SMRT.L Regulatory News (SMRT)

28 Oct 2005 17:00

Azman PLC28 October 2005 AZMAN PLC INTERIM REPORT FOR THE PERIOD FROM INCORPORATION TO 31 JULY 2005 CHAIRMANS STATEMENT Dear Shareholder Since your Company was admitted to trading on AIM on 2 March 2005, your Boardhas been evaluating a number of reversion candidates for your company and willnotify shareholders as and when a suitable target is achieved. The Board are pleased to report that costs have been kept to the bare minimumand that running costs for your company in the last six months excluding listingcosts are £15,067. The Directors receive no remuneration at present. 28 October 2005 For further information contact Leo Knifton, Chairman - 020 7251 3762 Nabarro Wells - 020 7710 7400 AZMAN PLC PROFIT AND LOSS ACCOUNT TO 31ST JULY 2005 FROM INCORPORATION TO NOTES 31st JULY 2005 (UNAUDITED) £ Other operating expenses (15,067) OPERATING LOSS (15,067) Bank interest receivable 3,714 LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (11,353) Taxation 0 RETAINED LOSS FOR THE FINANCIAL PERIOD (11,353) Loss per ordinary share (pence) - Basic 3 (0.01p) - Diluted 3 (0.01p) AZMAN PLC BALANCE SHEET AS AT 31 JULY 2005 31st JULY 2005 (UNAUDITED) £ CURRENT ASSETS Debtors 14,567Cash at bank and in hand 456,663 471,230 CREDITORS: AMOUNTS FALLING DUEWITHIN ONE YEAR (5,025) NET ASSETS 466,205 CAPITAL AND RESERVES Called up share capital 121,750Share premium account 355,808Profit and loss account current year (11,353) EQUITY SHAREHOLDERS FUNDS 466,205 AZMAN PLC CASH FLOW STATEMENTFOR THE PERIOD ENDED 31st JULY 2005 FROM INCORPORATION TO 31st JULY 2005 (UNAUDITED) £ Net cash outflow from operating activities 4 (24,609) Returns on investments and servicing of finance 5 3,714 CASH OUTFLOW BEFORE FINANCING (20,895) Financing 6 477,558 INCREASE IN CASH IN THE PERIOD 456,663 RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS FOR THE PERIOD ENDED31st JULY 2005 FROM INCORPORATION TO 31st JULY 2005 (UNAUDITED) £ Loss for the period (11,353) Proceeds from issue of shares 535,000 Costs of share issue written off to share premium account (57,442) Net addition shareholders' funds 466,205 Opening equity shareholders' funds - Closing equity shareholders' funds 466,205 AZMAN PLC NOTES TO THE INTERIM REPORT 1 The company was incorporated on 13 January 2005 and was admitted to the Alternative Investment Market (AIM) on 2 March 2005 when it commenced its business. The un-audited interim accounts for the period ended 31 July 2005 have been prepared on the basis of the accounting policies expected to apply for the current financial period and also under the historical cost convention and in accordance with applicable accounting standards. The company will be required to adopt Financial Reporting Standard 19 "deferred tax" in its statutory financial statements for the period ending 31 January 2006, but this is not expected to require material adjustments to the current results. The financial information contained in this report does not constitute statutory accounts for the company within the meaning of section 240 of the Companies Act. This interim report for the period from incorporation to 31 July 2005 has been approved by the Board. 2 The directors to not recommend the payment of a dividend 3 The basic earnings per share is based on the loss on ordinary activities after taxation of the company attributable to ordinary shareholders on 121,750,000 ordinary shares in issue during the period The diluted earnings per share have been calculated in accordance with FRS14 "Earnings per share". The existing warrants are exercisable at 0.1p per share. 4 Reconciliation of operating loss to net cash outflow from operating activities Operating loss (15,067) Increase in creditors 5,025 Increase in debtors (14,567) Net cash flow from operating activities (24,609) 5 Returns on investment and servicing of finance Bank interest 3,714 Net cash outflow from returns on investments and servicing of Finance 3,714 6 Financing Proceeds from share issue 535,000 Costs of AIM flotation and share issue (57,442) Net cash inflow from financing 477,558 7 This interim statement will be sent to all shareholders and is also available from the company's registered office at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE. This information is provided by RNS The company news service from the London Stock Exchange