Preliminary Results for the year ended 31 July 2009
05 Janvier 2010 - 8:00AM
UK Regulatory
TIDMTWL
THE WEATHER LOTTERY PLC
("The Weather Lottery" or the "Company")
PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 JULY 2009
5 January 2010
CHIEF EXECUTIVE'S STATEMENT
Operating Review
This period was a further year of consolidation for the lottery.
Lottery Lines played stayed level at approximately 26000 playing lines.
Enquiries are still very healthy but the translation of these to playing lines
has proved elusive.
The Company finances showed a loss of GBP48,000 throughout the financial year
2009. Cost cutting has been implemented to correct this figure.
Financial review
The financial statements show a loss of GBP48,000 for the year.
Proposed Dividend
The directors do not recommend the payment of a dividend (2008: GBPNil).
Strategy and Outlook
The Weather Lottery's objective remains to build and expand its paper based and
online entry for Society Lotteries in the fields of Charity, Education and
Sport. Whilst considerable progress has been made in establishing these services
much has still to be done to improve, expand and enhance them.
A new secondary lottery has been launched which gives the Societies a larger
return and it is hoped that this will encourage new Societies to join.
Enquiries are very healthy, and new systems of closing are now in place.
A complete website update has been completed in the second half of the year
creating clarity to the navigation and fundraising element. One of the major
benefits of the new website is a client can now register online.
County Seminars will be developed and held on a monthly basis.
It is intended to enhance shareholder value by continued expansion of business
both organically and by strategic acquisition if available.
It is our multi-year experience that clients are maintained and we have placed
systems in order to maintain growth for all clients.
The Weather Lottery is registered and governed by the Gambling Commission
without which we could not trade, under the new Gaming Act 2005 and we do not
anticipate any changes to the law which would affect our business.
I look forward to 2011/10 being pivotal in the development of your company as it
is poised and has in place the facilities to allow it to take opportunities to
grow to a higher level.
Keith G Milhench
Chief Executive
4 January 2010
Enquiries:
The Weather Lottery PLC 01777 818036
Keith Milhench, Chief Executive
Website www.theweatherlottery.com
Blomfield Corporate Finance Ltd 020 7444 0800
Nick Harriss/Peter Trevelyan-Clark
SVS Securities 020 7638 5600
Alex Brearly
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR THE YEAR ENDED 31 JULY 2009
Year Year
ended ended
31 July 31 July
2009 2008
Note GBP'000 GBP'000
Continuing operations
Revenue 4 1,345 1,448
Cost of sales (362) (387)
___________________
Gross profit 983 1,061
Administrative expenses (1,032) (1,087)
Finance income 1 5
Finance costs - -
___________________
Profit before taxation (48) (21)
Income tax expense - -
___________________
Profit from continuing operations (48) (21)
===================
Other comprehensive loss - -
Comprehensive loss (48) (21)
LOSS PER SHARE
Basic and fully diluted loss per 7 (0.06)p (0.03)p
ordinary share ===================
All of the loss for the period is attributable to equity holders of the parent
company.
CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2009
Note 2009 2008
GBP'000 GBP'000
ASSETS
Non current assets
Property, plant and equipment 6 -
Goodwill 158 158
Other intangible assets - 25
_________________________
Total non current assets 164 183
_________________________
Current assets
Inventories 2 -
Trade and other receivables 14 34
Cash and cash equivalents 58 105
_________________________
Total current assets 74 139
_________________________
TOTAL ASSETS 238 322
=========================
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Share capital 11 83 83
Share premium account 12 302 302
Retained earnings 12 (380) (332)
_________________________
Total equity 5 53
_________________________
Current liabilities
Trade and other payables 10 233 269
Current tax payable - -
_________________________
Total current liabilities 233 269
_________________________
Non-current liabilities
Deferred tax provision - -
_________________________
Total liabilities 233 269
_________________________
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2009
Called Share
up share premium Retained Total
capital account Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000
Balance 31 July 2007 83 302 (311) 74
(Loss) for the year - - (21) (21)
_________________________________
Balance 31 July 2008 83 302 (332) 53
(Loss) for the year - - (48) (48)
Balance 31 July 2009 83 302 (380) 5
=================================
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2009
Year Year
ended ended
31 July 31 July
2009 2008
Note GBP'000 GBP'000
Net cash from operating activities 13 (40) (21)
Cashflow from investing activities
Purchases of equipment (8) -
Interest received 1 5
_______________
Net cash (outflow)/inflow from (7) 5
investing activities
Financing
Proceeds from issue of shares - -
_______________
Net cash from financing activities - -
_______________
Net (decrease) in cash and cash (47) (16)
equivalents
Cash and cash equivalents at 1 August 105 121
_______________
Cash and cash equivalents at 31 July 58 105
===============
Comprising of:
Cash and cash equivalents per the 58 105
balance sheet
Less:
Bank overdraft - -
_______________
Cash and cash equivalents for cash flow 14 58 105
statement purposes ===============
As described in the accounting policies, bank overdrafts repayable on demand
fluctuate from being positive to overdrawn and are considered an integral part
of the Group's cash management for cash flow statement purposes.
There is no material difference between the fair value and the book value of
cash and equivalents.
NOTES
1. Nature of Financial Information; Emphasis of matter - Going concern
UK Company Law requires Directors to consider whether it is appropriate to
prepare the financial statements on the basis that the Company and the Group are
going concerns. Throughout the financial statements there are various
disclosures relating to Group funding and operational risks. The Directors'
report summarises the key themes.
The Group does have some exposure to current economic conditions which have the
potential to impact annual revenues. To date the economic downturn has reduced
Group revenues as a whole by less than 10%. The Directors have prepared
downside sensitised forecasts to 31 January 2011 and have implemented cost
reductions by the liquidation of certain subsidiaries in order to improve
cashflow. The Group continues to trade without the need for loan funding,
although cash balances have been reduced in the period.
The downside sensitised forecasts have been reviewed by the Directors to ensure
that the profit and cash generation derived from these forecasts are sufficient
to meet the Group's requirements. As a result of these reviews, the Directors
are of the opinion that the Group has adequate resources to continue in
operation for the foreseeable future. For this reason, they consider it
appropriate to adopt the going concern basis in preparing the financial
statements.
2. Adoption of new and revised International Financial Reporting Standards
In the current year, the Group has adopted all of the new and revised Standards
and Interpretations issued by the International Accounting Standards Board (the
IASB) and the International Financial Reporting Interpretations Committee
(IFRIC) of the IASB that are relevant to its operations and effective for
accounting periods beginning on or after 1 August 2008.
At the date of authorisation of these financial statements, the following
Standards and Interpretations which have not been applied in these financial
statements were in issue but not yet effective:
IFRS 3 (Revised 2008) - Business Combinations
IFRS 8 - Operating Segments
IAS 1 - Presentation of Financial Statements
IAS 23 - Borrowing Costs
IAS 27 - Consolidated and separate financial statements
IFRIC 11- Group and Treasury Share Transactions
IFRIC 12 - Service Concession Arrangements
These Standards and Interpretations are not expected to have any significant
impact on the Group's Financial Statements, in their periods of initial
application, except for the additional disclosures on operating segments when
the relevant standard comes into effect for periods commencing on or after 1
January 2009.
3. Significant Accounting Policies
Basis of Accounting
The Financial Statements, upon which this financial information is based, have
been prepared using accounting policies consistent with International Financial
Reporting Standards (IFRS). The financial information has been prepared on a
going concern basis, as at 31 July 2009, in accordance with International
Financial Reporting Standards ("IFRS") as issued by the International Accounting
Standards Board ("IASB") as well as all interpretations issued by the
International Financial Reporting Interpretations Committee ("IFRIC"). The Group
has not availed itself of early adoption options in such standards and
interpretations.
The Financial Statements, upon which this financial information is based, have
been prepared under the historical cost basis except where specifically noted.
The principal accounting policies adopted are set out below:
Basis of consolidation
The consolidated Financial Statements incorporate the Financial Statements of
the Company and entities controlled by the Company (its subsidiaries) made up to
31 July each year. Control is achieved where the Company has the power to
govern the financial and operating policies so as to obtain benefits from its
activities.
The results of subsidiaries acquired or disposed of during the year are included
in the consolidated income statement from the effective date of acquisition or
up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the Financial Statements of
subsidiaries to bring the accounting policies used into line with those used by
the Group.
All intra-group transactions, balances, income and expenses are eliminated on
consolidation.
Revenue recognition
Turnover represents takings received for entry into the lottery prize draws.
Revenue is recognised upon receipt of money for the period that the draw takes
place.
4. Segment Analysis
The primary reporting format is by business segment, based on the different
services offered by the operating companies within the Group. The Directors
consider that the Group only has one business segment, that of lottery
administration, and hence a segmental analysis is not required.
The Group operates solely in one geographical area, the United Kingdom.
Continuing operations
During the year the subsidiary company, Lottery Service Providers Limited, which
undertook the administrative side of the operations went into liquidation. A
new subsidiary, Prize Logistics Limited, took over the administrative work,
thereby ensuring no interruption to trade. As the actual operations did not
cease, the Directors consider that none of the operations are classed as
Discontinued and hence all operations are considered to be Continuing throughout
the period.
5. Operating Profit
Operating profit has been stated after
charging the following:
2009 2008
GBP'000 GBP'000
Amortisation of intangible fixed assets 25 15
Depreciation of tangible fixed assets 2 -
Operating lease charges 23 37
Auditors' remuneration - Audit services to 1 1
the parent company
Auditors' remuneration - Audit services to 8 7
the Group
Auditors' remuneration - Taxation services 1 1
==============
As permitted by Section 408 of the Companies Act 2006, the holding company's
profit and loss account has not been included in these financial statements.
The loss for the period after taxation was GBP46,000 (2008 GBP284,000).
6. Personnel costs
2009 2008
The average monthly number of employees No. No.
(including executive and non executive
Directors) was 9 9
=============
The split of employees by function within
the Group is as follows:
No. No.
Administration and Sales 5 5
Management 4 4
_____________
Total 9 9
=============
2009 2008
Their aggregate remuneration comprised GBP'000 GBP'000
Wages and salaries 182 153
Social security costs 17 16
Sums paid to third parties for services 12 45
_____________
211 214
=============
Aggregate emoulments of highest paid director 104 105
=============
Included within the directors' emoluments is GBP11,750 (2008 GBP45,000) paid to directors
via related companies, as detailed in note 15. All of the directors' emoluments relate
to short-term employee benefits.
7. Earnings per share
The calculation is based on the earnings attributable to ordinary shareholders
divided by the weighted average number of Ordinary Shares in issue during the
period as follows:
2009 2008
Numerator: earnings attributable to (48) (21)
equity (GBP'000)
Denominator: weighted average number of
equity shares (No.) 83,304,730 83,304,730
========================
The basic and diluted calculations are the same as there are no share options in
place that would have a dilutive effect.
8. Dividend
The Directors do not recommend the payment of a dividend (2008: GBPnil).
9. Borrowings
The Group had no borrowings in respect of bank overdrafts, loans or finance
lease arrangements at the year end (2008 GBPnil).
10. Other financial liabilities
Trade and other payables
2009 2008
GBP'000 GBP'000
Trade payables 156 205
Other payables 33 18
Accrued liabilities and 44 46
deferred income _________________
233 269
=================
Other payables comprise:
GBP'000 GBP 000
Social security and 33 18
other taxes
Other - -
_________________
33 18
=================
Presented as:
- Current 233 269
=================
Accrued liabilities and deferred income represents miscellaneous contractual
liabilities that relate to expenses that were incurred, but not paid for at the
year-end and income received during the period, for which the Group had not
supplied the goods or services at the end of the year.
The Directors consider that the book value of trade payables, accrued
liabilities and deferred income approximates to their fair value at the balance
sheet date.
11. Equity share capital
2009 2008
GBP'000 GBP'000
Authorised
100,000,000 Ordinary Shares of 0.1p each 100 100
===============
Allotted, called up and fully paid
83,304,730 (2008: 83,304,730) Ordinary 83 83
Shares of 0.1p each ===============
12. Other reserves
Share Profit and
premium loss
account account
GBP'000 GBP'000
At 1 August 2008 302 (332)
(Loss) for the period - (48)
_____________________
At 31 July 2009 302 (380)
13. Cash used in operations
2009 2008
GBP'000 GBP'000
Results from operating activities (49) (26)
Depreciation of tangible assets 2 -
Amortisation of intangible assets 25 15
Increase in stock (2) -
Decrease/(increase) in receivables 20 12
(Decrease)/increase in payables (36) (22)
_________________
Net cash from operations (40) (21)
=================
14. Analysis of net debt
2009 2008
GBP'000 GBP'000
Cash and cash equivalent per balance 58 105
sheet
Bank overdraft - -
________________
Cash and cash equivalent per cash flow 58 105
statement
________________
Net debt 58 105
================
15. Transactions with related parties
The transactions set out below took place between the Group and certain related
parties.
K G Milhench
K G Milhench, a director, is also a director of CBI Holdings Limited. CBI
Holdings Limited is the parent company of Cantbuyit Limited. During the year
The Weather Lottery plc made payments of GBP3,500 (2008 GBP1,400) on behalf of
Cantbuyit Limited and at the year end was owed GBP3,580 (2008 GBP7,275) from this
company.
N G McGowan
N G McGowan, a director, is also a director of, and significant shareholder in,
Rangedetail Limited. He received payments of GBPnil (2008 GBP10,500) via this
company for services as a director.
A Moore
A Moore, a director, was also a Designated Member of Central Corporate Finance
LLP in the year. He received payments of GBP11,750 (2008 GBPnil) via this
partnership for services as a director. He was also a director, and a
significant shareholder in, Central Associates Limited in the year and received
payments of GBPnil (2008 GBP28,618) via this company for services as a director.
M Mills
M Mills, a director, received payments of GBP500 (2008 GBPnil) via Central Corporate
Finance LLP for services as a director.
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the
Group, is as referred to above and in Note 7.
16. Controlling Party
No single individual has sole control of the company.
17. Going Concern
The Group made a loss for the year of GBP48,000. As a result of continued losses,
during the year the subsidiary Lottery Service Providers Limited was placed into
Creditors' Voluntary Liquidation and the administration function of the Group
was taken up by a new subsidiary, Prize Logistics Limited. Inter-group loans
between Lottery Service Providers Limited, its parent company and its fellow
subsidiary were waived prior to the Liquidation. This had no impact on the
Group as a whole at the year end but has been provided for in each respective
company's own financial statements. Whilst this resulted in the parent company,
The Weather Lottery plc, having net liabilities at the year end, the Directors
consider that the liquidation of Lottery Service Providers Limited will benefit
the Group as a whole moving forward as it provides the opportunity for the Group
to operate from a lower cost base.
Given that the level of income is anticipated to be sustained, but with a lower
cost base, the Directors consider that the Group continues to be a going concern
and they forecast that the explained changes to the cost structure of the Group
which will enable its continuance.
18. Publication of Accounts
Copies of the directors' report and accounts for the year ended 31 July 2009 are
today being posted to shareholders and are available from the company's website
at
http://www.theweatherlottery.com/categories/corporate/investors.php
APPENDIX
Independent Auditors Report
We have audited the financial statements of The Weather Lottery plc for the year
ended 31 July 2009 which comprise the Consolidated Income Statement, the
Consolidated and Parent Company Balance Sheets, the Consolidated Statement of
Changes in Equity, the Consolidated Cash Flow Statement and the related notes.
The financial reporting framework that has been applied in the preparation of
the consolidated financial statements is applicable law and International
Financial Reporting Standards (IFRSs) as adopted by the European Union. The
financial reporting framework that has been applied in the preparation of the
parent company financial statements is applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Company's members, as a body, in accordance
with Sections 495 to 497A of the Companies Act 2006. Our audit work has been
undertaken so that we might state to the Company's members those matters we are
required to state to them in an Auditors' report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the Group and the Company and the Company's members as a
body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement (set out on
page 9), the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view. Our
responsibility is to audit the financial statements in accordance with
applicable law and International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices Board's (APB's)
Ethical Standard for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the
financial statements sufficient to give reasonable assurance that the financial
statements are free from material misstatement, whether caused by fraud or
error. This includes an assessment of: whether the accounting policies are
appropriate to the group's and the parent company's circumstances and have been
consistently applied and adequately disclosed; the reasonableness of significant
accounting estimates made by the directors; and the overall presentation of the
financial statements.
Opinion on financial statements
In our opinion:
the financial statements give a true and fair view of the state of the
group's and parent company's affairs as at 31 July 2009 and of the group's
loss for the year then ended;
the group financial statements have been properly prepared in accordance
with IFRSs as adopted by the European Union;
the parent company financial statements have been properly prepared in
accordance with United Kingdom Generally Accepted Accounting Practice;
the parent company financial statements have been prepared in accordance
with the requirements of the Companies Act 2006; and, as regards the group
financial statements, Article 4 of the IAS Regulation.
Emphasis of matter - Going concern
In forming our opinion on the financial statements, which is not qualified, we
have considered the adequacy of the disclosure made in note 30 to the financial
statements concerning the group's ability to continue as a going concern. The
group incurred another loss in the year of GBP48,000 in addition to losses made in
the previous three years. The parent company incurred a net loss of GBP46,000
during the year ended 31 July 2009 and, at that date, had liabilities of
GBP53,000. These conditions, along with matters explained in note 30 to the
financial statements, indicate the existence of a material uncertainty which may
cast significant doubt about the group and parent company's ability to continue
as going concerns. The financial statements do not include the adjustments that
would result if the group and parent company were unable to continue as going
concerns.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Director's Report for the financial
year for which the financial statements are prepared is consistent with the
financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the
Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or
returns adequate for our audit have not been received from branches not visited
by us; or
- the parent company financial statements are not in agreement with the
accounting records and returns; or
- certain disclosure of directors' remuneration specified by law are not
made; or
- we have not received all the information and explanations we require for
our audit.
Stephen G Rochester (Senior Statutory Auditor)
for and on behalf of Rochesters LLP
Chartered Accountants and Statutory Auditors
No 3 Caroline Court
13 Caroline Street
St. Paul's Square
Birmingham
B3 1TR
Date: 4 January 2010
Tintra (LSE:TNT)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Tintra (LSE:TNT)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
