22 Dec 2009 07:00
LEGENDARY INVESTMENTS PLC (the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
CHIEF EXECUTIVE'S STATEMENT
In the first half of the year under review, your Company made net profits on investments of £7,000. This related primarily to disposals of old investments. The disposals were made in order to clear the way for future investments.
Other administrative expenses were £65,000, broadly in line with the same period last year (£59,000). As the Company is still awaiting information from the administrators of Echelon Wealth Management Ltd ("Echelon"), it has not provided further for the losses incurred as a result of Echelon going into administration.
A share option charge of £123,000 was incurred in respect of options granted in the period. The options vest immediately on issue and therefore the charge has all been recognised in this period. This is a non-cash item and relates to the accounting treatment required to reflect the costs of options and warrants.
Overall, net loss for the first half of the year under consideration was £181,000. Excluding the option charge net loss for the first half would have been £58,000.
Gavin Preston
21 December 2009
PROFIT AND LOSS ACCOUNT
for the six months ended 30th September 2009
| 6m ended 30/09/2009 Unaudited (£'000s) | 6m ended 30/09/2008 Unaudited (£'000s) | Year ended 31/03/2009 Audited (£'000s) | |
| Net gain on investments held for trading | 7 | 154 | 131 |
| Share option charge | (123) | - | - |
| Exceptional provision against debtors | - | (250) | (550) |
| Other administrative expenses | (65) | (59) | (132) |
| Net administrative expenses | (188) | (309) | (682) |
| Operating loss | (181) | (155) | (551) |
| Interest receivable | - | - | - |
| Loss on ordinary activities before taxation | (181) | (155) | (551) |
| Tax on loss on ordinary activities | - | - | - |
| Loss for the financial period / year | (181) | (155) | (551) |
| Loss per share - basic and fully diluted - pence | (0.03) | (0.02) | (0.09) |
BALANCE SHEET
as at 30th September 2009
| As at 30/09/2009 Unaudited (£'000s) | As at 30/09/2008(restated) Unaudited (£'000s) | As at 31/03/2009 Audited (£'000s) | |
| Current assets | |||
| Financial assets held for trading | 13 | 12 | 8 |
| Debtors due within one year | 160 | 365 | 66 |
| Cash at bank and in hand | 2 | 22 | - |
| 175 | 399 | 74 | |
| Creditors | |||
| Creditors: amounts falling due within one year | (165) | (71) | (141) |
| Net assets/(liabilities) | 10 | 328 | (67) |
| Capital and reserves | |||
| Called up share capital | 695 | 628 | 628 |
| Share premium account | 8,338 | 8,270 | 8,270 |
| Share based payment reserve | 123 | - | - |
| Profit and loss - deficit | (9,146) | (8,570) | (8,965) |
| Equity shareholders' funds/(deficits) | 10 | 328 | (67) |
CASH FLOW STATEMENT
for the six months ended 30th September 2009
| 6m ended30/09/2009Unaudited (£'000s) | 6m ended 30/09/2008 (restated) Unaudited (£'000s) | Year ended31/03/2009Audited (£'000s) | |
| Net cash (outflow)/inflow from operating activities | (133) | 17 | (75) |
| Net cash (outflow)/inflow before financing | (133) | 17 | (75) |
| Financing | |||
| Issue of shares | 135 | - | - |
| Director's loan | - | - | 69 |
| 135 | - | 69 | |
| Increase/(decrease) in cash in the period / year | 2 | 17 | (6) |
Notes to the Interim Results
1. Accounting Policies
The accounts have been prepared in accordance with applicable accounting standards under the historical cost accounting rules, modified by the revaluation of investments.
Prior period adjustment: Following the administration of one of the company's brokers during the year ended 31 March 2009, it became apparent that amounts which were confirmed as held as cash were not held in segregated accounts and therefore should more properly have been described as balances held with brokers. As a result there has been a prior adjustment to the 30 September 2008 balance sheet with cash decreasing from £387,000 to £22,000 and debtors increasing from £Nil to £365,000. This has had a corresponding effect on cash as presented in the cash flow statement.
2. Basis of Preparation of Half Yearly Financial Information
These unaudited interim financial statements are for the six months ended 30 September 2009. They have been prepared in accordance with United Kingdom Generally Accepted Accounting Standards. The financial information in this interim announcement does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.
The comparative financial information for the year ended 31 March 2009 does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The statutory accounts of Legendary Investments plc for the year ended 31 March 2009 have been reported on by the Company's auditor and have been delivered to the Registrar of Companies.
The current and comparative periods to September have been prepared using accounting policies and practices consistent with those adopted in the annual financial statements for the year ended 31 March 2009 and are also consistent with those which will be adopted in the 31 March 2010 financial statements.
The company is not required to prepare financial statements in accordance with International Accounting Standards as it is not a parent company. The directors are of the opinion that the adoption of International Accounting Standards would have no material impact on the reported results and will therefore continue to apply UK Generally Accepted Accounting Standards, but will reconsider the position should the company's activities lead to a material difference between the accounting basis.
3. Earnings Per Share
The calculation of earnings per share is based on the loss for the period divided by the weighted average number of ordinary shares in issue during the period of 695,167,198 (2008: 627,667,198).
4. Half Yearly Report
The half yearly report, including the financial information contained herein, is the responsibility of, and was approved by the directors on 21 December 2009. The continuing obligations of the AIM Rules for Companies require that the accounting policies and presentation applied to the half yearly figures should be consistent with those applied in preparing preceding annual accounts except where any changes, and the reasons for them, are disclosed.
Copies of this report are available on the company's website, www.legendaryinvestments.co.uk and at the company's registered office at 2nd Floor, Berkeley Square House, Berkeley Square, London W1J 6BD.
Contact:
| Legendary Investments Plc Gavin Preston, Chairman and Chief Executive | +44 20 7887 1335 |
| Astaire Securities Plc, Nominated Adviser & Broker Shane Gallwey / Avi Robinson | +44 20 7448 4400 |