ODX.L Regulatory News (ODX)

28 Jun 2005 11:40

Quintessentially English PLC28 June 2005 QUINTESSENTIALLY ENGLISH PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004 The Company today makes its Preliminary Announcement of its results for theperiod from incorporation on 18 January 2004 to 31 December 2004. The Company had no turnover in the period but incurred costs in its acquisitionsearch. As stated at Admission in March 2004, no remuneration will be paid tothe Directors until an acquisition is made. The loss for the period amounted to £73,194 which includes overheads of £14,841in respect of costs incurred in the period leading up to the AIM flotation ofthe Company which include public relations and consultancy fees, travelexpenses, and professional advisory services. The Company was incorporated principally to take advantage of opportunities toacquire established businesses which could be described as "quintessentiallyEnglish" because of their origin or connection with England. The Company has metand evaluated a large number of prospects but for various reasons these have notprogressed. It continues to seek such acquisitions and has widened itsobjectives and target sectors. Competent management is a key feature of itsrequirements. PROFIT AND LOSS ACCOUNT For the period from incorporation to 31 December 2004 Period ended 31 December 2004 (audited) Note £ Administrative expenses (79,434) OPERATING LOSS 1 (79,434) Interest receivable 6,240 LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (73,194) TAX ON LOSS ON ORDINARY ACIVITIES 2 - LOSS ON ORDINARY ACTIVITIES AFTER TAXATION £ (73,194) EARNINGS PER SHARE - basic and diluted 3 (0.76)p All amounts relate to continuing operations. There were no recognised gains and losses for 2004 other than those included inthe profit and loss account. BALANCE SHEET As at 31 December 2004 31 December 2004 (audited) Note £ £Fixed Assets Investments 2 CURRENT ASSETS Cash at bank and in hand 222,604 CREDITORS: amounts falling due within one year (16,164) NET CURRENT ASSETS 206,440 TOTAL ASSETS LESS CURRENT LIABILITIES £ 206,442 CAPITAL AND RESERVESCalled up share capital 4 111,769Share premium account 5 167,867Profit and loss account (73,194) EQUITY SHAREHOLDERS' FUNDS 6 £ 206,442 CASH FLOW STATEMENT For the period ended 31 December 2004 Period ended 31 December 2004 (audited) Note £ Net cash flow from operating activities 7 (63,270)Returns on investments and servicing of finance 6,240Acquisitions and disposals (2) CASH OUTFLOW BEFORE FINANCING (57,032) Financing 279,636 INCREASE IN CASH IN THE PERIOD £222,604 1. OPERATING LOSS The operating loss is stated after charging: Period ended 31 December 2004 £ Operating lease rentals:- land and buildings 10,835 Auditors remuneration 5,875 2. TAXATION Period ended 31 December 2004 £Tax on profit on ordinary activities - Factors affecting tax charge for period The tax assessed for the period is higher than the standard rate of corporationtax in the UK applicable to the company (30%). The differences are explained below: Period ended 31 December 2004 £ Loss on ordinary activities before tax (73,194) Loss on ordinary activities multiplied by the relevant standard rate ofcorporation tax in the UK of 30% (21,958) Effects of:Expenses not deductible for tax purposes 433Tax losses carried forward to future periods 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 £71,750 available for relief against future relevant profits. 3. EARNINGS PER SHARE The calculation of basic loss per ordinary share for the year is based on theloss of £73,194 and 9,635,094 ordinary shares, being the weighted average numberof ordinary shares in issue during the period. 4.SHARE CAPITAL 31 December 2004 £Authorised 50,000,000 Ordinary shares of 1p each £ 500,000 Allotted, called up and fully paid 11,176,865 Ordinary shares of 1p each £ 111,769 The issued share capital comprises 11,176,865 Ordinary shares, consisting of 200shares of 1p each issued as two £1 subscriber Ordinary shares on incorporationand converted into 1p Ordinary shares on 23 February 2004, 6.666,665 Ordinaryshares of 1p each issued on 24 February 2004 and 4,510,000 Ordinary shares of 1p each issued on 18 March 2004. 5. RESERVES Share premium account £ Premium on shares issued during the period 213,731 Expenses of share issue (45,864) At 31 December 2004 £ 167,867 6. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS 31 December 2004 £ Loss for the period (73,194)Shares issued during the period 111,769Share premium on shares issued (net of expenses) 187,867 Closing shareholders' funds £ 206,442 7.NET CASH FLOW FROM OPERATING ACTIVITIES Period ended 31 December 2004 £Operating Loss (79,434)Increase in creditors 16,164 NET CASH OUTFLOW FROM OPERATIONS £ (63,270) The financial information set out above does not constitute the Company's statutory accounts for the period from incorporation on 18 January 2004 to 31 December 2004 but is derived from those accounts. The Company's registered office is no longer at 11 Cross Keys Close, London W1U2DJ. It has moved to 235 Old Marylebone Road, London NW1 50T. Copies of the Report and Accounts for the period ended 31 December 2004 arebeing sent to shareholders. Further copies will be available from the Company'sregistered office, which is now at 235 Old Marylebone Road, London NW1 50T. This information is provided by RNS The company news service from the London Stock Exchange