8 Jul 2009 09:57
For immediate release on 8 July 2009
PREMIER MANAGEMENT HOLDINGS PLC
Preliminary results for the year ended 31 January 2009
Premier Management Holdings plc ('the Company') the AIM listed football agency presents interim results for the twelve months ended 31 January 2009.
Key points
Turnover of £100,179, loss before tax of £6,282
Option agreement recently entered into with shareholders Trading Sports Limited
Contact details:
Premier Management Holdings plc 07768 948 928
Barry Gold
Brewin Dolphin Investment Banking 0845 213 4730
Mark Brady
CHAIRMAN'S REPORT
After reporting an operating and pre-tax profit for the previous 5 consecutive reporting periods, it is with some regret that I have to report a very small operating and pre-tax loss for the year ended 31 January 2009. Loss before tax was £6,380 (2008 - £17,789 - profit).
Whilst the current financial year has been busy, this has not yet converted into business, although hopefully there will be some during the Summer transfer window.
I have continued to look for suitable acquisitions and announced on 30 June 2009 that we had entered into an option agreement to acquire Trading Sports Limited, the holding company of two businesses; Mission Impossible Events Limited, a worldwide broker of tickets for musical, theatrical, sporting and classical events and FinalFutures.com Limited, a specialist in sports events futures. If concluded the acquisition of Trading Sports Limited would be the first step towards diversifying the Company's existing business into that of an innovative provider of tickets for major events. The acquisition of Trading Sports Limited would likely be deemed a reverse takeover pursuant to the AIM Rules and would therefore require the approval of our shareholders in general meeting. Subject to due diligence and funding, I hope that we will be able to present the details of the transaction to our shareholders for consideration and approval shortly.
I would like to express my thanks to our supportive and helpful advisers and to our Financial Director, Gerry Desler, who all support the company to levels that are not reflected in their rewards from it.
Barry Gold, Chairman
8 July 2009
| INCOME STATEMENT | ||||||
| FOR THE YEAR ENDED 31 JANUARY 2009 | ||||||
| 2009 | 2008 | |||||
| £ | £ | |||||
| Revenue | 100,179 | 139,701 | ||||
| Cost of sales | (46,582) | (60,913) | ||||
| ─────── | ─────── | |||||
| Gross profit | 53,597 | 78,788 | ||||
| Administrative expenses | (60,089) | (61,479) | ||||
| ─────── | ─────── | |||||
| Operating (loss)/profit | (6,492) | 17,309 | ||||
| Finance income | 210 | 480 | ||||
| ─────── | ─────── | |||||
| (Loss)/profit before income taxation | (6,282) | 17,789 | ||||
| Income tax expense | (98) | - | ||||
| ─────── | ─────── | |||||
| (Loss)/profit for the year attributable to shareholders | (6,380) | 17,789 | ||||
| ═══════ | ═══════ | |||||
| (Loss)/earnings per share | Pence | Pence | ||||
| Basic and diluted (loss)/earnings per share | (0.01) | 0.02 | ||||
| ═══════ | ═══════ | |||||
| BALANCE SHEET | |||||||||||||||||||
| AS AT 31 JANUARY 2009 | |||||||||||||||||||
| 2009 | 2008 | ||||||||||||||||||
| £ | £ | ||||||||||||||||||
| ASSETS | |||||||||||||||||||
| Current assets | |||||||||||||||||||
| Trade and other receivables | 47,881 | 151,565 | |||||||||||||||||
| Cash and cash equivalents | 25,272 | 31,800 | |||||||||||||||||
| ───────── | ───────── | ||||||||||||||||||
| Total assets | 73,153 | 183,365 | |||||||||||||||||
| ───────── | ───────── | ||||||||||||||||||
| LIABILITIES | |||||||||||||||||||
| Current liabilities | |||||||||||||||||||
| Trade and other payables | (58,222) | (152,991) | |||||||||||||||||
| Borrowings | (140,000) | (150,000) | |||||||||||||||||
| ───────── | ───────── | ||||||||||||||||||
| (198,222) | (302,991) | ||||||||||||||||||
| Non current liabilities | |||||||||||||||||||
| Borrowings | (1,499,501) | (1,512,001) | |||||||||||||||||
| ───────── | ───────── | ||||||||||||||||||
| Total liabilities | (1,697,723) | (1,814,992) | |||||||||||||||||
| ───────── | ───────── | ||||||||||||||||||
| Net liabilities | (1,624,570) | (1,631,627) | |||||||||||||||||
| ═════════ | ═════════ | ||||||||||||||||||
| EQUITY | |||||||||||||||||||
| Share capital | 1,047,180 | 1,027,180 | |||||||||||||||||
| Share premium account | 2,649,906 | 2,659,906 | |||||||||||||||||
| Other reserves | 43,333 | 43,333 | |||||||||||||||||
| Profit and loss account | (5,364,989) | (5,362,046) | |||||||||||||||||
| ───────── | ───────── | ||||||||||||||||||
| Total shareholders' equity | (1,624,570) | (1,631,627) | |||||||||||||||||
| ═════════ | ═════════ | ||||||||||||||||||
| CASH FLOW STATEMENT | |||||||||||||||||||
| FOR THE YEAR ENDED 31 JANUARY 2009 | |||||||||||||||||||
| 2009 | 2008 | ||||||||||||||||||
| £ | £ | £ | £ | ||||||||||||||||
| Cash flows from operating activities | |||||||||||||||||||
| Operating (loss)/profit | (6,492) | 17,309 | |||||||||||||||||
| Decrease in trade and other receivables | 103,684 | 233,967 | |||||||||||||||||
| Decrease in trade and other payables | (94,769) | (158,748) | |||||||||||||||||
| Equity-settled share based payments and employee benefits | 3,437 | 7,437 | |||||||||||||||||
| ─────── | ─────── | ||||||||||||||||||
| Cash generated from operations | 5,860 | 99,965 | |||||||||||||||||
| Investing activities | |||||||||||||||||||
| Finance income | 210 | 480 | |||||||||||||||||
| ─────── | ─────── | ||||||||||||||||||
| Net cash inflow investing activities | 210 | 480 | |||||||||||||||||
| Taxation | (98) | - | |||||||||||||||||
| Financing activities | |||||||||||||||||||
| Repayment of debenture loans | (12,500) | (70,000) | |||||||||||||||||
| ─────── | ─────── | ||||||||||||||||||
| Net cash used in financing | (12,500) | (70,000) | |||||||||||||||||
| ─────── | ─────── | ||||||||||||||||||
| Net (decrease)/increase in cash and cash equivalents | (6,528) | 30,445 | |||||||||||||||||
| Cash and cash equivalents at beginning of the year | 31,800 | 1,355 | |||||||||||||||||
| ─────── | ─────── | ||||||||||||||||||
| Cash and cash equivalents at end of year | 25,272 | 31,800 | |||||||||||||||||
| ═══════ | ═══════ | ||||||||||||||||||
| NOTES: | |||||||||||||||||||
| FOR THE YEAR ENDED 31 JANUARY 2009 | |||||||||||||||||||
| 1 | Basis of preparation | ||||||||||||||||||
| The financial statements have been prepared in accordance with International Reporting Standards (IFRS and IFRIC Interpretations) issued by the International Accounting Standards Board (IASB) as adopted by the European Union and with those parts of the Companies Act applicable to companies preparing their financial statements under IFRS. Practice is continuing to evolve on the application and interpretations of IFRS. Further standards may be issued by the International Accounting Standards (IASB) and standards currently in issue and endorsed by the EU may be subject to interpretations issued by IFRIC. | |||||||||||||||||||
| 2 | Going concern | ||||||||||||||||||
| The company has a deficit on its profit and loss account amounting to £5,364,989 and it has net liabilities of £1,624,570. The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The directors have prepared projected cash flow information for the period ending 12 months from the date of their approval of these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result should the company no longer be a going concern. | |||||||||||||||||||
| 3 | Group accounts | ||||||||||||||||||
| The financial statements present information about the company as an individual undertaking and not about its group. The company's subsidiary undertaking was dormant throughout the year. The company has therefore taken advantage of the exemptions provided by Section 229 of the Companies Act 1985 not to prepare group financial statements on the basis that the results and net assets of the subsidiary undertaking are not material for the purposes of the company's financial statements giving a true and fair view. | |||||||||||||||||||
| 4 | Sources of estimation uncertainty | ||||||||||||||||||
| The preparation of the financial information in conformity with IFRS requires the use of certain critical accounting estimates that affect the reported amounts of assets and liabilities at the date of the financial information and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amounts, events or actions, actual results ultimately may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. Material estimates and assumptions are made in particular with regard to: - the carrying value of investments; - the likelihood that tax assets would be realised; and - the valuation of equity-settled share-based payments. | |||||||||||||||||||
| 5 | Statutory accounts | ||||||||||||||||||
| The preliminary financial statement has been prepared on the basis of the Group's normal accounting policies but does not constitute statutory accounts. The statutory accounts for the year ended 31 January 2008 have been delivered to the Registrar of Companies, the auditors report on which was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. It is anticipated that the Group's Annual Report and Accounts for the year ended 31 January 2009 will be published and posted to shareholders on 8 July 2009. Copies will be made available at the Company's office at 140B High Street, Ongar, Essex CM5 9JH and will be available to download from the Company's website at www.premiermgt.info . ENDS | |||||||||||||||||||