Powerhouse Ener Regulatory News (PHE)

11 Aug 2005 11:16

For immediate release 11 August, 2005 Bidtimes PLC (the "Company") Preliminary results for the year ended 28 February 2005 Chairman's StatementI am pleased to present the results for the Group for the year ended 28February 2005.The Company has made a loss for the year of ‚£45,960, before and after taxation,compared with a loss of ‚£122,207 in the previous year.The Company's show home lease back agreements with Barratt Homes have now begunto terminate having run their course with three expiring during the year. TheBoard has subsequently implemented a plan for the properties, with two of theshow homes currently on the market to be sold. We have been successful inletting out three of the show homes to private tenants and one property whichBarratts vacated in June 2005 is currently available to let. The board hasrecognised that under SSAP 19 they are required to revalue the freeholdproperty investments; therefore the balance sheet reflects this at a revaluedcarrying value of ‚£1,167,950, an increase of approximately ‚£63,000 over cost.The Board is satisfied with the performance of the investment portfolio duringthe year, with the exception of SRS Technology Group Plc, and has again beenforced to write down the value of this investment. The Board are continuing tomonitor very closely the Group's investment in this company.With all funds currently invested in a diversified and balanced portfolio, theBoard are currently considering the possibility of issuing further shares toprovide funds for future investment and further announcements will be madeshortly.Russell StevensChairman and Managing Director11 August 2005Consolidated Profit and Loss Account for the year ended 28 February 2005 Note Year ended Year ended 28 February 2005 29 February 2004 (audited) (audited) ‚£ ‚£ Turnover 91,172 88,693 Administration expenses (73,625) (90,173) ----------- ----------- Operating loss (17,547) (1,480) Bank interest receivable 8,483 14,344 Bank interest payable (67,773) (25,208) Amounts written off investments (4,217) (109,863) ----------- ----------- Loss on ordinary activities before (45,960) (122,207) taxation Taxation - - ----------- ----------- Loss for period (45,960) (122,207) ----------- ----------- Basic loss per share (pence) 2 (0.26) (0.70) ----------- ------------ All activities relate to continuing operations.Consolidated Balance Sheet as at 28 February 2005 Note As at As at 28 February 29 February 2005 2004 (audited) (audited) ‚£ ‚£ Fixed assets Freehold property 1,167,950 1,104,506 Fixed asset investments 307,929 247,857 ------------ ------------ 1,475,879 1,352,363 ------------ ------------ Current assets Investments 145,000 149,216 Debtors 36,759 28,648 Cash at bank and in hand 33 25,961 ------------ ------------ 181,792 203,825 Current liabilities Creditors (911,906) (11,447) ------------ ------------ Net current assets (730,114) 192,378 ------------ ------------ Total assets less current liabilities 745,765 1,544,741 Creditors Amounts falling due after one year - (873,938) ------------ ------------ Net assets 745,765 670,803 ------------ ------------ Capital and reserves Called up share capital 868,676 868,676 Share premium 714,948 714,948 Revaluation reserve 239,235 118,313 Profit and loss account (1,077,094) (1,031,134) ------------ ------------ Equity shareholders' funds 3 745,765 670,803 ------------ ------------Consolidated Cash Flow Statement for the year ended 28 February 2005 Notes Year ended Year ended 28 February 2005 29 February 2004 (audited) (audited) ‚£ ‚£ Net cash inflow/(outflow) from 4 17,622 (24,931)operating activities Returns on investments and servicing of finance Interest received 8,483 14,344 Interest payable (53,755) (25,208) ------------ ------------ Net cash (outflow)/inflow from (45,272) (10,864)returns on investments and servicing of finance ------------ ------------ Capital expenditure and financial investment Purchase of tangible fixed assets - (1,104,506) Purchase of investments (2,594) (21,273) Loans made to other entities - (149,216) Loans repaid by other entities - 148,055 Write off of loans to other entities - - ------------ ------------ Net cash outflow from capital (2,594) (1,126,940)expenditure and financial investment ------------ ------------ Net cash outflow before financing (30,244) (1,162,735) ------------ ------------ Financing Term loan - 873,938 ------------ ------------ Net cash outflow from financing - 873,938 ------------ ------------ Decrease in cash 5 (30,244) (288,797) ------------ ------------Other primary statements the year ended 28 February 2005Statement of total recognised gains and losses Notes Year ended Year ended 28 February 2005 29 February 2004 (audited) (audited) ‚£ ‚£ Loss for the financial year (45,960) (122,207) Unrealised profit on revaluation of 63,444 -tangible fixed assets Unrealised gain on revaluation of 57,478 118,313fixed asset investment ------------ ------------ Total gains and losses recognised for 74,692 (3,894)the year ------------ ------------Notes to the Preliminary Results for the period ended 28 February 20051 Basis of preparation The preliminary announcement has been prepared in accordance with applicable accounting standards and under the historical cost convention. The principal accounting policies of the company are set out in the annual report and financial statements. 2 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 shares in issue during the year. The loss and weighted average number of shares used in the calculations are set out below: Loss Weighted Loss per average share ‚£ number of shares (pence) Basic loss per share: Year ended 28 February 2005 (45,960) 17,373,523 (0.26) ------------ ------------ ------------ Year ended 29 February 2004 (122,207) 17,373,523 (0.70) ------------ ------------ ------------3 Reconciliation of movements in shareholders' funds As at As at 28 February 29 February 2004 2005 (audited) (audited) ‚£ ‚£ Loss on ordinary activities after (45,960) (122,207) taxation Revaluation of tangible fixed 63,444 - assets Revaluation of fixed asset 57,478 - investments ------------ ------------ Net increase/(decrease) in 74,962 (122,207) shareholders' funds Shareholders' funds brought forward 670,803 793,010 ------------ ------------ Shareholders' funds at the end of 745,765 670,803 the year ------------ ------------4 Reconciliation of operating loss with net cash flow from operating activities Period ended Period ended 28 February 29 February 2005 2004 (audited) (audited) ‚£ ‚£ Operating profit/(loss) 17,547 (1,480) Increase in debtors (8,112) (24,398) Increase in creditors 8,187 947 ------------ ------------ Net cash inflow/(outflow) from 17,622 (24,931) operating activities ------------ ------------5 Analysis of changes in net funds 1 March 2004 Cash Flow Non cash 28 February 2005 (audited) ‚£ movement (audited) ‚£ ‚£ ‚£ Cash at bank and in hand 25,961 (25,928) - 33 Bank overdraft - (4,316) - (4,316) ------------ ------------ ------------ ------------ (25,961) (30,244) - (4,283) Bank Loan (873,938) - (14,018) (887,956) ------------ ------------ ------------ ------------ (847,977) (30,244) (14,018) (892,239) ------------ ------------ ------------ ------------6 Publication of non-statutory accounts The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The summarised balance sheet at 28 February 2005 and the summarised profit and loss account, summarised cashflow statement, summarised statement of total recognised gains and losses and associated notes for the year then ended have been extracted from the company's 2005 statutory financial statements upon which the auditors opinion is unqualified and does not contain any statement under section 237 of the Companies Act 1985 and which will be filed with the Registrar of Companies in due course. 7 Copies of the Report and Accounts will be posted to shareholders in the next few weeks and will be available from the Company's registered office Meriden House, 6 Great Cornbow, Halesowen, West Midlands, B63 3AB Enquiries:Russell Stevens 07860 562621 Chairman and Managing Director, Bidtimes Russell@bidtimes.com Plc David Worlidge 020 7628 2200 John East & Partners Limited ENDBIDTIMES PLC