Interim Results

18 Dec 2006 17:03

Legendary Investments PLC18 December 2006 LEGENDARY INVESTMENTS PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2006 CHIEF EXECUTIVE'S STATEMENT The first half of the financial year was spent disposing of various unprofitableinvestments. In order to prevent deterioration of the Company's net assetposition, I wrote off £160,000 of loans that I had made to the Company. Thisresulted in a net profit of £2,000. Various options to address the net assetposition are being explored. Further announcements will be made whenappropriate. Shami Ahmed18 December 2006 LEGENDARY INVESTMENTS PLC PROFIT & LOSS Six months ended 30th September 2006 30/09/2006 31/03/2006 30/09/2005 unaudited audited unaudited (£'000's) (£'000's) (£'000's) Turnover - - - Direct Costs - - - Gross Profit - - - Administrative Expenses 94 (68) (18) Net Profit / (Loss) on Investments (93) (410) (335) Operating Profit/( Loss) 2 (478) (353) Income from Fixed Asset Investments - - - Interest receivable - 4 3 Interest payable - (36) (30) Loss on ordinary activities before interest & tax 2 (510) (380) Tax - - - Retained Profit / (Loss) 2 (510) (380) Basic Profit/(Loss) per ordinary share (pence per share) 0.00 (0.08) (0.07) Fully diluted Profit/(Loss) (pence per share) 0.00 (0.08) (0.06) Note re above Directors' loans to the Company of £160,000 have been written off and credited to the Profit and Loss account as administrative expenses. BALANCE SHEET As at As at As at 30/9/2006 31/3/2006 30/9/2005 unaudited audited unaudited (£'000's) (£'000's) (£'000's) Tangible Fixed assets - - - Tangible assets 9 9 3 Investments 9 9 3 Current Assets Current asset investments 53 91 542 Debtors 3 - 7 Cash at bank and in hand 13 42 118 69 133 667 Creditors Creditors : amounts falling due within one-year (116) (182) (580) Net Current liabilities / assets (47) (49) 88 Total assets less current liabilities (38) (40) 91 Capital Reserves Called up share capital 628 628 628 Share premium account 8,270 8,270 8,270 Profit and loss account- deficit (8,936) (8,938) (8,807) (38) (40) 91 CASH FLOW STATEMENT Six months ended 30th September 2006 30/09/2006 31/03/2006 30/09/2005 unaudited audited unaudited (£'000's) (£'000's) (£'000's) Net cash outflow from operating activities (40) (178) 13 Returns on investments and servicing of finance Interest received - 4 3 Interest paid - (36) (30) - (32) (27) Capital expenditure and financial investments Payments to acquire fixed asset investments - - - Payments to acquire current asset investments (167) (5,249) (4,365) Receipts from fixed asset investments - 6 - Receipts from current asset investments 125 4,947 4,042 (42) (296) (323) Net cash outflow before investing activities (82) (506) (337) Financing Issue of shares - - - Directors loan 53 122 28 53 122 28 Increase/(Decrease) in cash (29) (384) (309) Notes to the Interim Accounts 1. Accounting Policies The accounts have been prepared in accordance with applicable accounting standards under the historical cost accounting rules. 2. Basis of Preparation of Interim Financial Information The financial information contained in this interim statement has not been audited or reviewed by the Company's Auditors and does not constitute accounts as defined by section 240 of the Companies Act 1985. The financial information for the year ended 31 March 2006 is based on the statutory accounts for that year. Those accounts, upon which the Company's Auditors issues an unqualified opinion, have been delivered to the Registrar of Companies. 3. Earnings Per Share The calculation of earnings per share is based on the profit after tax for the financial period divided by the weighted average number of ordinary shares in issue during the period. 4. Post Balance Sheet Events There have been no significant post balance sheet events. 5. Interim Report This interim report will be available free of charge to the public, at the offices of Legendary Investments PLC, 2nd Floor Berkeley Square House, Berkeley Square, London W1A 6BD. This information is provided by RNS The company news service from the London Stock Exchange