TIDMCLS
RNS Number : 6424P
Cheerful Scout PLC
30 March 2009
Cheerful Scout Plc / Index: AIM / Epic: CLS / Sector: Media
30 March 2009
Cheerful Scout Plc ('Cheerful' or 'the Company')
Interim Results
Cheerful Scout Plc, the AIM-traded multi media specialist, announces its results
for the six months ended 31 December 2008.
Chairman's Statement
Cheerful Scout has made progress during the period under review, delivering
creative corporate communication solutions to our list of blue-chip clients and
DVD orientated design and technical services. As discussed in my statement at
the end of the last financial year, we remain committed to streamlining the
business, reducing overheads and using our resources in a cost effective manner
to deal more efficiently in the competitive sector in which we operate. This
process will continue throughout this financial year.
Revenue for the six months to 31 December 2008 increased to GBP894,889 (2007:
GBP695,839) and an operating profit of GBP3,032 (2007: loss of GBP238,948). Our
cash balance remains healthy with cash balances at 31 December 2008 of
GBP943,624 (2007: GBP1,023,634).
Operations
As previously announced, the loss of the Company's contract with the Contender
Group has led us to review and restructure the DVD division to focus on Blu ray
DVD. The drive for new business in this division continues and importantly other
client relationships remain stable and there is potential, even in these
difficult markets, for increased activity from them.
The On Screen division has performed well in the first half year with major
projects for BAA and HMRC. However, the pipeline of work for the second half of
the year has been adversely affected by the general economic climate which will
impact on our second half performance.
Business Data Interactive (BDI)
Our business intelligence software joint venture has not performed well and we
believe that it will be difficult to exploit its high - end products in the
current economic climate. As a result we have taken a decision to write-off our
investment and loans which to date total GBP200,600. There is no cash outflow
connected with the write-off and the loss is eliminated on consolidation.
Related party transactions
Related party transactions are detailed in note 8 of these interim financial
statements.
Principal risk and uncertainties
The principal risks and uncertainties which could impact on the Group for the
remainder of the financial year are those detailed in the Group's 2008 Annual
Report. These remain the principal risks and uncertainties for the second half
of this financial year and beyond, and they are regularly considered by the
board, particularly in light of the current financial crisis and market
conditions.
Outlook
Although the Company has seen a reasonable performance in its core divisions we
remain mindful of the comments made in our trading update of 23 January 2009
regarding the Company's financial performance during the remainder of 2009. The
Board expects business levels and margins to be adversely affected during the
second half of the year as clients reduce spending in-line with the economic
environment and business sentiment.
Our team are committed to delivering innovative design solutions, combining
creativity with a passion for understanding business challenges and
communication objectives. I would like to take this opportunity to thank both
our team and our shareholders for their loyalty and determination during this
period.
S Appleton
Chairman
30 March 2009
Responsibility Statement
Six months ended 31 December 2008
The directors confirm that to the best of their knowledge:
a) The condensed set of financial statements has been prepared in accordance
with IAS 34;
b) The interim management report includes a fair review of the information
required by the Financial Statements Disclosure and Transparency Rules (DTR)
4.2.7R - "indication of important events during the first six months and their
impact on the financial statements and description of principal risks and
uncertainties for the remaining six months of the year";
c) The interim management report includes a fair review of the information
required by DTR 4.2.8R - "disclosure of related party transactions and changes
therein".
On behalf of the Board
S Appleton P Litten
Chairman Chief Executive
30 March 2009
** ENDS **
For further information visit www.cheerfulscout.com or contact:
+--------------------------+---------------------------+--------------------+
| Gary Fitzpatrick | Cheerful Scout Plc | Tel: 020 7291 0444 |
+--------------------------+---------------------------+--------------------+
| Mark Percy | Seymour Pierce | Tel: 020 7107 8030 |
+--------------------------+---------------------------+--------------------+
| Susie Callear | St Brides Media & Finance | Tel: 020 7236 1177 |
| | Ltd | |
+--------------------------+---------------------------+--------------------+
Condensed Consolidated Income Statement
For the six months ended 31 December 2008
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| | Notes | Unaudited | | Unaudited | | Audited |
| | | Six months | | Six months | | Year ended |
| | | to | | to | | 30 June |
| | | 31 December | | 31 December | | 2008 |
| | | 2008 | | 2007 | | |
+ +----------------------------+--------------+--------------+--------------+--------------+----------------+
| | | GBP | | GBP | | GBP |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| | | | | | | |
| Continuing operations | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Revenue | | 894,889 | | 695,839 | | 1,566,329 |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Cost of sales | | (507,241) | | (523,099) | | (1,029,463) |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Gross profit | | 387,648 | | 172,740 | | 536,866 |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Administrative expenses | | (384,616) | | (411,688) | | (802,358) |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Development costs written | | - | | - | | (346,076) |
| off | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Operating profit / (loss) | | 3,032 | | (238,948) | | (611,568) |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Finance income | | 15,077 | | 24,959 | | 45,870 |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Profit / (loss) before | | 18,109 | | (213,989) | | (565,698) |
| taxation | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Taxation | | - | | 3,036 | | 34,959 |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Profit / (loss) for the | | 18,109 | | (210,953) | | (530,739) |
| period | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Attributable to: | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Minority interests | | - | | (400) | | (400) |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Equity holders of parent | | 18,109 | | (210,553) | | (530,339) |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Profit / (loss) for the | | 18,109 | | (210,953) | | (530,739) |
| financial period | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| | | | | | | |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Earnings / (loss) per ordinary | | | | | |
| share: | | | | | |
+---------------------------------------------------------+--------------+--------------+--------------+--------------+----------------+
| Basic | 5 | 0.1848p | | (2.1485)p | | |
| | | | | | | (5.41162)p |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
| Diluted | 5 | 0.1848p | | (2.1485)p | | (5.41162)p |
+----------------------------+----------------------------+--------------+--------------+--------------+--------------+----------------+
There are no recognised gains or losses other than those passing through the
income statement.
Condensed Consolidated Balance Sheet
As at 31 December 2008
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| | Notes | | Unaudited | | Unaudited | | Audited |
| | | | Six months to | | Six months | | Year ended |
| | | | 31 December | | to | | 30 June |
| | | | 2008 | | 31 December | | 2008 |
| | | | | | 2007 | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| | | | GBP | | GBP | | GBP |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Non-current assets | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Intangible assets | | | 388,413 | | 781,005 | | 411,672 |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Property, plant and | | | 200,072 | | 102,062 | | 153,911 |
| equipment | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| | | | 588,485 | | 883,067 | | 565,583 |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Current assets | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Inventories | | | 3,057 | | 2,632 | | 2,229 |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Trade and other | | | 368,809 | | 265,576 | | 432,754 |
| receivables | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Current tax receivable | | | 34,761 | | - | | 34,761 |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Cash and cash equivalents | | | 943,624 | | 1,023,634 | | 984,947 |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| | | | 1,350,251 | | 1,291,842 | | 1,454,691 |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Total assets | | | 1,938,736 | | 2,174,909 | | 2,020,274 |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Current liabilities | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Trade and other payables | | | (273,474) | | (207,970) | | (373,121) |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| | | | (273,474) | | (207,970) | | (373,121) |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Net assets | | | 1,665,262 | | 1,966,939 | | 1,647,153 |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Equity | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Share capital | 7 | | 1,225,000 | | 1,225,000 | | 1,225,000 |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Special reserves | 7 | | - | | 1,747,416 | | 1,747,416 |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Retained earnings | 7 | | 440,262 | | (1,005,477) | | (1,325,263) |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| | | | | | |
+----------------------------+---------------------------+--+---------------+--+--------------+
| Equity attributable to | 1,665,262 | | 1,966,939 | | 1,647,153 |
| equity holders of the | | | | | |
| parent | | | | | |
+----------------------------+---------------------------+--+---------------+--+--------------+
| | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Minority interest | 7 | | - | | - | | - |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| | | | | | | | |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
| Total equity | 7 | | 1,665,262 | | 1,966,939 | | 1,647,153 |
+----------------------------+--------+--+---------------+--+---------------+--+--------------+
Condensed Consolidated Cash Flow Statement
Six months ended 31 December 2008
+--------------------------------+---------------+--+--+--------------+--+--------------+
| | Unaudited | | Unaudited | | Audited |
| | Six months to | | Six months to | | Year ended |
| | 31 December | | 31 December | | 30 June |
| | 2008 | | 2007 | | 2008 |
+--------------------------------+---------------+--+-----------------+--+--------------+
| | GBP | | GBP | | GBP |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Profit / (loss) before | 18,109 | | (213,989) | | (565,698) |
| taxation | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Depreciation | 26,180 | | 37,360 | | 63,203 |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Amortisation of intangibles | 23,259 | | 23,259 | | 46,517 |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Impairment losses | - | | 12,738 | | 12,738 |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Gain on sale of property, | (20,000) | | (22,538) | | (23,834) |
| plant and equipment | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Development costs written off | - | | - | | 346,076 |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Finance income | (15,077) | | (24,959) | | (45,870) |
+--------------------------------+---------------+--+-----------------+--+--------------+
| | 32,471 | | (188,129) | | (166,868) |
+--------------------------------+---------------+--+-----------------+--+--------------+
| (Decrease) / increase in trade | (99,647) | | (26,163) | | 138,988 |
| and other payables | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Decrease in trade and other | 63,945 | | 199,763 | | 32,585 |
| receivables | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| (Increase) / decrease in | (828) | | (347) | | 56 |
| inventories | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Taxation | - | | - | | (2,838) |
+--------------------------------+---------------+--+-----------------+--+--------------+
| | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Cash (used) / generated in | (4,059) | | (14,876) | | 1,923 |
| operating activities | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Cash flows from investing | | | | | |
| activities | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Finance income | 15,077 | | 24,959 | | 45,870 |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Purchase of property, plant | (72,341) | | (48,262) | | (125,955) |
| and equipment | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Proceeds from sale of | 20,000 | | 22,538 | | 23,834 |
| property, plant and equipment | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| Cash used in investing | (37,264) | | (765) | | (56,251) |
| activities | | | | | |
+--------------------------------+---------------+--+-----------------+--+--------------+
| | | | | | |
+--------------------------------+---------------+-----+--------------+--+--------------+
| | | | | | |
+--------------------------------+---------------+-----+--------------+--+--------------+
| Net decrease in cash and cash | (41,323) | | (15,641) | | (54,328) |
| equivalents | | | | | |
+--------------------------------+---------------+-----+--------------+--+--------------+
| Cash and cash equivalents at | 984,947 | | 1,039,275 | | 1,039,275 |
| beginning of period | | | | | |
+--------------------------------+---------------+-----+--------------+--+--------------+
| | | | | | |
+--------------------------------+---------------+-----+--------------+--+--------------+
| Cash and cash equivalents at | 943,624 | | 1,023,634 | | 984,947 |
| end of period | | | | | |
+--------------------------------+---------------+--+--+--------------+--+--------------+
Notes to the Interim Condensed Financial Statements
Six months ended 31 December 2008
+----+----------------------+
| 1. | General Information |
+----+----------------------+
Cheerful Scout Plc is a public limited company incorporated in the United
Kingdom under the Companies Act 1985. The Company is domiciled in the United
Kingdom and its principal place of business in 25-27 Riding House Street,
London, W1P 7PB. The Company's Ordinary Shares are traded on the AIM market of
the London Stock Exchange.
These condensed consolidated interim financial statements for the period ended
31 December 2008 (including the comparatives for the periods ended 31 December
2007 and 30 June 2008) were approved by the board of directors on 30 March 2009.
The financial information set out in this interim report does not constitute
statutory accounts for the purposes of section 435 of the Companies Act 2006.
The Group's statutory financial statements for the year ended 30 June 2008,
prepared under International Financial Reporting Standards (IFRS), have been
filed with the Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain a statement under either Section
237 (2) or Section 237 (3) of the Companies Act 1985.
The interim financial statements have been prepared using the accounting
policies set out in the Group's 2008 statutory accounts and have not been
audited.
Copies of the annual statutory accounts and the interim report can be found on
our website at www.cheerfulscout.com or can be requested from the Company
Secretary at the Company's Registered Office: 65 New Cavendish Street, London,
W1G 7LS.
+----+----------------------+
| 2. | Basis of preparation |
+----+----------------------+
These condensed consolidated interim financial statements for the period ended
31 December 2008 have been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and with IAS 34, 'Interim
Financial Reporting' as adopted by the European Union. The interim condensed
consolidated financial statements should be read in conjunction with the annual
financial statements for the year ended 30 June 2008, which have been prepared
in accordance with IFRS's as adopted by the European union.
+----+----------------------+
| 3. | * Accounting |
| | Policies |
+----+----------------------+
The accounting policies adopted are consistent with those of the annual
financial statements for the year ended 30 June 2008, as described in those
annual financial statements.
+----+-----------------------------------+
| 4. | * Revenue and segment |
| | information |
+----+-----------------------------------+
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| | On | On Screen | DVD & | DVD & | Events | Events | Total | 2007 |
| | Screen | 6 months | Interactive | Interactive | 6 | 6 | 6 | 6 |
| | 6 months | to 31 Dec | 6 months | 6 months | months | months | months | months |
| | to 31 | 2007 | to 31 Dec | to 31 Dec | to 31 | to 31 | to 31 | to 31 |
| | Dec | | 2008 | 2007 | Dec | Dec | Dec | Dec |
| | 2008 | | | | 2008 | 2007 | 2008 | 2007 |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| | 636,972 | 390,039 | 257,917 | 269,626 | - | 36,174 | 894,889 | 695,839 |
| Revenue | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| | 73,227 | (29,200) | (24,750) | 75,553 | - | (148,598) | 48,477 | (102,245) |
| Segment | | | | | | | | |
| results | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| Unallocated | | | | | | | (45,445) | (136,703) |
| expenses | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| Operating | | | | | | | 3,032 | (238,948) |
| profit / | | | | | | | | |
| (loss) | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| Finance | | | | | | | 15,077 | 24,959 |
| income | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| Taxation | | | | | | | - | 3,036 |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| Profit / | | | | | | | 18,109 | (210,953) |
| (loss) for | | | | | | | | |
| the period | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| | 616,995 | 552,128 | 489,411 | 593,086 | - | 147,482 | 1,106,406 | 1,292,696 |
| Segment | | | | | | | | |
| assets | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| Unallocated | | | | | | | 832,330 | 882,213 |
| assets | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| | 616,995 | 552,128 | 489,411 | 593,086 | - | 147,482 | 1,938,736 | 2,174,909 |
| Total assets | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| Segment | (142,168) | (26,951) | (62,447) | (34,539) | - | (29,361) | (204,615) | (90,851) |
| liabilities | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| Unallocated | | | | | | | (68,859) | (117,119) |
| liabilities | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| | (142,168) | (26,951) | (62,447) | (34,539) | - | (29,361) | (273,474) | (207,970) |
| Total | | | | | | | | |
| liabilities | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| Capital | 36,171 | 16,088 | 36,170 | 16,087 | - | 16,087 | 72,341 | 48,262 |
| expenditure | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| Depreciation | 24,720 | 24,083 | 24,719 | 24,083 | - | 12,453 | 49,439 | 60,619 |
| & | | | | | | | | |
| amortisation | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
| Impairment | - | 6,369 | - | 6,369 | - | - | - | 12,738 |
| loses | | | | | | | | |
+---------------+-----------+-----------+-------------+-------------+---------+-----------+-----------+-----------+
Segment information is presented in respect of the Group's primary format,
business segments. This is based on the Group's management and internal
reporting structure. Segment results, assets and liabilities include items
directly attributable to a segment as well as those that can be allocated on a
reasonable basis.
+----+--------------------+
| 5. | * Earnings per |
| | share |
+----+--------------------+
Basic earnings per share are calculated by dividing the profit or loss
attributable to ordinary shareholders of the parent by the weighted average
number of ordinary shares outstanding during the year.
Diluted earnings per share are calculated by dividing the loss attributable to
ordinary equity shareholders of the parent by the weighted average number of
ordinary shares outstanding during the year plus the weighted average number of
ordinary shares that would have been issued on the conversion of all dilutive
potential ordinary shares in ordinary shares.
The following reflects the income and share data used and dilutive earnings per
share computations:
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| | Unaudited | | Unaudited | | Audited |
| | Six | | Six | | Year |
| | months to | | months to | | ended |
| | 31 | | 31 | | to |
| | December | | December | | 30 June |
| | 2008 | | 2007 | | 2008 |
+ +------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| | GBP | | GBP | | GBP |
+ +------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| | | | | | |
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| Profit / (loss) for the | 18,109 | | (210,953) | | (530,739) |
| period | | | | | |
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| Adjusted for minority | - | | 400 | | 400 |
| interests | | | | | |
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| Profit / (loss) attributable | 18,109 | | (210,553) | | (530,339) |
| to equity holders of parent | | | | | |
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| | | | | | |
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| | Shares | | Shares | | Shares |
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| | | | | | |
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| Basic weighted average | 9,800,000 | | 9,800,000 | | 9,800,000 |
| number of shares | | | | | |
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| | | | | | |
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| Dilutive potential ordinary | | | | | |
| shares: | | | | | |
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| Employee share options | - | | - | | - |
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
| Diluted weighted average | 9,800,000 | | 9,800,000 | | 9,800,000 |
| number of shares | | | | | |
+------------------------------+------------------------------------------------+------------------+------------------------------------------------+----------------+------------------------------------------------+
+----+--------------------+
| 6. | * Capital |
| | Expenditure |
+----+--------------------+
During the period, the Group acquired property, plant and equipment with a cost
of GBP72,341 (2007: GBP48,262). During the period, the Group disposed of
property, plant and equipment for proceeds of GBP20,000 (2007: GBP22,538).
+----+------------------------------+
| 7. | * Statement of change in |
| | equity |
+----+------------------------------+
+----------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| | Share | Special | Retained | Total | Minority | Total |
| | capital | reserves | earnings | | interest | equity |
+----------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+----------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| At 1 July 2007 | 1,225,000 | 1,747,416 | (794,924) | 2,177,492 | - | 2,177,492 |
+----------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Retained loss for the | - | - | (210,553) | (210,553) | (400) | (210,953) |
| period | | | | | | |
+----------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Group contribution to | - | - | - | - | 400 | 400 |
| minority | | | | | | |
+----------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| At 31 December 2007 | 1,225,000 | 1,747,416 | (1,005,477) | 1,966,939 | - | 1,966,939 |
+----------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Retained (loss) / profit | - | - | (319,786) | (319,786) | - | (319,786) |
| for the period | | | | | | |
+----------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| At 30 June 2008 | 1,225,000 | 1,747,416 | (1,325,263) | 1,647,153 | - | 1,647,153 |
+----------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Retained profit for the | - | - | 18,109 | 18,109 | - | 18,109 |
| period | | | | | | |
+----------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Transfer of special | - | (1,747,416) | 1,747,416 | - | - | - |
| reserves to retained | | | | | | |
| earnings | | | | | | |
+----------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| At 31 December 2008 | 1,225,000 | - | 440,262 | 1,665,262 | - | 1,665,262 |
+----------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
On 3 November 2008, following a board resolution, the Company has transferred
its special reserves of GBP1,747,416 to retained earnings following the expiry
of the undertaking given to the High Court of Justice in 2006.
+----+------------------------------+
| 8. | * Related party |
| | transactions |
+----+------------------------------+
The Group has a related party relationship with its subsidiaries and its
directors.
Transactions between Group companies, which are related parties, have been
eliminated on consolidation and are therefore not included in these consolidated
interim financial statements.
+------------------------+--+---------------+--+----------------+
| | | Unaudited | | Unaudited |
| | | Six months to | | Six months to |
| | | 31 December | | 31 December |
| | | 2008 | | 2007 |
+------------------------+--+---------------+--+----------------+
| | | GBP | | GBP |
+------------------------+--+---------------+--+----------------+
| S Subsidiaries | | | | |
+------------------------+--+---------------+--+----------------+
| Amounts owed by | | 231,837 | | 238,553 |
| subsidiaries | | | | |
+------------------------+--+---------------+--+----------------+
| Amounts owed to | | 1 | | 1 |
| subsidiaries | | | | |
+------------------------+--+---------------+--+----------------+
Included in the amounts owed by subsidiaries of GBP231,837 is GBP200,000 due
from its subsidiary, Business Data Interactive Limited. During the period,
Cheerful Scout plc has made a provision of GBP200,000 against this loan as it is
not considered to be recoverable.
Cheerful Scout Plc is a guarantor for a lease entered into by Centralfix
Limited, its subsidiary undertaking.
Harris and Trotter LLP is a firm in which N J Newman is a member. The following
was charges to the Group in respect of professional services.
+---------------------------+--+-----------------+--+-------------+
| | | GBP | | GBP |
| Harris and Trotter LLP | | | | |
+---------------------------+--+-----------------+--+-------------+
| Cheerful Scout plc | | 10,800 | | 10,475 |
+---------------------------+--+-----------------+--+-------------+
| Centralfix Limited | | 7,265 | | 6,700 |
+---------------------------+--+-----------------+--+-------------+
| | | | | |
+---------------------------+--+-----------------+--+-------------+
| | | 18,065 | | 17,175 |
+---------------------------+--+-----------------+--+-------------+
The compensation of key management (including directors) of the Group is as
follows:
+---------------------------+--+-----------------+--+-------------+
| | | GBP | | GBP |
+---------------------------+--+-----------------+--+-------------+
| Short-term employee | | 75,000 | | 75,000 |
| benefits | | | | |
+---------------------------+--+-----------------+--+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Cheerful Scout (LSE:CLS)
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