CIR.L Regulatory News (CIR)

30 Jun 2005 07:00

Capricorn Resources PLC30 June 2005 Capricorn Resources plc Results for the year ended 31 December 2004 Chairman's statement The year ended 31st December 2004 was again spent filtering through resourceprojects that your Board felt matched its investment criteria and would enhanceshareholder value. We examined a range of projects and held discussionsconcerning a number of interesting opportunities, but in the end none was deemedsuitable. We remain committed to locating projects that will enhance shareholder value butare conscious that these deals need to be of a certain standard and which willsignificantly benefit the Company and its investors. Encouragingly, there have been developments since the year end. On 7th February2005, the Company reported that it was in discussions that may or may not leadto an acquisition. In line with this, I am pleased to announce that we arecurrently in the process of evaluating a deal and hope to be in a positionshortly to send out to shareholders a proposal regarding the deal and to updatethe market accordingly. For the period ending 31 December 2004 we are reporting a pre and post tax lossof £175,111 and no dividend is to be paid. We have kept expenditure to aminimum and our cash position remains healthy at £294,263. Philippe Edmonds Chairman Profit and loss account for the year ended 31 December 2004 Notes Year Period ended ended 31 December 31 December 2004 2003 £ £ TURNOVER - - Operating expenses (175,594) (153,073) OPERATING LOSS (175,594) (153,073) Interest receivable 483 1,626 LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (175,111) (151,447) Taxation - - LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (175,111) (151,447) LOSS PER ORDINARY SHARE Basic and diluted 3 (0.27p) (0.32p) The operating loss for the year arises from the Company's continuing operations. No separate statement of Total Recognised Gains and Losses has been presented asall such gains and losses have been dealt with in the profit and loss account. Balance sheet at 31 December 2004 2004 2003 £ £ FIXED ASSETSTangible assets 3,158 3,936 CURRENT ASSETSDebtors 26,368 26,105Cash at bank and in hand 294,263 412,607 320,631 438,712 CREDITORS: Amounts falling due within one year (46,033) (75,982) NET CURRENT ASSETS 274,598 362,730 TOTAL ASSETS LESS CURRENT LIABILITIES 277,756 366,666 CAPITAL AND RESERVESCalled up share capital 65,449 62,800Share premium account 480,614 395,413Other reserves 58,251 59,900Profit and loss account (326,558) (151,447) SHAREHOLDERS' FUNDS 277,756 366,666 Cash flow statement for the year ended 31 December 2004 Notes Year Period ended ended 31 December 31 December 2004 2003 £ £ Cash outflow from operating activities 4a (204,108) (102,957) Returns on investments and servicing of finance 4b 483 1,626 Capital expenditure and financial investment 4b (920) (4,175) CASH OUTFLOW BEFORE FINANCING (204,545) (105,506) Financing 4b 86,201 518,113 (DECREASE)/INCREASE IN CASH IN THE PERIOD (118,344) 412,607 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Year Period ended ended 31 December 31 December 2004 2003 £ £ (Decrease)/increase in cash in the period (118,344) 412,607 NET FUNDS AT 1 JANUARY 2004 412,607 - NET FUNDS AT 31 DECEMBER 2004 4c 294,263 412,607 Notes to the accounts 1. Financial information The financial information for the year ended 31 December 2004 have beenextracted from the Company's audited accounts which have not yet been filed withthe UK Registrar of Companies. The Financial Information does not constitute theCompany's statutory financial statements within the meaning of S240 of theCompanies Act 1985.. . The comparative results for the year ended 31 December2003 are an abridged version of the audited financial statements which have beenfiled with the UK Registrar of Companies. 2. Basis of preparation The financial statements have been prepared under the historical cost conventionand in accordance with applicable accounting standards. The principal accounting policies of the company have remained unchanged fromthe previous year. 3. Loss per share The calculation of basic and diluted loss per ordinary share is based on the following losses and number ofshares. 5 December Year to 2002 to 31 December 31 December 2004 2003 £ £ Loss for the financial period (175,111) (151,447) 2004 2003 No. of shares No. of shares Weighted average number of shares 64,855,150 47,186,572 Due to the loss incurred in the year, there is no dilutive effect from the issue of share options andwarrants. 4. Cash flows 2004 2003 £ £a Reconciliation of operating loss to net cash outflow from operating activities Operating loss (175,594) (153,073) Depreciation 1,698 239 Increase in debtors (263) (26,105) (Decrease)/increase in creditors (29,949) 75,982 Net cash outflow from operating activities (204,108) (102,957) b Analysis of cash flows for headings netted in the cash flow 2004 2003 £ £ Returns on investments and servicing of finance Interest received 483 1,626 Net cash inflow from returns on investments and servicing of finance 483 1,626 Capital expenditure and financial investment Purchase of tangible fixed assets (920) (4,175) Net cash outflow from capital expenditure and financial investment (920) (4,175) Proceeds from issue of share capital 86,491 565,500 Share issue costs (290) (47,387) Net cash inflow from financing 86,201 518,113 At 1 At 31 December January Cash- 2004c Analysis of net funds 2004 flow £ £ £ Cash at bank and in hand 412,607 (118,344) 294,263 5. Availability of accounts Copies of the audited financial statements are being posted to shareholders on30 June 2005 and will be available at 18 Upper Brook Street, London W1K 7PUuntil 31 July 2005. This information is provided by RNS The company news service from the London Stock Exchange