ODX.L Regulatory News (ODX)

23 Mar 2006 16:13

Quintessentially English PLC23 March 2006 QUINTESSENTIALLY ENGLISH PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005 The Company today makes its Preliminary Announcement of its results for the yearended 31 December 2005. The Company had no turnover in the year but incurred running costs as well asabort costs to third parties in its acquisition search. As stated at Admissionin March 2004, no remuneration will be paid to the Directors until anacquisition is made. The loss for the year amounted to £84,699 which includes overheads of £92,303relating to the administration of the Company and its quotation on AIM. Netinterest received amounted to £7,604. Net assets were £121,743 comprising cashof £152,126, investments of £2 and creditors of £30,385. The Company continues to seek acquisitions along the lines proposed to, andapproved by, shareholders last November. It was also referred to in the circulardated 8th November that if the Company made no substantial acquisition within 24months of Admission (18 March 2006), it is the intention of the Directors thatthe net proceeds of the Placing then held by the Company, after initial andother costs, will be returned to its shareholders. Shareholders approved the extension of the date for repayment of net proceedsafter running costs and acquisition costs to 1st October 2006. However in theevent that a suitable acquisition is not concluded by 1st October 2006 and theCompany's AIM quotation is cancelled, it is the Board's intention to seek aquotation for the Company's shares on an alternative Exchange. Under the new AIM rules the Company must make an acquisition constituting areverse takeover before 1st April 2006 or its shares will be suspended underRule 40. The Directors are making every effort to secure a suitable acquisition. M S GurnerChairman 23 March 2006 PROFIT AND LOSS ACCOUNT For the year ended 31 December 2005 Year Ended 16 January to 31 December 2005 31 December 2004 Note £ £ Administrative expenses (92,303) (79,434) OPERATING LOSS 1 (92,303) (79,434) Interest Receivable 7,708 6,240Interest Payable 3 (104) -LOSS ON ORDINARY ACTIVITIES BEFORE (84,699) (73,194)TAXATION TAXATION ON LOSS ON ORDINARY ACTIVITIES 2 - - LOSS FOR THE FINANCIAL YEAR £ (84,699) £ (73,194) EARNINGS PER SHARE - basic and diluted 4 (0.76)p (0.76)p All amounts relate to continuing operations. There were no recognised gains and losses for 2005 or 2004 other than thoseincluded in the profit and loss account. BALANCE SHEET As at 31 December 2005 31 December 31 December 2005 2004 Note £ £ £ £ Fixed Assets Investments 2 2 CURRENT ASSETS Cash at bank and in hand 152,126 222,604 CREDITORS: amounts falling (30,385) (16,164)due within one year NET CURRENT ASSETS 121,741 206,440 TOTAL ASSETS LESS CURRENT £ 121,743 £ 206,442LIABILITIES CAPITAL AND RESERVESCalled up share capital 5 111,769 111,769Share premium account 6 167,867 167,867Profit and loss account 6 (157,893) (73,194) EQUITY SHAREHOLDERS' FUNDS 7 £ 121,743 £ 206,442 CASH FLOW STATEMENT For the year ended 31 December 2005 Year Ended 16 January to 31 December 31 December 2005 2004 Note £ £Net cash flow from operating 8 (78,082) (63,270)activitiesReturns on investments and 7,604 6,240servicing of financeAcquisitions and disposals - (2) CASH OUTFLOW BEFORE FINANCING (70,478) (57,032) Financing - 279,636 (DECREASE)/INCREASE IN CASH IN £ (70,478) £ 222,604THE YEAR 1. OPERATING LOSS The operating loss is stated after charging: Year Ended 16 January to 31 December 31 December 2005 2004 £ £ Auditors' remuneration - audit services 7,050 5,875Operating lease rentals: - land and buildings - 10,835 Exceptional Items - Abortive acquisition Legal and professional fees 15,000 - Advisory Fees 8,813 - Auditors' remuneration - non audit services - 11,750 -reporting accountant fees 2. TAXATION Year Ended 16 January to 31 December 31 December 2005 2004 £ £ UK Corporation Tax on profit on ordinary - -activities Factors affecting tax charge for period There is no tax charge in the year. A reconciliation of this £nil charge isdetailed below. Year Ended 16 January to 31 December 2005 31 December 2004 £ £ Loss on ordinary activities before tax (84,699) (73,194) Loss on ordinary activities multiplied by the relevant (25,410) (21,958)standard rate of corporation tax in the UK of 30% (2004- 30%) Effects of:Expenses not deductible for tax purposes 403 433Tax losses carried forward to future periods 25,007 21,525 Current tax charge for period (see note above) £ - £ - Factors that may affect future tax charges At the balance sheet date there are unrelieved management expenses carriedforward of £155,104 (2004: £71,750) available for relief against future relevantprofits. 3. INTEREST PAYABLE Year Ended 31 16 January to December 31 December 2005 2004 £ £On bank loans and overdrafts £ 104 £ - 4. EARNINGS PER SHARE The calculation of basic loss per ordinary share for the year is based on theloss of £84,699 and 11,176,865 ordinary shares. There are no dilutive shares inexistence. 5. SHARE CAPITAL 2005 2004 £ £Authorised 50,000,000 Ordinary shares of 1p each £ 500,000 £ 500,000 Allotted, called up and fully paid 11,176,865 Ordinary shares of 1p each £ 111,769 £111,769 6. RESERVES Share premium account £ At 1 January 2005 167,867 At 31 December 2005 167,867 Profit and Loss Account £ At 1 January 2005 (73,194)Loss retained for the year (84,699) At 31 December 2005 £ (157,893) 7. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS 2005 2004 £ £ Loss for the year (84,699) (73,194)Shares issued during the year - 111,769Share premium on shares issued (net - 167,867of expenses) (84,699) 206,442Opening shareholders' funds 206,442 -Closing shareholders' funds £ 121,743 £ 206,442 8. NET CASH FLOW FROM OPERATING ACTIVITIES Year Ended 16 January to 31 December 31 December 2005 2004 £ £ Operating Loss (92,303) (79,434)Increase in creditors 14,221 16,164 NET CASH OUTFLOW FROM OPERATIONS £ (78,082) £ (63,270) The financial information set out above does not constitute the Company'sstatutory accounts for the year ended 31 December 2005 but is derived from thoseaccounts. The Company's registered office is at 235 Old Marylebone Road, London NW1 5QT. Copies of the Report and Accounts for the year ended 31 December 2005 are beingsent to shareholders. Further copies will be available from the company'sregistered office. This information is provided by RNS The company news service from the London Stock Exchange