3 Feb 2011 07:00
3 February 2011
Mission Capital plc
Preliminary Results for the year ended 30 September 2010
Chairman's Statement
The purpose of this Statement is to provide an overview of the Company's position.
In my Statement accompanying the Company's interim results, I said that the Board continued pro-actively to investigate both the best outcome for Roebuck House and a suitable acquisition which would enable us to continue to have the Company's shares traded on AIM.
On the former, it was decided, after a full investigation of all potential options, and in consultation with its mortgagee, to put Roebuck House (which is currently unlet) on the market for sale or rental. The property was fully provided against last year, and its further impairment is reflected in this year's accounts. The market value of the property is broadly equivalent to the outstanding borrowings on the property.
On the latter, a suitable acquisition was not identified prior to 31 July 2010, and accordingly the AIM quotation of the Company's shares was suspended from 2 August.
We announced on 20 December 2010 that Heads of Terms had been signed in relation to a suitable potential acquisition. The Company continues to pursue this potential acquisition, which would be a reverse takeover pursuant to the AIM Rules for Companies, and a further announcement will be made in due course.
PHILIP GOLDENBERG
Chairman
Directors' Report
Principal activity and review of the business
The principal activity of Mission Capital Plc is a holding company of its subsidiary, Mission Capital (Gloucester) Limited, a property company. The sale of Karspace Management Limited ("KML"), a company specialising in the provision of car park and traffic management services to both the public and private sectors, was approved and completed in the prior year.
Our key performance indicators are:
§ Loss after tax of £99,105 (2009: loss of £1,045,643)
§ Basic and diluted loss per share of 0.092p (2009: 0.967p)
Results and dividends
The consolidated results of the Company for the year ended 30 September comprise gross turnover of £0.2 million (2009: £3.1 million), a loss on ordinary activities before taxation of £0.1 million (2009: loss of £1.0 million), representing a basic and diluted loss per share of 0.092p (2009: loss 0.967p).
As at 30 September 2010, the Company had consolidated total assets of £1.2 million (2009: £1.4 million), which equated to total assets per share of 1.15p (2009: 1.32p). Net assets at 30 September 2010 were £548k (2009: £647k), which equated to net assets per share of 0.51p (2009: 0.60p).
The directors do not recommend payment of a dividend.
Review
A review of the business is contained in the Chairman's Statement above.
Management
The business of the Company has been managed by its board of Directors.
The group
Following the sale of KML in the prior year, the Group's only active subsidiary has been Mission Capital (Gloucester) Limited.
CONSOLIDATED INCOME STATEMENT
For the year ended 30 September 2010
| Note | 2010 | 2009 | 2009 | 2009 | |
| Continuing | Discontinued | Continuing | |||
| operations | operations | operations | Total | ||
| £ | £ | £ | £ | ||
|
| |||||
Gross turnover |
| 154,066 | 2,967,450 | 89,813 | 3,057,263 | |
Less: landlords' share of |
| |||||
parking receipts |
| - | (1,136,124) | - | (1,136,124) | |
|
| |||||
Revenue |
| 154,066 | 1,831,326 | 89,813 | 1,921,139 | |
|
| |||||
Cost of sales |
| - | (794,091) | - | (794,091) | |
|
| |||||
Gross profit |
| 154,066 | 1,037,235 | 89,813 | 1,127,048 | |
|
| |||||
Distribution costs |
| - | (90,753) | - | (90,753) | |
Administrative |
| |||||
expenses |
| (234,630) | (758,008) | (530,462) | (1,288,470) | |
|
| |||||
Operating loss |
| (80,564) | 188,474 | (440,649) | (252,175) | |
|
| |||||
Other interest receivable | ||||||
and similar income |
| 17 | 8,163 | 946 | 9,109 | |
Interest payable and |
| |||||
similar charges |
| (18,439) | - | (42,337) | (42,337) | |
|
| |||||
Loss on ordinary |
| |||||
activities before taxation |
| (98,986) | 196,637 | (482,040) | (285,403) | |
|
| |||||
Tax on loss on |
| |||||
ordinary activities |
| (119) | (56,126) | 56,126 | - | |
|
| |||||
Loss on ordinary | ||||||
activities after taxation | (99,105) | 140,511 | (425,914) | (285,403) | ||
|
| |||||
Disposal of subsidiary |
| |||||
undertaking |
| - | (760,240) |
| (760,240) | |
|
| |||||
Net result from |
| |||||
discontinued operations | (619,729) | |||||
|
| |||||
Net result for the year |
| (99,105) | (619,729) | (425,914) | (1,045,643) | |
|
| |||||
Attributable to | ||||||
shareholders of | ||||||
Mission Capital plc |
| (99,105) | (1,045,643) | |||
|
| |||||
Basic and diluted |
| |||||
loss per share (pence) | 2 | (0.092p) | (0.573p) | (0.394p) | (0.967p) | |
CONSOLIDATED BALANCE SHEET
At 30 September 2010
|
|
| 2010 | 2009 | |
|
|
| £ | £ | |
Non-current assets |
|
|
|
|
|
Goodwill |
|
|
| - | - |
Property, plant and equipment |
|
|
| - | - |
Investment property |
|
|
| 600,000 | 700,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 600,000 | 700,000 |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Trade and other receivables |
|
|
| 2,906 | 512,341 |
Cash and cash equivalents |
|
|
| 642,566 | 212,047 |
|
|
|
|
|
|
|
|
|
| 645,472 | 724,388 |
|
|
|
|
|
|
Total assets |
|
|
| 1,245,472 | 1,424,388 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
Called up share capital |
|
|
| 1,081,749 | 1,081,749 |
Share premium account |
|
|
| 3,960,673 | 3,960,673 |
Equity reserve |
|
|
| 54,390 | 54,390 |
Retained earnings |
|
|
| (4,549,180) | (4,450,075) |
|
|
|
|
|
|
Total equity |
|
|
| 547,632 | 646,737 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
Borrowings |
|
|
| 615,200 | 653,471 |
|
|
|
|
|
|
Current |
|
|
|
|
|
Trade and other payables |
|
|
| 33,609 | 71,542 |
Borrowings |
|
|
| 49,031 | 52,638 |
|
|
|
|
|
|
|
|
|
| 82,640 | 124,180 |
|
|
|
|
|
|
Total liabilities |
|
|
| 697,840 | 777,651 |
|
|
|
|
|
|
Total equity and liabilities |
|
|
| 1,245,472 | 1,424,388 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 September 2010
| Share capital | Share premium account | Equity reserve | Profit and loss account | Total equity |
| £ | £ | £ | £ | £ |
|
|
|
|
|
|
Balance at 1 October 2008 | 1,081,749 | 3,960,673 | 54,390 | (3,404,432) | 1,692,380 |
Loss for the year and total recognised income and expenditure for the year | - | - | - | (1,045,643) | (1,045,643) |
|
|
|
|
|
|
Balance at 30 September 2009 | 1,081,749 | 3,960,673 | 54,390 | (4,450,075) | 646,737 |
Loss for the year and total recognised income and expenditure for the year | - | - | - | (99,105) | (99,105) |
|
|
|
|
|
|
Balance at 30 September 2010 | 1,081,749 | 3,960,673 | 54,390 | (4,549,180) | 547,632 |
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30 September 2010
| Note |
| 2010 | 2009 |
|
|
| £ | £ |
|
|
|
|
|
Cash inflow/(outflow) from operations | 3 |
| 8,106 | (234,915) |
Interest paid |
|
| (18,439) | (42,337) |
Tax paid |
|
| (119) | - |
|
|
|
|
|
Net cash outflow from operations |
|
| (10,452) | (277,252) |
|
|
|
|
|
Investing activities |
|
|
|
|
Additions to property, plant and equipment |
|
| - | (2,345) |
Proceeds from sale of subsidiary undertaking |
|
| 482,832 | 900,000 |
Costs of sale of subsidiary undertaking |
|
| - | (65,681) |
Cash and cash equivalents disposed with subsidiary undertaking |
|
| - | (689,449) |
Interest received |
|
| 17 | 9,109 |
|
|
|
|
|
Net cash inflow from investing activities |
|
| 482,849 | 151,634 |
|
|
|
|
|
Financing |
|
|
|
|
Repayment of long-term borrowings |
|
| (44,299) | (69,660) |
|
|
|
|
|
Cash outflow from financing activities |
|
| (44,299) | (69,660) |
|
|
|
|
|
Net changes in cash and cash equivalents |
|
| 428,098 | (195,278) |
Cash and cash equivalents, beginning of year |
|
| 212,047 | 407,325 |
|
|
|
|
|
Cash and cash equivalents, end of year |
|
| 640,145 | 212,047 |
|
|
|
|
|
NOTES
1. BASIS OF PREPARATION
The financial statements set out above in this preliminary announcement do not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information has been extracted from the group's 2010 financial statements upon which the auditor's opinion is unqualified and does not include any statement under Section 248 of the Companies Act 2006.
The preliminary results have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The full IFRS accounting policies are included within the 30 September 2009 financial statements.
2. Losses per share
The calculation of the basic loss per share is based on the losses attributable to the shareholders of Mission Capital plc divided by the weighted average number of shares in issue during the period. All losses per share calculations relate to continuing operations of the Company.
| Losses attributable to shareholders | Weighted average number of shares | Basic loss per share amount in pence |
| £ | £ | £ |
|
|
|
|
Year ended 30 September 2010 | (99,105) | 108,174,872 | 0.092 |
|
|
|
|
Year ended 30 September 2009 | (1,045,643) | 108,174,872 | 0.967 |
Fully diluted loss per share is also based upon the above figures as the warrants in issue are currently anti dilutive, but potentially dilutive in the future.
3. Notes to the cash flow statement
Cash flows from operating activities
| 2010 | 2009 |
| £ | £ |
|
|
|
Loss before taxation | (98,986) | (1,045,643) |
|
|
|
Adjustment for: |
|
|
Depreciation | - | 10,825 |
Impairment of goodwill | - | 21,907 |
Loss on disposal of subsidiary undertaking | - | 760,240 |
Decrease in trade and other receivables | 26,603 | 159,166 |
Decrease in value of investment property | 100,000 | 150,000 |
Decrease in trade and other payables | (37,933) | (324,638) |
Interest received | (17) | (9,109) |
Interest paid | 18,439 | 42,337 |
|
|
|
Cash generated from operating activities | 8,106 | (234,915) |
4. REPORT AND ACCOUNTS
A copy of this announcement is available at www.missioncapitalplc.co.uk. Copies of the annual report and accounts will be posted to the shareholders in due course and will also be available at the same website address.
Enquiries: | |
Mission Capital plc Philip Goldenberg
| 020 7291 8807 / 01483 765 377 |
Arbuthnot Securities Limited, Nominated Adviser Tom Griffiths | 020 7012 2000 |