RNS Number:2084F
Taurus Storage PLC
27 June 2006
TAURUS STORAGE PLC
27 June 2006
Taurus Storage PLC ("the Company")
Chairman's Statement
I am writing to you to advise that for the period form inception on 14 January
2005 to 31 December 2005 the company made an operating loss of #57,296 and its
loss per share is 0.10p.
Since my interim statement a number of opportunities have been evaluated,
however, none were felt suitable enough to progress and this has resulted under
the AIM rules, in the suspension of Sagittarius from the listing.
Your Board continues to investigate opportunities and when something suitable
has been identified, I will write to you again.
LG Lipman
Chairman
27 June 2006
PROFIT AND LOSS ACCOUNT for the period from 14 January 2005 to 31 December 2005
Notes 2005
#
Administrative expenses (57,296)
OPERATING LOSS 1 (57,296)
Interest receivable 590
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (56,706)
Taxation 3 -
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION 7 (56,706)
LOSS PER ORDINARY SHARE
Basic and diluted 4 (0.10p)
The operating loss for the period arises from the company's continuing
operations.
No separate Statement of Total Recognised Gains and Losses has been presented as
all such gains and losses have been dealt with in the profit and loss account.
BALANCE SHEET 31 December 2005
Notes 2005
#
CURRENT ASSETS
Cash at bank and in hand 17,986
CREDITORS: amounts falling due within one year 5 (18,500)
NET CURRENT LIABILITIES (514)
TOTAL ASSETS LESS CURRENT LIABILITIES (514)
CAPITAL AND RESERVES
Called up share capital 6 56,192
Profit and loss account 7 (56,706)
EQUITY SHAREHOLDERS' DEFICIT 8 (514)
CASH FLOW STATEMENT for the period from 14 January 2005 to 31 December 2005
Notes 2005
#
Cash flow from operating activities 9a (33,796)
Returns on investments and servicing of finance 9b 590
Taxation -
CASH OUTFLOW BEFORE FINANCING (33,206)
Financing 9b 51,192
INCREASE IN CASH IN THE PERIOD 17,986
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Notes 2005
#
Increase in cash in the period 17,986
NET FUNDS AT 14 JANUARY 2005 -
NET FUNDS AT 31 DECEMBER 2005 9c 17,986
ACCOUNTING POLICIES for the period from 14 January 2005 to 31 December 2005
BASIS OF ACCOUNTING
The financial statements have been prepared under the historical cost convention
and in accordance with applicable United Kingdom accounting standards. The
accounting policies adopted are set out below.
The accounts have been prepared on the going concern basis because the company
has received confirmation from Safeland plc that it will provide financial
support for at least 12 months from the date of approval of these financial
statements.
DEFERRED TAXATION
Deferred tax is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date where transactions or
events that result in an obligation to pay more tax in the future or a right to
pay less tax in the future have occurred at the balance sheet date. Timing
differences are differences between the company's taxable profits and its
results as stated in the financial statements that arise from the inclusion of
gains and losses in tax assessments in periods different from those in which
they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in
the periods in which timing differences are expected to reverse, based on tax
rates and laws that have been enacted or substantially enacted by the balance
sheet date. Deferred tax is measured on a non-discounted basis.
SHARE OPTIONS
The cost of share options issued by the company is recognised as an expense in
the profit and loss account and is calculated as the difference between the fair
value of the shares at the date the options were granted and the exercise price.
NOTES TO THE FINANCIAL STATEMENTS for the period from 14 January 2005 to 31 December 2005
1 OPERATING LOSS 2005
#
Operating loss is stated after charging
Auditors' remuneration - audit fees 15,000
2 EMPLOYEES
There were no employees during the period other than the directors. None of the directors
received any remuneration during the period.
3 TAXATION 2005
#
Current tax:
UK corporation tax on losses of the period -
Deferred taxation:
Origination and reversal of timing differences -
Tax on loss on ordinary activities -
Factors affecting tax charge for period: 2005
#
The tax assessed for the period is higher than the standard
rate of corporation tax in the UK (30%). The differences are
explained below:
Loss on ordinary activities before tax (56,706)
Loss on ordinary activities multiplied by standard rate of
corporation tax in the UK (30%)
(17,012)
Effects of:
Expenses not deductible for tax purposes 8,039
Tax losses carried forward 8,973
Tax charge for period -
Factors that may affect future tax charges:
At 31 December 2005, the company had tax losses of #29,910 available to carry
forward to future periods. A deferred tax asset of #8,973 has not been
recognised in the financial statements due to the uncertainty as to the timing
of future profits.
4 LOSS PER ORDINARY SHARE
The calculations of loss per share are based on the following losses and 2005
number of shares:
#
Loss for the financial period (56,706)
2005
Number
Weighted average number of shares for basic and diluted loss per share 54,619,243
5 CREDITORS: Amounts falling due within one year 2005
#
Accruals and deferred income 18,500
6 SHARE CAPITAL 2005
#
Authorised:
200,000,000 ordinary shares of 0.1p each 200,000
Allotted, issued and fully paid:
56,191,902 ordinary shares of 0.1p each 56,192
Share issues:
On 14 January 2005, 2 ordinary shares were issued at par on the incorporation of
the company.
On 17 January 2005 the company allotted 51,191,900 ordinary shares of 0.1p at
par for cash consideration.
On 4 April 2005 the company allotted 5,000,000 ordinary shares of 0.1p at par to
settle expenses.
Share options:
On 3 February 2005 L Lipman, E Lipman and P Davis were each conditionally
granted options over 8,750,000 ordinary shares worth #175,000 as valued by
reference to the average closing middle market quotation for an ordinary shares
for the three dealing days following admission. Each option is exercisable at
the market value at the date of the grant, being the par value of 0.1p per
share, at any time after 18 months and before 10 years following the date of
grant.
The company has granted options to subscribe for ordinary shares in the company
equivalent to 1% of the issued share capital on completion of an acquisition
which exceeds 75% in any class test within the AIM rules. These options are
only exercisable during the period from date of acquisition to the period ending
18 months after that date at a price equivalent to the issue price in connection
with the acquisition.
7 PROFIT AND LOSS ACCOUNT 2005
#
14 January 2005 -
Loss for the financial period (56,706)
31 December 2005 (56,706)
8 RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS/ 2005
(DEFICIT)
#
Shares issued in period 56,192
Loss for the financial period (56,706)
Net reduction in equity shareholders' funds/(deficit) (514)
Opening equity shareholders' funds -
Closing equity shareholders' deficit (514)
9 CASH FLOWS 2005
#
a Reconciliation of operating loss to net cash flow from operating
activities
Operating loss (57,296)
Increase in creditors 18,500
Shares issued to settle expenses 5,000
Net cash flow from operating activities (33,796)
2005
#
b Analysis of cash flows for headings netted in the cash flow
statement
Returns on investments and servicing of finance
Interest received 590
Net cash inflow from returns on investments and servicing of
finance
590
Financing
Issue of ordinary share capital (net of costs) 51,192
Net cash inflow from financing 51,192
At At
c Analysis of net funds 14 January 31 December
2005 Cash flows 2005
# # #
Cash at bank and in hand - 17,986 17,986
10 Financial instruments
The company's financial instruments during the period comprised only cash and
various items such as trade creditors that arose directly from its operations.
Trade creditors and other short-term items arising directly form operations have
been excluded from the following disclosures.
At 31 December 2005, the company had a cash balance of #17,986 which was held on
bank deposit earning interest at variable market rates.
There is no material difference between the fair value and book value of the
company's financial instruments and they are all denominated in sterling.
The company has not traded in any financial instruments during the period and
the board does not currently believe there are any material risks arising from
its financial instruments.
11 RELATED PARTY TRANSACTIONS
During the period from incorporation on 14 January 2005 to 2 February 2005, the
company was a wholly owned subsidiary of Safeland Plc. On 2 February 2005,
Safeland Plc paid a dividend in specie to which each holder of Safeland Plc
received 2.5 ordinary shares in the company for each ordinary share of Safeland
Plc then held. Safeland Plc has retained 5,119,190 ordinary shares in the
company.
LG Lipman, EA Lipman and PM Davis are all directors of both companies.
12 COPIES OF THE ACCOUNTS
Copies of the accounts have been posted to shareholders today and are available
free of charge from the Company's registered office one month from the date of
this announcement: 94-96 Great North Road, London N2 0NL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UBARRNNRNUAR
|