Interim Results

24 Dec 2007 10:00

Legendary Investments PLC24 December 2007 LEGENDARY INVESTMENTS PLC HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007 CHIEF EXECUTIVE'S STATEMENT I am pleased to report that for the first half of the year, your Company madenet profits on investments of £59,000. After costs, net profit was £20,000. Wecontinue to explore various options to address the net asset position of theCompany. Further announcements will be made as appropriate. Shami Ahmed 22 December 2007 PROFIT AND LOSS ACCOUNTfor the six months ended 30 September 2007 30 September 31 March 30 September 2007 2007 2006 unaudited audited unaudited (£'000's) (£'000's) (£'000's) TURNOVER - - - Direct Costs - - - GROSS LOSS - - - Net Administrative (Expenses) / Income (39) 93 94 Net Profit/(loss) on Investments 59 (93) (92) LOSS ON ORDINARY ACTIVITIES BEFORE TAX 20 - 2 Tax - - - RETAINED PROFIT 20 - 2 Basic Profit per ordinary share (pence per share) 0.00p 0.00p 0.00p Fully diluted Profit (pence per share) 0.00p 0.00p 0.00p All the activities for the current period are classed as continuing. BALANCE SHEETAs at 30 September 2007 30 September 31 March 30 September 2007 2007 2006 unaudited audited unaudited (£'000's) (£'000's) (£'000's) FIXED ASSETSInvestments - - 9 - - 9CURRENT ASSETSCurrent asset investments 65 75 53Debtors 2 - 3Cash at bank and in hand 85 4 13 152 79 69CREDITORS: Amounts falling due within one year (172) (119) (116) NET CURRENT LIABILITIES (20) (40) (47) NETASSETS (20) (40) (38) CAPITAL AND RESERVESCalled up share capital 628 628 628Share premium account 8,270 8,270 8,270Profit and loss account - deficit (8,918) (8,938) (8,936) SHAREHOLDERS' FUNDS (20) (40) (38) CASH FLOW STATEMENTfor the six months ended 30 September 2007 30 September 31 March 30 September 2007 2007 2006 unaudited audited unaudited (£'000's) (£'000's) (£'000's) Net cash outflow from operating activities 49 (144) (40) Capital expenditure and financial investments - Payments to acquire current asset investments 0 0 (167) - Receipts from current asset investments 0 0 125 0 0 (42) NET CASH OUTFLOW BEFORE INVESTING ACTIVITIES 49 (144) (82) Financing - Directors loan 32 105 53 INCREASE/(DECREASE) IN CASH 81 (39) (29) NOTES TO THE FINANCIAL INFORMATION 1 ACCOUNTING POLICIES The accounts have been prepared in accordance with applicable accounting standards under the historical cost conventions, modified by the revaluation of investments. 2 BASIS OF PREPARATION OF HALF-YEARLY FINANCIAL INFORMATION The financial information contained in this Half-yearly 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 2007 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. The Company is not required to prepare financial statements in accordance with International Accounting Standards as it is not a parent company. The directors are of the opinion that adoption of International Accounting Standards would have no material impact on the reported results and will therefore continue to apply UK Generally Accepted Accounting Standards, but will reconsider the position should the Company's activities lead to a material difference between the two accounting basis. 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 of 627,667,198 (2006: 627,667,198). 4 POST BALANCE SHEET EVENTS There have been no significant post balance sheet events. 5 HALF-YEARLY REPORT The half-yearly report, including the financial information contained therein, is the responsibility of, and was approved by the directors on 21 December 2007. The continuing obligations of the AIM Rules for Companies require that the accounting policies and presentation applied to the half-yearly figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Copies of this report are available on the Company's website, www.legendaryinvestments.co.uk, and at the Company's registered office at 2nd Floor, Berkeley Square House, Berkeley Square, London W1J 6BD. Enquiries:- Legendary Investments plcZafar KarimTel: 020 7887 1335 Nominated AdviserCity Financial Associates LimitedJames CaithieTel: 020 7492 4777 This information is provided by RNS The company news service from the London Stock Exchange