rickjmason, not particularly, as a rule of thumb I never buy anything that's been contaminated by Stephen Dean's touch.
martincoops,
yes, the £1.96m of cash is cash but you're only looking at one side of the balance sheet. There are liabilities as well and hence that's why the net assets in the balance sheet are only £482k.
Think about it like this: if I were to borrow £2m then I too could have cash at bank of £2m .... but that ignores entirely the borrowing.
Re the £250k, this was discussed a week or so ago. Firstly the £215k is gross profit, ie before expenses (you've taken this into account yourself and shown that daniel333's absurd £4m number is reduced to £600k allowing for this alone. In addition though, the historic expense figures can no longer be used as reliable estimates of future expenses since the directors are now drawing salaries, plus the historic gross profit figures includes exceptional recoveries from the previous directors and finally you need to allow for tax - the tax losses will not last for ever.
Could I ask what or who prompted you to take a look at PNC?
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