RNS Number:1075J
Caplay PLC
28 February 2005
28 February 2005
Contact: Patrick Claridge, Chief Executive
Caplay PLC +44 207 759 8563
David Bick, Holborn +44 207 929 5599
Caplay PLC ("the Company")
Interim Results for the Six Months ended 30 November 2004
The loss incurred in the first six months of the year reflects the provisions
and level of cost base that arose from the Company's previous activities and
operations, which are now being restructured by the new management.
We set out in our AGM statement of 17 January 2005 what the Company's assets now
are and we reported on a strategic review that is underway. This involves
establishing the most appropriate way forward with our loan agreement with
Private Treaty Markets Plc and our investment in Catalyst Investment
Corporation.
We also continue to seek a satisfactory resolution to a legal dispute with the
former chief executive. Shareholders will be informed once this matter is
concluded.
Our interest in three remaining public houses has been the subject of
announcements by the Company made on 23 and 25 February. The net effect is that
the Company currently owns the leasehold interests in two of these public
houses, Acton and Portsmouth through its wholly-owned subsidiary, Baden
Associates Limited, while the third in Wandsworth, is currently being run under
a management contract for the Administrator of Chartcity Limited, the subsidiary
which previously ran all three sites. The Company has a fixed and floating
charge over the assets of this subsidiary. Following a review of each site we
have installed specialist pub management in order to first maximise the value of
the assets before deciding how best to realise this value.
After loans and investments made in the first half, the Company is maintaining
cash balances in excess of #1m.
Patrick Claridge
Chief Executive
Caplay Plc - Interim Accounts
Consolidated profit and loss account
for the 6 months ended 30 November 2004
6 months 6 months
Notes ended ended Year ended
30 Nov 2004 30 Nov 2003 31 May
2004
(unaudited) (unaudited) (audited)
# # #
Gross revenue
- Continuing operations 121,701 87,078 289,752
Administrative expenses
- Continuing operations (952,825) (322,765) (1,943,222)
--------- --------- ---------
Operating loss (831,124) (235,687) (1,653,470)
(Loss)/gain on
sale of investments - (4,100) 14,857
Interest payable (206) (1,201)
- - -
--------- --------- ---------
Loss for the financial period (831,330) (239,787) (1,639,814)
========= ========= =========
Loss per ordinary share 3 (0.53)p (0.24)p (1.64)p
========= ========= =========
Statement of Total Recognised Gains and Losses
for the 6 months ended 30 November 2004
6 months 6 months
ended ended Year ended
30 Nov 2004 30 Nov 2003 31 May
2003
(unaudited) (unaudited) (audited)
# # #
Loss for the financial period (831,330) (239,787) (1,639,814)
Unrealised gain on revaluation of
investments - 18,957 -
--------- --------- ---------
Total recognised loss relating
to the period (831,330) (220,830) (1,639,814)
========= ========= =========
Note of Historical Cost Profits and Losses
for the 6 months ended 30 November 2004
Loss for the financial period (831,330) (239,787) (1,639,814)
Realisation of investment
revaluation profit/(loss)
of previous years - 10,666 (99,504)
--------- --------- ---------
Historical cost loss for
the period (831,330) (229,121) (1,739,318)
========= ========= =========
Consolidated Balance Sheet
as at 30 November 2004
30 Nov 2004 30 Nov 2003 31 May 2004
(unaudited) (unaudited) (audited)
# # #
Fixed assets
Tangible assets 4,660 3,000 3,117
Investments 1,074,419 2,471,272 -
--------- --------- --------
1,079,079 2,474,272 3,117
--------- --------- --------
Current assets
Debtors 1,269,536 226,968 103,633
Cash at bank 1,281,840 863,535 2,468,888
--------- --------- --------
2,551,376 1,090,503 2,572,521
Creditors: amounts falling due
within one year (149,918) (233,924) (363,771)
--------- --------- --------
2,401,458 856,579 2,208,750
--------- --------- --------
Total assets less current
liabilities 3,480,537 3,330,851 2,211,867
Provision for liabilities
and charges (850,000) (850,000) (1,150,000)
--------- --------- ---------
2,630,537 2,480,851 1,061,867
========= ========= =========
Capital and reserves
Called up share capital 5,800,000 5,000,000 5,000,000
Share premium account 6,197,963 4,597,963 4,597,963
Profit and loss account (9,367,426) (7,025,899) (8,536,096)
Revaluation reserve - (91,213) -
--------- --------- ---------
2,630,537 2,480,851 1,061,867
========= ========= =========
Consolidated Cash Flow statement
for the 6 months ended 30 November 2004
6 months 6 months
ended ended Year ended
30 Nov 2004 30 Nov 2003 31 May 2004
(unaudited) (unaudited) (audited)
# # #
Operating activities
Net cash outflow from
operating activities (2,510,725) (202,909) (1,054,578)
Return on investments and servicing
of finance
Interest payable (206) - -
Capital expenditure and financial
investment
Purchase of tangible fixed
assets (1,698) - -
Purchase of investments (1,074,419) - (14,250)
Sale of investments - 400,841 2,872,113
--------- --------- ---------
Cash (outflow)/inflow before
management of liquid (3,587,048) 197,932 1,803,285
resources and financing
Management of liquid resources
Cash placed on deposit - (850,000) -
Financing
Net cash proceeds from
issue of ordinary share
capital 2,400,000 - -
--------- --------- ---------
(Decrease)/increase in cash (1,187,048) (652,068) 1,803,285
========= ========= =========
Reconciliation of operating loss to
net cash outflow from operating
activities
Operating loss (831,124) (235,687) (1,639,814)
Net depreciation 155 2,700 2,583
(Increase)/decrease in
debtors (1,465,903) (38,174) 85,161
Increase/(decrease) in
creditors and provisions (213,853) 68,252 498,099
Gain on sale of investments - - (14,857)
Write down of investment - - 14,250
--------- --------- ---------
Net cash outflow from
operating activities (2,510,725) (202,909) (1,054,578)
========= ========= =========
Reconciliation of net funds
At 1 June Cash Flows At 30 Nov
2004 2004
# # #
Cash at bank 2,468,888 (1,187,048) 1,281,840
========= ========= =========
Notes to the Accounts
1 The interim accounts have been prepared in accordance with the accounting
policies set out in the annual accounts for the year ended 31 May 2004, but
they have not been audited nor reviewed by the auditors.
2 The financial information in this report does not constitute full accounts
as defined by Section 240 of the Companies Act 1985. Full accounts for the
year ended 31 May 2004, which contained an unqualified Audit Report and did
not contain a statement under Section 237 of the Companies Act 1985, have
been delivered to the Registrar of Companies.
3 The loss and number of shares used in the calculation of loss
per share are set out below:
6 months 6 months Year
ended ended ended
30 Nov 2004 30 Nov 2003 31 May 2004
(unaudited) (unaudited) (audited)
Undiluted
Loss for the financial (831,330) (239,787) (1,639,814)
period
Weighted average of 156,263,738 100,000,002 100,000,002
ordinary shares
Loss per share (0.53)p (0.24)p (1.64)p
There was no dilutive effect from the warrants outstanding
during the period.
4 A copy of this report will be sent to all shareholders. Further copies are
available from the Company Secretary at 25 Manchester Square, London W1U 3PY.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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