 | 3,327,684 | |
+---------------------------------------------+-------------+------------+------------+
| | | | | | |
+-------------------------------+--+----------+-------------+------------+------------+
| Closing balance as at 31 December 2009 | 332,768,383 | 3,327,684 | |
+-------------------------------+--+----------+-------------+------------+------------+
Significant shareholders are as disclosed in the Directors' Report. There is no
overall controlling party.
Warrants
During the period to 31 December 2009 no warrants were granted. Warrants to
subscribe for 11,403,051 new ordinary shares in the Company are in issue as
follows:
+--------------+----------+-------------+----------+------------------------------+
| | | No. of |Exercise | Exercisable |
| | | warrants | price | |
+--------------+----------+-------------+----------+------------------------------+
| John Shaw | | 600,000 | 1.0p | from 30 March 2005 to 29 |
| | | | | March 2010 |
+--------------+----------+-------------+----------+------------------------------+
| Martin | | 100,000 | 1.0p | from 30 March 2005 to 29 |
| Perrin | | | | March 2010 |
+--------------+----------+-------------+----------+------------------------------+
| Stephen | | 600,000 | 1.0p | from 30 March 2005 to 29 |
| Barclay | | | | March 2010 |
+--------------+----------+-------------+----------+------------------------------+
| Others | | 700,000 | 1.0p | from 30 March 2005 to 29 |
| | | | | March 2010 |
+--------------+----------+-------------+----------+------------------------------+
| Ruegg & Co | | 2,000,000 | 1.5p | from 13 March 2007 to 13 |
| Limited | | | | March 2011 |
+--------------+----------+-------------+----------+------------------------------+
| ICON EAM LLC | | 7,403,051 | 1.5p | from 13 March 2007 to 13 |
| | | | | March 2011 |
+--------------+----------+-------------+----------+------------------------------+
| | | 11,403,051 | | |
+--------------+----------+-------------+----------+------------------------------+
Warrants to subscribe to 2,000,000 new ordinary shares in the Company lapsed
upon the passage of time in March 2010. The warrants outstanding at 31 December
2009 had a weighted average price of 1.4 pence and a weighted average remaining
contractual life of 375 days.
11. Trade and other payables
+-------------------------+----------+---------+--------+----------+---------+
| | | | |
+-------------------------+----------+------------------+--------------------+
| | | | | 31 | 31 |
| | | | | December | March |
| | | | | 2009 | 2009 |
+-------------------------+----------+---------+--------+----------+---------+
| | | | | GBP | GBP |
+-------------------------+----------+---------+--------+----------+---------+
| Trade payables | | | | 15,758 | 5,274 |
+-------------------------+----------+---------+--------+----------+---------+
| Social security and | | | | - | 10,959 |
| other taxes | | | | | |
+-------------------------+----------+---------+--------+----------+---------+
| Other payables and | | | | 25,820 | 17,685 |
| accruals | | | | | |
+-------------------------+----------+---------+--------+----------+---------+
| | | | | | |
+-------------------------+----------+---------+--------+----------+---------+
| | | | | 41,578 | 33,918 |
+-------------------------+----------+---------+--------+----------+---------+
12. Capital commitments
There were no capital commitments authorised by the Directors or contracted for
at 31 December 2009 (31 March 2009: GBPnil).
13. Contingent assets
On 9 January 2009, the Company sold its interest in Energy Assets Limited, a
wholly owned subsidiary of the Company and its principal trading entity, to
Macquarie Energy Assets Holdings Limited, a wholly owned subsidiary of Macquarie
Group Limited, under terms which provided for an aggregate consideration of up
to GBP1,848,572 payable in three tranches:
a. GBP590,953 of the consideration was paid to the Company at Completion in
January 2009;
b. GBP590,953 of the consideration was paid to the Company in December 2009.
Of this amount, GBP515,239 was unconditional (and accrued for in the period to
31 March 2009) and GBP75,714 had been conditional upon Alan McKeating and Philip
Bellamy-Lee remaining in employment with Energy Assets Limited at 31 December
2009; and
c. up to GBP666,666 of additional consideration is payable to the Company on
or about 30 June 2010 conditional upon the net profit attributable to the
activities of Energy Assets Limited and Pulse 24 Limited (a wholly owned
subsidiary of Macquarie Group Limited) for the financial year ended 31 March
2010 being equal to or exceeding GBP3,000,000. Of this amount, GBP151,428 is
conditional upon Alan McKeating and Philip Bellamy-Lee remaining in employment
with Energy Assets Limited at 30 June 2010 and to the extent that profit is less
than GBP3,000,000, the payment will be scaled down proportionately.
14. Treasury policy and financial instruments
The Company operates informal treasury policies which include ongoing
assessments of interest rate management and borrowing policy. The Board
approves all decisions on treasury policy.
The Company has financed its activities by the raising of funds through the
placing of shares together with warrants. There are no material differences
between the book value and fair value of the financial assets.
The risks arising from the Company's financial instruments are liquidity and
interest rate risk. The Directors review and agree policies for managing these
risks and they are summarised below:
Liquidity and interest rate risk
The Company seeks to manage financial risk, to ensure sufficient liquidity is
available to meet foreseeable needs and to invest cash assets safely and
profitably. This is achieved by the close control of the Directors of the
Company in the day to day management of liquid resources. Cash is invested in
deposit accounts which provide a modest return on the Company's resources whilst
ensuring there is limited risk of loss to the Company. The deposit accounts are
held at Adam & Company Plc and the Company earns interest at rates that depend
on the amount of money deposited at any one time.
There is no difference between the book values and fair values of the financial
instruments in the current period or prior period.
15. Contingent liabilities
The Company sold the entire issued share capital of Energy Assets Limited to
Macquarie Energy Assets Holdings Limited under a sale agreement, the terms of
which provide for certain warranties to be given by the Company. It is not
expected that any claim will arise thereunder.
16. Related party transactions
In the period ended 31 March 2009 the Company advanced loans of GBP324,628 to
its subsidiary Energy Assets Limited, in addition to the balance already
outstanding of GBP1,227,698. During that period the total amount of the loan of
GBP1,552,326 was capitalised by Energy Assets Limited and the Company accepted
1,552,326 ordinary shares of GBP1 each in Energy Assets Limited to clear the
debt. All the share capital in Energy Assets Limited was subsequently disposed
and there was no remaining balance at 31 March 2009 or 31 December 2010.
Note to the announcement:
The extracts set out above do not constitute statutory accounts as defined in
Section 435 of the Companies Act 2006 in respect of the accounts for the period
to 31 December 2009 or by Section 240 of the Companies Act 1985 in respect of
the accounts for the period to 31 March 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEASAIFSSEIM
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