TEA.L Regulatory News (TEA)

18 Jul 2007 17:03

C.A. SPERATI (THE SPECIAL AGENCY) P.L.C. INTERIM REPORT FOR THE 6 MONTH PERIOD ENDED 30 APRIL 2007 MANAGEMENTS' COMMENTARY FOR THE 6 MONTH PERIOD ENDED 30 APRIL 2007 REVIEW OF THE BUSINESS Turnover was £346,722 as compared with £359,744 for the same period last year.This has resulted in a pre-tax loss of £19,437 as against a profit of £6,375 forthe same period. The start of the second half of the year has shown some encouraging signs, andwhilst trading remains difficult your Directors are hopeful that the results ofthe second half of the year will show some improvement on those of the firsthalf of the year. By order of the board A. Lilley Director 18 July 2007 \* T PROFIT AND LOSS ACCOUNT FOR THE 6 MONTH PERIOD ENDED 30 APRIL 2007 Unaudited 6 Unaudited 6 Audited Months 30 Months 30 Year to 31 April 2007 April 2006 October 2006 £ £ £TURNOVER 346,722 359,744 826,182Cost of Sales (182,454) (173,045) (400,961) ------------- ------------ -----------Gross Profit 164,268 186,699 425,221Other Operating Expenses (200,224) (194,002) (413,288)Other Operating Income 6,729 5,354 10,269 ------------- ------------ -----------OPERATING LOSS (29,227) (1,949) 22,202Investment Income 9,790 8,324 17,142 ------------- ------------ -----------LOSS/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (19,437) 6,375 39,344Taxation 3,476 (294) (7,371) ------------- ------------ -----------LOSS/PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION (15,961) 6,081 31,973 ============= ============ ===========LOSS/EARNINGS PER ORDINARY SHARE OF 50p (15.9)p 6.1p 32.0p ============= ============ ===========\* T All operations are continuing. \* T BALANCE SHEET AS AT 30 APRIL 2007 Unaudited 6 Unaudited 6 Audited Year Months 30 Months 30 to 31 April 2007 April 2006 October 2006 £ £ £FIXED ASSETSTangible Assets 78,775 72,152 69,813 ------------ ------------ ------------CURRENT ASSETSStocks 276,493 266,310 236,360Debtors 117,440 93,738 167,560Investments 4,099 - 4,099Cash at Bank and in Hand 421,469 486,909 493,444 ------------ ------------ ------------(subtotal) 819,501 846,957 901,463CREDITORS:Amounts falling due within one year (75,338) (81,102) (107,377) ------------ ------------ ------------NET CURRENT ASSETS 744,163 765,855 794,086 ------------ ------------ ------------TOTAL ASSETS LESS CURRENT LIABILITIES 822,938 838,007 863,899PROVISION FOR LIABILITIES AND CHARGES (1,289) (1,289) (1,289) ------------ ------------ ------------NET ASSETS 821,649 836,718 862,610 ============ ============ ============CAPITAL AND RESERVESCalled up Share Capital 50,000 50,000 50,000Revaluation Reserve 22,128 22,128 22,128Profit and Loss Account 749,521 764,590 790,482 ------------ ------------ ------------SHAREHOLDER'S FUNDS 821,649 836,718 862,610 ============ ============ ============\* T Approved and authorised for issue by the board on 18 July 2007 A. Lilley Director \* T CASH FLOW STATEMENT FOR THE 6 MONTH PERIOD ENDED 30 APRIL 2007 Unaudited 6 Unaudited 6 Audited Months 30 Months 30 Year to 31 April 2007 April 2006 October 2006 £ £ £Operating Loss (29,227) (1,949) 22,202Depreciation of Tangible Assets 4,866 3,683 7,365Loss on Sale of Fixed Assets 3,072 1,962 3,067(Increase) in Stock (40,133) (77,486) (47,536)Decrease in Debtors 53,596 71,112 (2,710)(Decrease) in Creditors (57,039) (68,110) (14,837) ------------ ------------ -----------NET CASH OUTFLOW FROM OPERATING ACTIVITIES (64,865) (70,788) (32,452) ============ ============ ===========RETURNS ON INVESTMENTS AND SERVICING OF FINANCEInterest Received 9,790 8,324 17,142 ============ ============ ===========TAXATIONCorporation Tax Paid - - (11,075) ============ ============ ===========CAPITAL EXPENDITUREPurchase of Fixed Assets (20,300) (11,786) (14,956)Sale of Fixed Assets 3,400 - 2,725Purchase of Investments - - (4,099) ------------ ------------ ----------- (16,900) (11,786) (16,330) ============ ============ ===========EQUITY DIVIDEND PAID - - (25,000) ============ ============ ===========(DECREASE) IN CASH IN PERIOD (71,975) (74,250) (67,715) ============ ============ ===========RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET FUNDS(Decrease) in Cash (71,975) (74,250) (67,715)Net Funds at 1 November 2006 493,444 561,159 561,159 ------------ ------------ -----------Net Funds at 30 April 2007 421,469 486,909 493,444 ============ ============ ===========\* T INTERIM REPORT FOR THE 6 MONTH PERIOD ENDED 30 APRIL 2007 NOTES 1. The interim results to 30 April 2007, which are unaudited, have been preparedin accordance with the accounting policies which will be adopted in theCompany's next annual financial statements, which are the same as those policiesused in the preparation of the financial statements for the year ended 31October 2006. The interim results do not constitute statutory financial statements within themeaning of section 240 of the Companies Act 1985. Comparative figures for the year ended 31 October 2006 are an abridged versionof the Company's full financial statements, which carry an unqualified auditreport, do not contain a statement made under section 237(2) or (3) of theCompanies Act 1985 and have been delivered to the Registrar of Companies. 2. The credit/charge to taxation relates to UK direct taxation. 3. Movement in shareholders funds \* T Unaudited 6 Unaudited 6 Audited Months 30 Months 30 Year to April 2007 April 2006 31 October 2006 £ £ £Loss/profit for the period (15,961) 6,081 31,973Final dividends - 25p per share (25,000) (25,000) (25,000) ------------ ------------ ----------Net movement in shareholders' funds (40,961) (18,919) 6,973Shareholders' funds: At 1 November 2006 862,610 855,637 855,637 ------------ ------------ ----------At 30 April 2007 821,649 836,718 862,610 ============ ============ ==========\* T The dividends were approved by the annual general meeting held on 17 March 2007(15 March 2006) and were paid on 17 may 2007 (19 May 2006). Copyright Business Wire 2007