RNS Number:0760Q
Riceman Insurance Investments PLC
23 September 2003
RICEMAN INSURANCE INVESTMENTS PLC
PRELIMINARY ANNOUNCEMENT OF RESULTS
YEAR ENDED 31 MARCH 2003
Chairman AND CHIEF EXECUTIVE'S REVIEW
The Company incurred an audited pre-tax loss for the year ended 31 March 2003 of
#73,008 against a loss of #48,202 for the year ended 31 March 2002. No dividend
is recommended.
During the year, I identified and reviewed with the Company's professional
advisers a number of possible opportunities for the further development of the
Company. Considerable management time was incurred pursuing one particular
possible transaction but, regrettably, for technical and commercial reasons the
Board and its advisers decided that it would not be appropriate to progress the
matter further. No other proposals were identified which were regarded as of
sufficient merit to be put before shareholders. The Board will write further to
shareholders as soon as any firm proposals can be placed before them.
A resolution will be put before shareholders at the forthcoming Annual General
Meeting to change the name of the Company to RII plc, in order to remove the
connection with the Company's former activities.
Kamran Amin
Chairman and Chief Executive
23 September 2003
Profit and Loss Account
Year Ended 31 March 2003
31 March 31 March
2003 2002
Note # #
TURNOVER - -
Administration expenses (78,905) (57,646)
--------- ----------
OPERATING LOSS 2 (78,905) (57,646)
Interest receivable 3 5,927 9,447
Interest payable
and similar charges 4 (30) (3)
--------- ---------
LOSS ON
ORDINARY ACTIVITIES
BEFORE TAXATION (73,008) (48,202)
Taxation 6 - -
---------- ----------
LOSS ON
ORDINARY ACTIVITIES
AFTER TAXATION 11 (73,008) (48,202)
========== ==========
BASIC LOSS
PER SHARE 12 (0.11)p (0.07)p
========== ==========
All activities derive from continuing operations.
There are no recognised gains or losses other than the loss attributable to
shareholders disclosed in the above profit and loss account.
Balance Sheet
31 March 2003
31 March 31 March
2003 2002
Note # #
CURRENT ASSETS
Debtors 7 394 17,552
Cash at bank 208,141 236,539
----------- -----------
208,535 254,091
CREDITORS: amounts falling
due within one year 8 (34,897) (7,445)
----------- -----------
NET CURRENT ASSETS 173,638 246,646
----------- -----------
TOTAL NET ASSETS 173,638 246,646
=========== ===========
CAPITAL AND RESERVES
Called up share capital 9 65,939 65,939
Share premium account 10 1,896,685 1,896,685
Profit and loss account 11 (1,788,986) (1,715,978)
----------- -----------
TOTAL EQUITY SHAREHOLDERS'
FUNDS 13 173,638 246,646
=========== ===========
Cash Flow Statement
Year ended 31 March 2003
31 March 31 March
2003 2002
Note # #
NET CASH INFLOW/(OUTFLOW)
FROM OPERATING ACTIVITIES 14(a) (34,295) (90,862)
RETURNS ON INVESTMENTS
AND SERVICING OF FINANCE 14(b) 5,897 9,444
----------- -----------
CASH INFLOW/(OUTFLOW) BEFORE
THE USE OF LIQUID RESOURCES
AND FINANCING (28,398) (81,418)
----------- -----------
Increase/(decrease) in cash 14(c) (28,398) (81,418)
=========== ===========
Notes to the Financial Statements - Year ended 31 March 2003
1. ACCOUNTING POLICIES
The financial statements are prepared in accordance with applicable accounting
standards. The particular accounting policies adopted are described below.
Accounting convention
The financial statements are prepared under the historical cost convention.
Leases
Rental costs under operating leases are charged to the profit and loss account
in equal annual amounts over the period of the lease.
2. OPERATING LOSS
2003 2002
# #
Operating loss is shown after charging:-
Auditors' remuneration - audit 2,526 3,713
- other services 9,811 344
====== ======
3. INTEREST RECEIVABLE
2003 2002
# #
Bank interest receivable 5,927 9,447
====== ======
4. INTEREST PAYABLE AND SIMILAR CHARGES
2003 2002
# #
Bank interest on overdraft 30 3
====== ======
5. INFORMATION REGARDING DIRECTORS AND EMPLOYEES
2003 2002
# #
Chairman's emoluments - 25,000
Emoluments of other Directors not included above - -
------ -------
- 25,000
====== =======
The following table shows a breakdown of the remuneration of individual
Directors for the year ended 31 March 2003:
Salaries and fees
2003 2002
# #
K Amin - 25,000
A F Moshiri - -
------ -------
- 25,000
====== =======
Directors' interests
The Directors' interests, as defined by the Companies Act 1985, in the shares of
the Company were as follows:
Ordinary 0.1p Shares
Note 31.3.03 31.3.02
K Amin 100,000 100,000
A F Moshiri 1 8,700,000 8,700,000
======== ========
Directors' share options
No Directors held any unexercised options over ordinary shares under the
Executive Share Option Scheme during the year. There have been no changes since
31 March 2003.
The mid-market price of the Company's shares at 31 March 2003 was 0.625p and the
range during the year was 0.25p to 1.50p.
Under the rules of the Executive Share Option Scheme, options may be exercised
at any time during the period commencing on the first and expiring on the day
preceding the seventh anniversary of the date of grant.
There have been no other changes in Directors' interests in the Ordinary share
capital of the Company since
31 March 2003.
Notes:-
(1) 4,000,000 Ordinary Shares are held beneficially, the remaining
4,700,000 Ordinary Shares being held by the Trustees of the Caspian Settlement
for the benefit of A F Moshiri's children.
Staff costs, including Directors' remuneration:-
2003 2002
# #
Wages and salaries - 25,000
Social security costs - 2,706
------- --------
- 27,706
======= ========
The average weekly number of persons
employed, excluding Directors:
Administration - -
======== ========
6. TAXATION
There is no charge to UK Corporation tax due to losses incurred during the year.
7. DEBTORS
2003 2002
# #
Other debtors - 16,943
Prepayments and accrued income 394 609
------- --------
394 17,552
======= ========
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2003 2002
# #
Other creditors 28,845 2,125
Accruals and deferred income 6,052 5,320
-------- --------
34,897 7,445
======== ========
9. CALLED UP SHARE CAPITAL
2003 2002
# #
Authorised
1,000,000,000 Ordinary Shares of 0.1p each 1,000,000 1,000,000
========== ==========
Allotted, Called up and Fully Paid
65,938,530 Ordinary Shares of 0.1p each 65,939 65,939
======== ========
The following Option in respect of Ordinary Shares exercisable at 12p per share
had been granted under the Share Option Scheme and was outstanding at 31 March
2003:-
Date Outstanding Granted Lapsed Outstanding Exercise Exercise Dates:
of Grant 1.4.02 during year during year 31.3.03 Price From To
15.9.95 100,000 - (100,000) - 12p 15.9.96 14.9.02
The above option lapsed on 14 September 2002. There are no unexercised share
options held by Directors.
10. SHARE PREMIUM ACCOUNT
#
As at 31 March 2002 and 31 March 2003 1,896,685
==========
The Share Premium arose as a result of the proceeds derived from the allotment
of 15,938,530 Ordinary shares of 0.1p under the terms of subscription agreements
dated 15 September, 1995.
11. PROFIT AND LOSS ACCOUNT
2003 2002
# #
Profit and loss account brought forward (1,715,978) (1,667,776)
Retained loss for the financial year (73,008) (48,202)
------------ ------------
Profit and loss account carried forward (1,788,986) (1,715,978)
============ ============
12. LOSS PER SHARE
The calculation of basic loss per share is based on the loss after taxation of
#73,008 (2002 - #48,202) and on 65,938,530 Ordinary Shares (2002 - 65,938,530)
being the number of shares in issue during the year.
13. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
2003 2002
# #
Loss for the financial period (73,008) (48,202)
Opening shareholders' funds 246,646 294,848
---------- ---------
Closing shareholders' funds 173,638 246,646
========== =========
This amount is all attributable to equity interests
14. CASH FLOW STATEMENT
(a) Reconciliation of operating loss to cash (outflow)/inflow from operating
activities
2003 2002
# #
Operating loss (78,905) (57,646)
Decrease in debtors 17,158 4,725
Increase/(decrease) in creditors 27,452 (37,941)
--------- ---------
Cash (outflow)/inflow from operating activities (34,295) (90,862)
========= =========
(b) Analysis of cash flows from headings netted in the cash flow statement
2003 2002
Returns on investment and servicing of finance # #
Interest received 5,927 9,447
Interest paid (30) (3)
-------- --------
Net cash inflow from returns on investments
and servicing of finance 5,897 9,444
======== ========
(c) Analysis of cash
At At
1 April Cash 31 March
2002 flow 2003
# # #
Cash at bank and in hand 236,539 (28,398) 208,141
======= ======= =======
15. CONTINGENCIES
A claim has been made against the Company in respect of an alleged agreement for
the provision of services. This claim has been strongly rejected by the Company
who are currently seeking legal advice but, at the present time, there is no
certainty as to the outcome of the situation or the potential amounts involved.
16. APPROVAL
The Preliminary Announcement was approved by the Board on 23 September
2003.
17. BASIS OF PREPARATION
The results for the year ended 31 March 2003 represent the results of Riceman
Insurance Investments plc, which had no subsidiaries during the year.
The preliminary financial information has been prepared on a basis consistent
with the audited financial statements for the year ended 31 March 2002.
18. FINANCIAL STATEMENTS
This announcement does not constitute a full financial statement of the
Company's affairs for the year ended 31 March 2003. The auditors have reported
on the full financial statements for the year ended 31 March 2003 and have
accompanied them with an unqualified audit report. The financial statements
have yet to be delivered to the Register of Companies. The report and financial
statements will be posted to shareholders on 24 September 2003, and the Annual
General Meeting of the Company will be held on 17 October 2003.
The financial information for the year ended 31 March 2002 has been extracted
from the audited financial statements for that period, which have been filed
with the Registrar of Companies. The auditors' report on those accounts was
unqualified and did not contain any statement under s 237(2) or (3) of the
Companies Act 1985.
The Report and Accounts will be available to the public for a period of one
month from 25 September 2003 (Saturdays, Sundays and bank holidays excepted)
from the registered office at 56 Queen Anne Street, London W1G 8LA.
Enquiries:
Kamran Amin, Chairman - (020) 7589 7590
This information is provided by RNS
The company news service from the London Stock Exchange
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