19 Dec 2008 15:29
LEGENDARY INVESTMENTS PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008
CHIEF EXECUTIVE'S STATEMENT
I am pleased to announce that in the first half of the year, your company made net profits on investments of £154,000. After costs, and before an exceptional write off, profit was £95,000.
As announced on 28 November 2008, your company received notification from the provisional liquidators of Echelon Wealth Management Limited ("Echelon") that Echelon had failed. Your company held £613,000 of cash and cash equivalents with Echelon.
On the basis of information provided thus far to the company by Echelon's administrators, Smith & Williamson, and after discussions with advisors, your company has provided £250,000 for non-recovery of the assets held at Echelon. This has resulted in an overall net loss of £155,000.
With respect to both recovery of assets held at Echelon and the resultant suspension of the company's shares, further announcements will be made as appropriate.
Shami Ahmed
19 December 2008
PROFIT AND LOSS ACCOUNT
for the six months ended 30th September 2008
| 6m ended30/09/2008Unaudited (£'000s) | Year ended31/03/2008Audited (£'000s) | 6m ended 30/09/2007 Unaudited (£'000s) | |
| Turnover | - | - | - |
| Direct Costs | - | - | - |
| Gross Profit | - | - | - |
| Net Administrative Expenses | (59) | (110) | (39) |
| Net Profit / (Loss) on Investments | 154 | 633 | 59 |
| Operating Profit/( Loss) | 95 | 523 | 20 |
| Income from Fixed Asset Investments | - | - | - |
| Interest receivable | - | 1 | - |
| Interest payable | - | - | - |
| Exceptional write off | (250) | - | - |
| Profit on ordinary activities before interest & tax | (155) | 524 | 20 |
| Tax | - | - | - |
| Retained Profit / (Loss | (155) | 524 | 20 |
| Profit/(Loss) per ordinary share(pence per share) | |||
| Basic | (0.02)p | 0.08p | 0.00p |
| Fully diluted | (0.02)p | 0.08p | 0.00p |
BALANCE SHEET
as at 30th September 2008
| As at30/09/2008Unaudited (£'000s) | As at31/03/2008Audited (£'000s) | As at30/09/2007 Unaudited (£'000s) | |
| Tangible fixed assets | - | - | - |
| Tangible assets | - | - | - |
| Investments | - | - | - |
| Current assets | |||
| Current asset investments | 12 | 3,125 | 65 |
| Debtors | - | - | 2 |
| Cash at bank and in hand | 387 | 711 | 85 |
| 399 | 3,836 | 152 | |
| Creditors | |||
| Creditors : amounts falling due within one-year | (71) | (3,352) | (172) |
| Net current liabilities / assets | 328 | 484 | (20) |
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| Total assets less current liabilities | 328 | 484 | (20) |
| Capital and reserves | |||
| Called up share capital | 628 | 628 | 628 |
| Share premium account | 8,270 | 8,270 | 8,270 |
| Profit and loss account- deficit | (8,570) | (8,414) | (8,919) |
| 328 | 484 | (20) |
CASH FLOW STATEMENT
for the six months ended 30th September 2008
| 6m ended30/09/2008Unaudited (£'000s) | Year ended31/03/2008Audited (£'000s) | 6m ended 30/09/2007 Unaudited (£'000s) | |
| Net cash outflow from operating activities | (283) | (140) | (21) |
| Returns on investments and servicing of finance | |||
| Interest received | - | 1 | - |
| Interest paid | - | - | - |
| - | 1 | - | |
| Capital expenditure and financial investments | |||
| Payments to acquire fixed asset investments | (3,307) | (7,590) | (793) |
| Payments to acquire current asset investments | - | - | - |
| Receipts from fixed asset investments | 3,266 | 8,479 | 863 |
| Receipts from current asset investments | - | - | - |
| (41) | 889 | 70 | |
| Net cash outflow before financing | (324) | 750 | 49 |
| Financing | |||
| Issue of shares | - | - | - |
| Directors loan | - | (43) | 32 |
| - | (43) | 32 | |
| Increase/(Decrease) in cash | (324) | 707 | 81 |