TEA.L Regulatory News (TEA)

22 Dec 2006 12:43

C. A. SPERATI (THE SPECIAL AGENCY) P.L.C. PRELIMINARY STATEMENT OF ANNUAL RESULTS FOR THE 12 MONTH PERIOD ENDED 31 OCTOBER 2006 C. A. SPERATI (THE SPECIAL AGENCY) P.L.C. MANAGEMENT COMMENTARY Turnover had fallen by 15% compared with the same period last year. Marginshowever have increased a little, nevertheless profit before tax fell to £39,344against £54,375 the previous year. Your board is encouraged in as much as a number of new customers are placingorders with the company. In the light of these prospects it is recommended thatthe dividend payout be maintained. By order of the Board A LILLEY MANAGING DIRECTOR 22 December, 2006 C. A. SPERATI (THE SPECIAL AGENCY) P.L.C. \* TUNAUDITED PROFIT AND LOSS ACCOUNTFOR THE PERIOD ENDED 31 OCTOBER 2006 Year to Year to 31 October 31 October 2006 2005 £ £TURNOVER 826,182 954,233 Cost of Sales (400,961) (521,668) --------------- ---------------Gross Profit 425,221 432,565 Other Operating Expenses (413,288) (426,801)Other Operating Income 10,269 27,178 --------------- --------------- OPERATING PROFIT 22,202 32,942Investment Income 17,142 21,433 --------------- --------------- PROFIT ON ORDINARYACTIVITIES BEFORE TAXATION 39,344 54,375Taxation (7,371) (10,760) --------------- --------------- PROFIT ON ORDINARYACTIVITIES AFTER TAXATION 31,973 43,615 =============== =============== EARNINGS PER ORDINARY SHARE OF 50p 32.0p 43.6p --------------- ---------------\* T All activities are continuing. No separate statement of total recognised gains and losses is presented as allsuch gains and losses have been dealt with in the profit and loss account. C. A. SPERATI (THE SPECIAL AGENCY) P.L.C. \* TUNAUDITED BALANCE SHEETAS AT 31 OCTOBER 2006 As at As at 31-Oct 31-Oct 2006 2005 (As restated)FIXED ASSETS £ £ Tangible Assets 69,813 68,011 --------------- --------------- CURRENT ASSETS Stocks 236,360 188,824Debtors 167,560 164,850Investment 4,099 -Cash at Bank and in Hand 493,444 561,159 --------------- --------------- 901,463 914,833 CREDITORS:Amounts falling due within one year (107,377) (125,918) --------------- ---------------NET CURRENT ASSETS 794,086 788,915 --------------- --------------- TOTAL ASSETS LESS CURRENT LIABILITIES 863,899 856,926 PROVISION FOR LIABILITIES AND CHARGES (1,289) (1,289) --------------- --------------- 862,610 855,637 =============== =============== CAPITAL AND RESERVESCalled up Share Capital 50,000 50,000Revaluation Reserve 22,128 22,128Profit and Loss Account 790,482 783,509 SHAREHOLDERS' FUNDS 862,610 855,637 =============== ===============\* T \* TUNAUDITED CASH FLOW STATEMENTFOR THE PERIOD ENDED 31 OCTOBER 2006 Year to Year to 31-Oct 31-Oct 2006 2005 £ £ Operating Profit 22,202 32,942Depreciation of tangible assets 7,362 7,625Increase in Stock (47,536) (83,681)(Increase)/Decrease in debtors (2,710) 44,484Decrease in creditors (14,837) (27,622)Loss on sale of fixed assets 3,067 - --------------- ---------------Net cash outflow from operating activities (32,452) (26,252) =============== =============== Returns on investments and servicing of financeInterest received 17,142 21,433 =============== =============== TaxationCorporation tax paid (11,075) (10,931) Capital ExpenditurePurchase of fixed assets (14,956) -Sale of fixed assets 2,725 -Purchase of Investment (4,099) - --------------- --------------- (16,330) (15,750) =============== =============== Equity dividends paid (25,000) (25,000) =============== =============== Decrease in cash in period (67,715) (40,750) =============== =============== Reconciliation of net cashflow to movement in net fundsDecrease in cash (67,715) (40,750)Net funds at 1 November 2005 561,159 601,909Net funds at 31 October 2006 £493,444 £561,159 =============== ===============\* T PRELIMINARY RESULTS FOR THE 12 MONTH PERIOD ENDED 31 OCTOBER 2006 Notes 1. The above results for the years ended 31 October 2006 and 2005 do notconstitute statutory financial statements within the meaning of Section 240 ofthe Companies Act 1985. The financial information for the year ended 31 October 2005 is derived from thestatutory accounts for that year which have been delivered to the Registrar ofCompanies. The auditors' report on these accounts was unqualified and did notcontain statements under section 237 (2) and (3) of the Companies Act 1985 The statutory accounts for the year ended 31 October 2006 will be finalised onthe basis of the financial information presented by the directors in thispreliminary announcement and will be delivered to the Registrar of Companiesfollowing the company's Annual General Meeting. This preliminary announcement has been prepared on the basis of accountingpolicies set out in the 2005 accounts, with the exception of the adoption ofFinancial Reporting Standard 21 Events After the Balance Sheet Date (FRS21). Allother accounting policies have been applied consistently during the current andprior years. The adoption of FRS21 has resulted in the company restating its closing netassets for the prior periods to exclude dividends declared but not yet paid orapproved by the shareholders at the balance sheet date. As a result the closingnet assets increased at 31 October 2005 by £25,000. The opening net assets at 1November 2004 increased by £25,000. This announcement was approved and authorised for issue by the Board on 22December 2006. 2. The Directors propose to recommend a dividend of 25p per share for the yearto 31 October 2006 payable to shareholders listed on the Register on 20 April2007. Dividend payment is 17 May 2007. In accordance with the FRS21, dividends are accounted for in the period in whichthey are paid and approved by the shareholders. Accordingly the final dividendproposed in respect of the year ended 31 October 2006 has not been included as aliability as at 31 October 2006. During the year, dividends of £25,000 (2005 - £25,000) were paid. 3. During the year shareholders' equity increased by £6,973 (2005 - £18,615)represented by the profit for the year of £31,973 (2005 - £43,615) lessdividends paid of £25,000 (2005 -£25,000). Copyright Business Wire 2006