Crimson Tide Regulatory News (TIDE)

30 Jun 2005 17:25

Cohen(A.) & Co PLC30 June 2005 FOR IMMEDIATE RELEASE 30 June 2005 A COHEN & CO plc ("the Company") PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004 CHAIRMAN'S STATEMENT General Review In the year ended 31 December 2004, the Group reported a loss of £431,000 (2003:£743,000) from turnover of £Nil (2003: £6.48 million). Continuing Activities The company has no trading activities. Activities during 2004 Since the beginning of the year your company has pursued a policy of conservingresources in anticipation of finding a suitable investment. Our only outstandingliability concerns the Swansea property lease which remains unlet despite ourefforts to find a suitable tenant. Current Trading and Prospects With regard to the trade investments the directors have carried out animpairment review and have decided to write down the asset to reflect morerealistic realisable values. Conclusion We will continue to look for suitable investment opportunities.G B AshleyNon-Executive Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT Year ended 31 December 2004 2004 2003 2003 2003 ------------- ----- -------- -------- -------- ------ Total Continuing Discontinued Total ------------- ----- -------- activities Activities ------ -------- -------- £'000 £'000 £'000 £'000 ------------- ----- -------- -------- -------- ------Turnover - - 6,484 6,484Cost of sales - - (6,099) (6,099)------------- ----- -------- -------- -------- ------Gross profit - - 385 385------------- ----- -------- -------- -------- ------Distributioncosts - - (82) (82)Administrativeexpenses (201) (416) (357) (773)Otheroperatingincome 30 - - -------------- ----- -------- -------- -------- ------Operating lossbeforeexceptionalcosts (171) (416) (54) (470)------------- ----- -------- -------- -------- ------Exceptionaladministrativeexpenses (82) - (215) (215)------------- ----- -------- -------- -------- ------Operating lossafterexceptionalcosts (253) (416) (269) (685)------------- ----- -------- -------- -------- ------Profit on saleof fixedassets - - 87 87Profit on saleof business - - 31 31Loss ontermination ofan operation - - (110) (110)Provision forimpairment ofinvestments (186) 46 - 46------------- ----- -------- -------- -------- ------Loss onordinaryactivitiesbeforeinterest (439) (370) (261) (631)------------- ----- -------- -------- -------- ------Interestreceivable 8 10Interestpayable - (122)------------- ----- -------- -------- -------- ------Loss onordinaryactivitiesbefore tax (431) (743)------------- ----- -------- -------- -------- ------Tax on loss on ordinary - -activities ----- -------- -------- -------- -------------------Loss onordinaryactivitiesafter taxation (431) (743)------------- ----- -------- -------- -------- ------Loss for thefinancial yearattributabletoshareholders (431) (743) -------- -------- -------- ------------------- -----Losses pershare (pence)both basic anddiluted (2.8) (4.9)------------- ----- -------- -------- -------- ------ All of the results for 2004 relate to continuing activities. CONSOLIDATED BALANCE SHEET31 December 2004 2004 2003 --------------------------- ---------- ---------- £'000 £'000 --------------------------- ---------- ----------Fixed assetsTangible assets - 3Investments 92 276--------------------------- ---------- ---------- 92 279 --------------------------- ---------- ----------Current assetsTangible assets held for resale - 7Debtors 11 771Cash at bank and in hand 65 74--------------------------- ---------- ---------- 76 852 --------------------------- ---------- ----------Creditors: amounts falling due within one year (55) (669)--------------------------- ---------- ----------Net current assets 21 183--------------------------- ---------- ----------Total assets less current liabilities 113 462--------------------------- ---------- ----------Provisions (82) ---------------------------- ---------- ----------Net (liabilities)/assets 31 462--------------------------- ---------- ----------Capital and reservesCalled up share capital 3,032 3,032Capital redemption reserve 49 49Share premium account 2 2Other reserves 386 386Profit and loss account (3,438) (3,007)--------------------------- ---------- ----------Equity shareholders' funds 31 462--------------------------- ---------- ---------- BALANCE SHEET 31 December 2004 ----------------------------- -------- 2004 2003 ----------------------------- -------- -------- £'000 £'000 ----------------------------- -------- --------Fixed assetsTangible assets - 3Investments 92 428----------------------------- -------- -------- 92 431 ----------------------------- -------- --------Current assetsDebtors 24 97Cash at bank and in hand 48 6----------------------------- -------- -------- 72 103 ----------------------------- -------- --------Creditors: amounts falling due within one year (55) (57)----------------------------- -------- --------Net current assets 17 46----------------------------- -------- --------Total assets less current liabilities 109 477----------------------------- -------- --------Provisions (82) ------------------------------ -------- --------Net (liabilities)/assets 27 477----------------------------- -------- --------Capital and reservesCalled up share capital 3,032 3,032Capital redemption reserve 49 49Share premium account 2 2Other reserves 252 252Profit and loss account (3,308) (2,858)----------------------------- -------- --------Equity shareholders' funds 27 477----------------------------- -------- -------- CONSOLIDATED CASH FLOW STATEMENT Year ended 31 December 2004 ------- ------- 2004 2004 2003 2003 ----------------------- ------- ------- ------- ------- Total Total ----------------------- ------- ------- ------- ------- £'000 £'000 £'000 £'000 ----------------------- ------- ------- ------- -------Net cash inflow/(outflow) from operatingactivities 401 (371)----------------------- ------- ------- ------- -------Returns on investments and servicing offinanceInterest received 8 10Interest paid - (122)----------------------- ------- ------- ------- -------Net cash inflow/(outflow) from returns oninvestments and servicing of finance 8 (112)----------------------- ------- ------- ------- -------Capital expenditure and financial investmentPayments to acquire fixed asset investments - (12)Receipts from sale of fixed asset investments - 525Receipts from sale of business - 31Receipts from sale of tangible fixed assets - 796----------------------- ------- ------- ------- -------Net cash inflow from capital expenditure andfinancial investment - 1,340----------------------- ------- ------- ------- -------Acquisitions and disposalsPayments on termination of an operation - (110)----------------------- ------- ------- ------- -------Net cash outflow from acquisitions anddisposals - (110)----------------------- ------- ------- ------- -------Net cash inflow before financing 409 747----------------------- ------- ------- ------- -------FinancingRepayment of borrowings - (312)Capital element of finance lease rentalpayments - (6)----------------------- ------- ------- ------- -------Net cash outflow from financing - (318)----------------------- ------- ------- ------- -------Increase in cash 409 429----------------------- ------- ------- ------- ------- The audited financial statements, from which the figures contained in thisstatement have been extracted, are being delivered to the Registrar of Companiesand sent to shareholders. They will be available from the Company's registeredoffice at 35, New Bridge Street, London EC4V 6BW for a period of 30 days fromthe date thereof. This information is provided by RNS The company news service from the London Stock Exchange