Last checked at 27 Jun 2011 10:54
27 June 2011
Bidtimes Plc
("Bidtimes" or "the Company")
Final Results for the year end 31 December 2010
Chairman's statement
I am pleased to present the annual results of the Company for the year ended 31 December 2010 in which the Company continued to pursue its stated investment strategy, with a focus on reviewing the potential acquisition of a preferred target company.
As a result on 1 April 2011 we were delighted to announce the proposed acquisition of Powerhouse Energy Inc. ("Powerhouse"), a company focusing on the commercialisation of an alternative energy business based on zero emission conversion of waste materials and coal deposits into a range of clean energy products.
The proposed acquisition is classified as a reverse takeover under the AIM Rules and as such is subject to shareholder approval at a general meeting to be held on 27 June 2011.
While the Company focused on the above transaction very limited exploration work was carried out on the exploration licence over the Kyber Pass project, the Company's joint venture interest in South Australia. Subject to approval by shareholders of the proposed acquisition of Powerhouse, the Company intends to terminate the joint venture interest.
During the year, the Company made a loss of £89,154 after taxation, compared with a loss of £101,358 in the ten months ended 31 December 2009. Should the proposed acquisition of Powerhouse be approved the next set of results will incorporate the full trading results of the enlarged group.
A.T. Brennan
Executive Chairman
24 June 2011
Further enquiries:
Bidtimes plc Anthony Brennan, Executive Chairman (tony@deltacapital.com.au)
|
T: +44 (0) 753 513 8974 |
Merchant Securities Limited (Nomad/Broker) David Worlidge / Simon Clements
| T: +44 (0) 20 7628 2200 |
Income Statement
for the year ended 31 December 2010
Note | Year ended 31 December 2010 | Period ended 31 December 2009 | |
£ | £ | ||
Revenue | 2 | - | - |
Administrative expenses | |||
Other administrative expenses | (89,216) | (101,486) | |
(89,216) | (101,486) | ||
|
| ||
Operating loss | (89,216) | (101,486) | |
Loss on ordinary activities before taxation and finance costs | (89,216) | (101,486) | |
Finance income | 174 | 332 | |
Finance costs | (112) | (204) | |
Net finance income | 62 | 128 | |
Loss on ordinary activities before taxation | 2 | (89,154) | (101,358) |
Taxation | 3 | - | - |
Loss on ordinary activities after taxation | 8 | (89,154) | (101,358) |
Attributable to: | |||
Equity shareholders of the Company | (89,154) | (101,358) | |
Loss transferred to reserves | (89,154) | (101,358) | |
Basic loss per share (pence) | 4 | (0.09)p | (0.10)p |
Balance Sheet
for the year ended 31 December 2010
Note | 31 December 2010 | 31 December 2009 | |
£ | £ | ||
Current assets | |||
Trade and other receivables | 5 | 308,350 | 1,519 |
Cash and cash equivalents | 8 | 120,772 | 219,318 |
429,122 | 220,837 | ||
Total assets | 429,122 | 220,837 | |
Current liabilities | |||
Trade and other payables | 7 | (338,134) | (40,695) |
Total liabilities | (338,134) | (40,695) | |
Net assets | 90,988 | 180,142 | |
Shareholders' funds | |||
Issued capital | 1,268,676 | 1,268,676 | |
Share premium account | 714,948 | 714,948 | |
Retained earnings | (1,892,636) | (1,803,482) | |
Total equity | 8 | 90,988 | 180,142 |
Cash flow statement
for the year ended 31 December 2010
Note | Year ended 31 December 2010 | Period ended 31 December 2009 | |
£ | £ | ||
Cash outflow from operating activities | 9 | (98,608) | (100,707) |
Cash inflow from investing activities | |||
Finance income received | 174 | 332 | |
Net cash inflow from investing activities | 174 | 332 | |
Cash (outflow)/inflow from financing activities | |||
Finance cost paid | (112) | (204) | |
Net cash (outflow)/inflow from financing activities | (112) | (204) | |
Net (decrease)/increase in cash and cash equivalents | (98,546) | (100,579) | |
Cash and cash equivalents at beginning of period | 219,318 | 319,897 | |
Cash and cash equivalents at end of period | 10 | 120,772 | 219,318 |
Statement of recognised income and expense
for the year ended 31 December 2010
Year ended 31 December 2010 | Period ended 31 December 2009 | ||
£ | £ | ||
Loss for the financial year | (89,154) | (101,358) | |
Total losses recognised since the last financial statements | (89,154) | (101,358) | |
Attributable to: | |||
Equity shareholders of the Company | (89,154) | (101,358) |
Notes to the financial statements
1. Basis of preparation
The financial statements have continued to be prepared in accordance with IFRS (International Financial Reporting Standards) as adopted by the European Union, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
Bidtimes plc's financial statements were previously prepared in accordance with United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice) until 28 February 2007. The date of transition to IFRS was 1 March 2007.
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts in the financial statements. The areas involving a higher degree of judgements or complexity, or areas where assumptions or estimates are significant to the financial statements are disclosed with the notes.
The financial information set out above does not constitute the Company's statutory accounts for the period ended 31 December 2009 or the year ended 31 December 2010, but is derived from those accounts. Statutory accounts for 2009 have been delivered to the Registrar of Companies and those for 2010 will be delivered following the Company's Annual General Meeting.
2. Turnover and loss on ordinary activities before taxation
The turnover and loss on ordinary activities is stated after charging:
Year ended 31 December 2010 | Period ended 31 December 2009 | |
£ | £ | |
Auditors' remuneration | ||
- audit services - statutory audit | 6,000 | 5,875 |
Other interest payable | 112 | 204 |
3. Taxation on loss on ordinary activities
No taxation charge arises on the loss for the year (Period ended 31 December 2009: £Nil).
The tax assessed for the year is different to the standard rate of corporation tax in the UK of 28 per cent (Period ended 31 December 2009: 28 per cent). The differences are explained as follows:
Year ended 31 December 2010 | Period ended 31 December 2009 | |
£ | £ | |
Loss on ordinary activities before tax | (89,154) | (101,358) |
Loss on ordinary activities before tax multiplied by the standard rate of corporation tax in the UK of 28% (Period ended 31 December 2009: 28%) | (24,963) | (28,380) |
Effect of: | ||
Disallowable expenses | - | - |
Losses carried forward | 24,963 | 28,380 |
Current tax charge for year | - | - |
Unrelieved trading tax losses of £916,455 (Period ended 31 December 2009: £827,301) are available to offset against future taxable trading profits.
4. Loss per share
The calculation of the basic loss per share is based on the loss on ordinary activities after tax and on the weighted average number of ordinary shares in issue during the year. The impact of the share options is anti dilutive.
31 December 2010 | 31 December 2009 | |||||
Loss £ | Weighted average number of shares | Loss per share (pence) |
Loss £ | Weighted average number of shares | Loss per share (pence) | |
Basic loss per share | (89,154) | 97,373,523 | (0.09) | (101,358) | 97,373,523 | (0.10) |
5. Trade and other receivables
Year ended 31 December 2010 | Period ended 31 December 2009 | |
£ | £ | |
Prepayments and accrued income | 3,809 | 1,519 |
Other receivables | 304,541 | - |
308,350 | 1,519 |
6. Cash and cash equivalents
Year ended 31 December 2010 | Period ended 31 December 2009 | |
£ | £ | |
Current accounts | 15,647 | 17,108 |
Deposit accounts | 105,125 | 202,210 |
120,772 | 219,318 |
7. Trade and other payables
Year ended 31 December 2010 | Period ended 31 December 2009 | |
£ | £ | |
Accruals and deferred income | 43,172 | 40,618 |
Other payables | 294,962 | 77 |
338,134 | 40,695 |
The carrying values of the trade and other payables are considered to be a reasonable approximation of their fair value. Therefore, no discounting of the carrying values of the trade and other payables has been deemed necessary.
8. Reconciliation of movements in shareholders' funds
Year ended 31 December 2010 | Period ended 31 December 2009 | |
£ | £ | |
Loss on ordinary activities after taxation | (89,154) | (101,358) |
Net (decrease)/increase in shareholders' funds | (89,154) | (101,358) |
Opening shareholders' funds | 180,142 | 281,500 |
Closing shareholders' funds | 90,988 | 180,142 |
9. Reconciliation of cash outflow from operating activities
Year ended 31 December 2010 | Period ended 31 December 2009 | |
£ | £ | |
Operating loss | (89,216) | (101,486) |
(Increase)/decrease in debtors | (306,831) | 1,437 |
Increase/(decrease) in creditors | 297,439 | (658) |
Net cash outflow from operating activities | (98,608) | (100,707) |
10. Reconciliation of net cash flow to movement in net funds
Year ended 31 December 2010 | Period ended 31 December 2009 | |
£ | £ | |
Decrease in cash | (98,546) | (100,579) |
(98,546) | (100,579) | |
Net funds at the beginning of the year | 219,318 | 319,897 |
Net funds at the end of the year | 120,772 | 219,318 |
11. Analysis of changes in cash and cash equivalents and net funds
At 1 January 2010 |
Cash flow |
Non cash movement | At 31 December 2010 | |
£ | £ | £ | £ | |
Cash at bank and in hand | 219,318 | (98,546) | - | 120,772 |
Cash and cash equivalents | 219,318 | (98,546) | - | 120,772 |
219,318 | (98,546) | - | 120,772 |
12. Post balance sheet events
On 1 April 2011 the Company announced the proposed acquisition of PowerHouse Energy Inc. ("Powerhouse"), a company focusing on the commercialisation of an alternative energy business based on zero emission conversion of waste materials and coal deposits into a range of clean energy products. The proposed acquisition is classified as a reverse takeover under the AIM Rules and as such is subject to shareholder approval at a general meeting to be held on 27 June 2011.
Since the balance sheet date additional transaction costs of £308,325 have been incurred and paid by Powerhouse in relation to the proposed acquisition. These costs are fully underwritten by EnviroEnergy Resources Limited ("ERL") until such time as the acquisition completes.
13. Dividend
The Directors do no recommend the payment of a dividend.
14. Availability of Report & Accounts
Copies of the report and accounts will be posted to shareholders shortly, will be available from the Company's registered office, Meriden House, 6 Great Cornbow, Halesowen, West Midlands B63 3AB and from the Company's website www.bidtimes.com.