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9 Feb 2010 16:41
C. A. SPERATI (THE SPECIAL AGENCY) P.L.C.
PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE 12 MONTH PERIOD ENDED
31 OCTOBER 2009
C. A. SPERATI (THE SPECIAL AGENCY) P.L.C.
MANAGEMENTS' COMMENTARY
FOR THE 12 MONTH PERIOD ENDED 30 OCTOBER 2009
REVIEW OF THE BUSINESS
The better trend signalled at the half year has materialised, and the company is pleased to report a profit of £17,767 before tax and £13,418 after tax for the full year.
Shareholders will recall that the company had suatained a loss of £22,690 at the half year, and your directors are encouraged by the performance in the second half of the year. However, turnover for the full year was £621,907 against £678,446 in the previous year.
Margins have improved a little and savings have been made wherever possible.
Your directors are recommending that the dividend be maintained at 25p per share as the company has a strong balance sheet with ample liquidity.
By order of the board
A. Lilley
Managing Director
9 February 2010
| C. A. SPERATI (THE SPECIAL AGENCY) P.L.C. | ||||||
| UNAUDITED PROFIT AND LOSS ACCOUNT | ||||||
| FOR THE PERIOD ENDED 31 OCTOBER 2009 | ||||||
| Year to 31 October 2009 | Year to 31 October 2008 | |||||
| £ | £ | |||||
| TURNOVER | 621,907 | 678,446 | ||||
| Cost of Sales | (298,978 | ) | (340,773 | ) | ||
| Gross Profit | 322,929 | 337,673 | ||||
| Other Operating Expenses | (318,635 | ) | (376,107 | ) | ||
| OPERATING PROFIT/(LOSS) | 4,294 |
| (38,434) | |||
| Investment Income | 13,473 | 20,417 | ||||
| PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION | 17,767 |
| (18,017) | |||
| Taxation | (4,349) | 1,179 |
| |||
| PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION | 13,418 |
| (16,838) | |||
| EARNINGS/(LOSS) PER ORDINARY SHARE OF 50p | 13.4p |
| (16.8p) |
| ||
All activities are continuing.
No separate statement of total recognised gains and losses is presented as all such gains and losses have been dealt with in the profit and loss account.
| C. A. SPERATI (THE SPECIAL AGENCY) P.L.C. |
| UNAUDITED BALANCE SHEET |
| AS AT 31 OCTOBER 2009 |
|
| ||||||
| As at 31 October 2009 | As at 31 October 2008 | |||||
| £ | £ | |||||
| FIXED ASSETS | ||||||
| Tangible Assets | 66,531 | 74,369 | ||||
| CURRENT ASSETS | ||||||
| Stocks | 238,005 | 245,114 | ||||
| Debtors | 174,020 | 125,800 | ||||
| Investment | 4,099 | 4,099 | ||||
| Cash at Bank and in Hand | 421,814 | 449,472 | ||||
| 837,938 | 824,485 | |||||
| CREDITORS: | ||||||
| Amounts falling due within one year | (88,298 | ) | (70,781 | ) | ||
| NET CURRENT ASSETS | 749,640 | 753,704 | ||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 816,171 | 828,073 | ||||
| PROVISION FOR LIABILITIES AND CHARGES | (691 | ) | (1,011 | ) | ||
| NET ASSETS | 815,480 | 827,062 | ||||
| CAPITAL AND RESERVES | ||||||
| Called up Share Capital | 50,000 | 50,000 | ||||
| Revaluation Reserve | 22,128 | 22,128 | ||||
| Profit and Loss Account | 743,352 | 754,934 | ||||
| SHAREHOLDERS' FUNDS | 815,480 | 827,062 | ||||
| C. A. SPERATI (THE SPECIAL AGENCY) P.L.C. |
| UNAUDITED CASH FLOW STATEMENT |
| FOR THE PERIOD ENDED 31 OCTOBER 2009 |
| Year to 31 October 2009 | Year to 31 October 2008 | ||||||
| £ | £ | ||||||
| Operating profit/(loss) | 4,294 |
| (38,434) | ||||
| Depreciation of tangible assets | 8,283 | 10,389 | |||||
| Decrease/(Increase) in Stocks | 7,109 | 30,770 |
| ||||
| (Increase)/Decrease in debtors | (50,940) | 43,231 | |||||
| Increase/(Decrease) in creditors | 12,848 |
| (29,963) | ||||
| Insurance Claim | 9,273 | - | |||||
| Net cash outflow/inflow from operating activities | (9,133) | 15,993 |
| ||||
| Returns on investments and servicing of finance | |||||||
| Interest received | 3,968 | 20,191 | |||||
| Dividends | 232 | 226 | |||||
| 4,200 | 20,417 | ||||||
| Taxation | |||||||
| Corporation tax paid | 2,720 |
| (7,645) |
| |||
| Capital Expenditure | |||||||
| Purchase of fixed assets | (445) |
| (746) |
| |||
|
|
|
| |||||
| Equity dividends paid | (25,000) |
| (25,000) |
| |||
| (Decrease)/Increase in cash in period | (27,658) | 3,019 |
| ||||
| Reconciliation of net cashflow to movement in net funds | |||||||
| (Decrease)/Increase in cash | (27,658) | 3,019 |
| ||||
| Net funds at 1 November 2008 | 449,472 | 446,453 | |||||
| Net funds at 31 October 2009 | 421,814 | 449,472 | |||||
| C. A. SPERATI (THE SPECIAL AGENCY) P.L.C. |
| PRELIMINARY RESULTS |
| FOR THE 12 MONTH PERIOD ENDED 31 OCTOBER 2009 |
| 1. | The above results for the years ended 31 October 2009 and 2008 do not constitute statutory financial statements within the meaning of Section 435 of the Companies Act 2006. | |
| The financial information for the year ended 31 October 2008 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors' report on these accounts was unqualified and did not contain statements under section 237 (2) and (3) of the Companies Act 1985. | ||
| The statutory accounts for the year ended 31 October 2009 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the company's Annual General Meeting. | ||
| This preliminary announcement has been prepared on the basis of accounting policies set out in the 2009 accounts. All accounting policies have been applied consistently during the current and prior years. | ||
| This announcement was approved and authorised for issue by the Board on 9 February 2010. | ||
| 2. | The Directors propose to recommend a dividend of 25p per share for the year to 31 October 2009 payable to shareholders listed on the Register on 16 April 2010. Dividend payment date is 14 May 2010. | |
| In accordance with FRS21, dividends are accounted for in the period in which they are paid and approved by the shareholders. Accordingly the final dividend proposed in respect of the year ended 31 October 2009 has not been included as a liability as at 31 October 2009. | ||
| During the year, dividends of £25,000 (2008 - £25,000) were paid. | ||
| 3. | During the year shareholders' equity decreased by £11,582 (2008 - £41,838 decrease) represented by profit for the year of £13,418 (2008 - £16,838 loss) add dividends paid of £25,000 (2007 - £25,000). |
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