TIDMATEL
RNS Number : 8576U
Atelis PLC
01 July 2009
FOR IMMEDIATE RELEASE
1 JULY 2009
ATELIS PLC ("Atelis" or "the Company")
AUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
Chairman's Statement
Since November 2008, efforts were made to find a suitable buyer for the company
however to date no purchaser has materialised. As a result the company has
closed its Israeli subsidiary and discontinued all R&D. On 5 December 2008,
notification was given to the relevant Israeli government bodies of the closure
of Atelis Israel Ltd which is now under the control of its accountants who will
undertake the necessary administrative procedures to finalise the closure
process.
It is the intention of the Board to turn the company into a cash shell and seek
a suitable reverse candidate. Further to the revised AIM Rules announced on 1
June 2009, the Company is currently considering its investing policy and expects
to announce an AIM compliant policy in due course. The Company does not expect
this to represent a material change of emphasis but rather envisages marginal
changes bringing it into line with revised Rules.
To this end, the company has entered into an unapproved arrangement with its
creditors, and with the support of Wills & Co, who have entered into an
agreement with the company to provide limited financial support, the company is
able to continue as a going concern whilst a suitable reverse candidate is
found.
Andrew Mitchell and Gabi Kazabo resigned from the board of directors on the 9th
of July 2008 and 15 December 2008 respectively. A Burden-Cooper was appointed to
the Board on 15 December 2008.
The report and financial statements are being posted to shareholders and are
available on the Company's website: www.atelis.net
Contact:
Rony Cohen
Atelis PLC
01635 881 649
Roland Cornish
Beaumont Cornish Limited
020 7628 3396
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2008
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | Note | 2008 | | 2007 |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | | GBP | | GBP |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Income | | 23,802 | | 192,056 |
+--------------------------------------+-------+--------------+----+--------------+
| Cost of Sales | | (19,201) | | (58,813) |
+--------------------------------------+-------+--------------+----+--------------+
| Gross Profit | | 4,601 | | 133,243 |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Administrative expenses | | (46,343) | | (545,203) |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Operating loss | 3 | ( 41,742) | | (411,960) |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Interest payable and similar charges | 3 | (18 ) | | (13,433) |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Loss on ordinary activities before | | ( 41,760 ) | | (425,393) |
| taxation | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Tax on loss on ordinary activities | 4 | - | | 18,324 |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Loss for the year | | ( 41,760 ) | | (407,069) |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Loss per share (pence) | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| - Basic & diluted | 5 | ( 0.16 )p | | (1.62)p |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
The Income Statement has been prepared on the basis that all operations are
discontinued operations.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2008
+---------------------------+-------------+------------+---------------+------------+
| | Share | Share | Retained | Total |
| | Capital | Premium | earnings | |
+---------------------------+-------------+------------+---------------+------------+
| | | | | |
+---------------------------+-------------+------------+---------------+------------+
| | GBP | GBP | GBP | GBP |
+---------------------------+-------------+------------+---------------+------------+
| | | | | |
+---------------------------+-------------+------------+---------------+------------+
| At 1 January 2007 | 62,562 | 712,968 | (552,244) | 223,286 |
+---------------------------+-------------+------------+---------------+------------+
| | | | | |
+---------------------------+-------------+------------+---------------+------------+
| Loss for the year | - | - | (407,069) | (407,069) |
+---------------------------+-------------+------------+---------------+------------+
| | | | | |
+---------------------------+-------------+------------+---------------+------------+
| As at 31 December | 62,562 | 712,968 | (959,313) | (183,783) |
| 2007 | | | | |
+---------------------------+-------------+------------+---------------+------------+
| | | | | |
+---------------------------+-------------+------------+---------------+------------+
| Loss for the year | - | - | ( 41,760 ) | ( 41,760) |
+---------------------------+-------------+------------+---------------+------------+
| | | | | |
+---------------------------+-------------+------------+---------------+------------+
| As at 31 December | 62,562 | 712,968 | ( 1,001,073 ) | ( 225,543) |
| 2008 | | | | |
+---------------------------+-------------+------------+---------------+------------+
| | | | | |
+---------------------------+-------------+------------+---------------+------------+
| | | | |
+---------------------------+-------------+------------+---------------+------------+
BALANCE SHEET
AS AT 31 DECEMBER 2008
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
| |Note | 2008 | | 2007 |
+---------------------------------------+------+--------------+----+--------------+
| | | GBP | | GBP |
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
| ASSETS | | | | |
+---------------------------------------+------+--------------+----+--------------+
| Non-current assets | | | | |
+---------------------------------------+------+--------------+----+--------------+
| Tangible assets | 6 | - | | - |
+---------------------------------------+------+--------------+----+--------------+
| Investments | 7 | - | | 12 |
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
| | | - | | 12 |
+---------------------------------------+------+--------------+----+--------------+
| Current assets | | | | |
+---------------------------------------+------+--------------+----+--------------+
| Cash and cash equivalents | 11 | - | | 1,326 |
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
| | | - | | 1,326 |
+---------------------------------------+------+--------------+----+--------------+
| LIABILITIES | | | | |
+---------------------------------------+------+--------------+----+--------------+
| Current liabilities | | | | |
+---------------------------------------+------+--------------+----+--------------+
| Trade and other payables | 8 | ( 225,543 ) | | (185,121) |
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
| Net Current Liabilities | | ( 225,543) | | (183,795) |
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
| NET LIABILITIES | | ( 225,543) | | (183,783) |
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
| EQUITY | | | | |
+---------------------------------------+------+--------------+----+--------------+
| Called up share capital | 9 | 62,562 | | 62,562 |
+---------------------------------------+------+--------------+----+--------------+
| Share premium account | | 712,968 | | 712,968 |
+---------------------------------------+------+--------------+----+--------------+
| Retained earnings | | ( 1,001,073) | | (959,313) |
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
| TOTAL EQUITY | | ( 225,543) | | (183,783) |
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
| | | | | |
+---------------------------------------+------+--------------+----+--------------+
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2008
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| |Notes | 2008 | | 2007 |
+--------------------------------------+-------+--------------+----+--------------+
| | | GBP | | GBP |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Cash flows from operating activities | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Cash (used)/generated from | 10 | (1,861) | | 1,250 |
| operations | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Net (deficit)/cash from operating | | (1,861) | | 1,250 |
| activities | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Cash flows from investing activities | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Purchase of fixed assets | | - | | (3,613) |
| Interest paid | | ( 18 ) | | (2) |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Net cash from investing activities | | ( 18) | | (2) |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Decrease in cash and cash | | ( 1,879 ) | | (2,361) |
| equivalents | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Reconciliation of net cash flow to | | | | |
| movement in net funds | | | | |
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Decrease in cash and cash | | ( 1,879 ) | | (2,361) |
| equivalents | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Change in net funds | | (1,879 ) | | (2,361) |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Net funds at start of period | | 1,326 | | 3,687 |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| Net (deficit)/funds at end of period | 11 | (553) | | 1,326 |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
| | | | | |
+--------------------------------------+-------+--------------+----+--------------+
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2008
+------+--------------------------------------------+--+------------+---+----------------+
| 1 | ACCOUNTING POLICIES | | | | |
+------+--------------------------------------------+--+------------+---+----------------+
| | | | | | |
+------+--------------------------------------------+--+------------+---+----------------+
| 1.1 | Basis of preparation | | | | |
| | | | | | |
+------+--------------------------------------------+--+------------+---+----------------+
| | Atelis Plc is a company incorporated in the United Kingdom under the Companies |
| | Act 1985 with a registered number of 04905599 |
| | The address of the registered office is Acre House, 11-15 William Road London |
| | NW1 3ER |
| | |
+------+---------------------------------------------------------------------------------+
| | The financial statements have been prepared and approved by the directors in |
| | accordance with International Financial Reporting Standards as adopted by the |
| | European Union ('IFRS'), and with those parts of the Companies Act 1985 |
| | applicable to companies reporting under IFRS |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | The financial statements have been prepared under the historical cost |
| | convention or fair value where appropriate. The significant accounting policies |
| | adopted are described below. |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| 1.2 | Going concern |
| | |
+------+---------------------------------------------------------------------------------+
| | The financial statements have been prepared on a going concern basis on the |
| | basis that the directors have been able to secure sufficient funds to ensure |
| | that the company can continue to meet its liabilities as and when they fall |
| | due. On 12 December 2008, the company entered into an overdraft facility |
| | agreement with Wills & Co Financial Group Plc under which Wills & Co. agreed to |
| | provide the company with an unsecured overdraft facility not exceeding |
| | GBP250,000 at a rate of interest of 1 per cent per annum above the base rate of |
| | Barclays Bank Plc as varied from time to time, subject to a minimum of 10 per |
| | cent per annum. On 30 June 2009, Wills & Co. agreed to extend it to 31 July |
| | 2010 when it will be reviewed. |
| | The Directors are actively reviewing future funding requirements. The financial |
| | statements do not contain any adjustments that would be necessary should this |
| | basis not be appropriate. |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| 1.3 | Sources of estimation uncertainty |
| | |
+------+---------------------------------------------------------------------------------+
| | The preparation of the financial statements in conformity with IFRS requires |
| | the use of estimates and assumptions that affect the reported amounts of assets |
| | and liabilities at the date of the financial statements and the reported |
| | amounts of revenue and expenses during the reporting period. Although these |
| | estimates are based on management's best knowledge of the amounts, events or |
| | actions, actual results ultimately may differ from these estimates. |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| 1.4 | New standards and interpretations |
| | |
+------+---------------------------------------------------------------------------------+
| | The financial statements comply with International Financial Reporting |
| | Standards. Relevant International Financial Reporting Standards that have |
| | recently been issued or amended but are not yet effective have not been adopted |
| | for the annual reporting period ended 31 December 2008 are: |
+------+--------------------------------------------+--+------------+---+----------------+
+-------------------+----------------------------------------------------------+
| IFRS /Amendment | Title |
+-------------------+----------------------------------------------------------+
| IFRS 2 amendment | Amendment to Share-based payments: vesting conditions |
| | and cancellations |
+-------------------+----------------------------------------------------------+
| IFRS 3 amendment | Business combinations (revised 2008) |
+-------------------+----------------------------------------------------------+
| IFRS 5 amendment | Non-current assets held-for-sale and discontinued |
| | operations (revised May 2008) |
+-------------------+----------------------------------------------------------+
| IFRS 8 | Operating segments |
+-------------------+----------------------------------------------------------+
| IAS 1 amendment | Presentation of financial statements (revised 2007 and |
| | 2008) |
+-------------------+----------------------------------------------------------+
| IAS 16 | Property, plant and equipment (revised 2008) |
+-------------------+----------------------------------------------------------+
| IAS 19 amendment | Employee benefits (revised 2008) |
+-------------------+----------------------------------------------------------+
| IAS 23 amendment | Borrowing costs (revised 2007 and 2008) |
+-------------------+----------------------------------------------------------+
| IAS 27 amendment | Consolidated and separate financial statements (revised |
| | 2008) |
+-------------------+----------------------------------------------------------+
| IAS 28 amendment | Investment in associates (revised 2008) |
+-------------------+----------------------------------------------------------+
| IAS 31 amendment | Investment in joint ventures (revised 2008) |
+-------------------+----------------------------------------------------------+
| IAS 36 amendment | Impairment of assets |
+-------------------+----------------------------------------------------------+
| IAS 38 amendment | Intangible assets |
+-------------------+----------------------------------------------------------+
| IAS 39 amendment | Financial instruments: recognition and measurement |
| | (revised 2008) |
+-------------------+----------------------------------------------------------+
| IFRIC 15 | Agreements for the construction of Real Estate |
+-------------------+----------------------------------------------------------+
The Directors anticipate that the adoption of these standards and
Interpretations in future periods will have no material impact on the Company's
financial statements.
+------+------------------------------------------+--+-+------------+-+-+-+--------------+
| 1.5 | Financial instruments | | | | |
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | The Company classifies financial instruments, or their component parts, on |
| | initial recognition as a financial asset, a financial liability or an equity |
| | instrument in accordance with the substance of the contractual arrangement. |
| | Financial instruments are recognised on the balance sheet at fair value when |
| | the Company becomes a party to the contractual provisions of the instrument. |
| | |
+------+---------------------------------------------------------------------------------+
| 1.6 | Revenue recognition | | | | |
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | Revenue is stated exclusive of VAT and consists of goods sold and services |
| | provided. |
| | Revenue is recognised when goods and/or services have been provided. |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| 1.7 | Foreign currency translation |
| | |
+------+---------------------------------------------------------------------------------+
| | Transactions denominated in foreign currencies are recorded at the rate of |
| | exchange ruling at the date of the transaction |
+------+---------------------------------------------------------------------------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| 1.8 | Research & development | | | | |
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | Research expenditure is written off to the profit and loss account in the year |
| | which it is incurred. Development expenditure is written off in the same way |
| | unless the directors are satisfied as to the technical, commercial and |
| | financial viability of individual projects. In this situation, the expenditure |
| | is deferred and amortised over the period during which the company is expected |
| | to make sales. |
+------+---------------------------------------------------------------------------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| 1.9 | Impairment | | | | |
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | The Company assesses at each reporting date whether there is an indication that |
| | an assets may be impaired. Assets that are subject to amortisation or |
| | depreciation are reviewed for impairment whenever events or changes in |
| | circumstances indicate that the carrying amount may not be recoverable. |
| | An impairment loss is recognised for the amount by which the asset's carrying |
| | amount exceeds its recoverable amount. The recoverable amount is the higher of |
| | the asset's fair value less costs to sell and value in use. |
+------+---------------------------------------------------------------------------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| 1.10 | Financial Instruments | | | | |
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | Financial assets and financial liabilities are recognised on the balance sheet |
| | when the company becomes a party to the contractual provisions of the |
| | instrument. |
| | The financial instruments, excluding current receivables and payables, comprise |
| | cash or overdraft. The directors consider the fair value not to be materially |
| | different to the carrying value for the financial instruments. During the years |
| | under review, the Company did not enter into derivative transactions and did |
| | not undertaken trading in any financial instruments. |
+------+---------------------------------------------------------------------------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| 1.11 | Trade receivables | | | | |
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | Trade receivables are recognised initially at fair value and subsequently |
| | measured at amortised cost, less provision for impairment. A provision for |
| | impairment of trade receivable is established when there is objective evidence |
| | that the company will not be able to collect all the amounts due according to |
| | the original terms of the receivables. When a trade receivable is |
| | uncollectible, it is written off. |
+------+---------------------------------------------------------------------------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| 1.12 | Cash and cash equivalents | | | | |
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | Cash and cash equivalents in the balance sheet comprise cash at bank and in |
| | hand, demand deposits and other short-term highly liquid investments that are |
| | readily convertible to a known amount of cash and are subject to an |
| | insignificant risk of change in value. |
| | For the purpose of the cash flow statement, cash and cash equivalents consist |
| | of cash and cash equivalents net of outstanding bank overdrafts. |
+------+---------------------------------------------------------------------------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| 1.13 | Financial liabilities and equity | | | | |
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | Financial liabilities and equity instruments are classified according to the |
| | substance of the contractual arrangements entered into. An equity instrument is |
| | any contract that evidences a residual interest in the assets of the entity |
| | after deducting all of its financial liabilities. |
| | Where the contractual obligations of financial instruments (including share |
| | capital) are equivalent to a similar debt instrument, those financial |
| | instruments are classed as financial liabilities. Financial liabilities are |
| | presented as interest bearing loans and borrowings in the balance sheet. |
| | Finance costs and gains or losses relating to financial liabilities are |
| | included in the Income Statement. Finance costs are calculated so as to produce |
| | a constant rate of return on the outstanding liability |
| | Where the contractual terms of share capital do not have any terms meeting the |
| | definition of a financial liability then this is classed as an equity |
| | instrument. Dividends and distributions relating to equity instruments are |
| | debited directly to equity. |
| | |
+------+---------------------------------------------------------------------------------+
| 1.14 | Income tax expense |
| | |
+------+---------------------------------------------------------------------------------+
| | The taxation charge represents the sum of current tax and deferred tax. |
| | The tax currently payable is based on the taxable profit for the period using |
| | the tax rates that have been enacted or substantially enacted by the balance |
| | sheet date. Taxable profit differs from the net profit as reported in the |
| | income statement because it excludes items of income or expense that are |
| | taxable or deductible in other years and it further excludes items that are |
| | never taxable or deductible. |
| | |
+------+---------------------------------------------------------------------------------+
| 1.15 | Deferred taxation | | | | |
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | Deferred tax is recognised, using the liability method, in respect of temporary |
| | differences between the carrying amount of the Company's assets and liabilities |
| | and their tax base. Deferred tax liabilities are offset against deferred tax |
| | assets within the same taxable entity or qualifying local tax group. Any |
| | remaining deferred tax asset is recognised only when, on the basis of all |
| | available evidence, it can be regarded as probable that there will be suitable |
| | taxable profits, within the same jurisdiction, in the foreseeable future |
| | against which the deductible temporary difference can be utilised. Deferred tax |
| | is determined using tax rates that are expected to apply in the periods in |
| | which the asset is realised or liability settled, based on tax rates and laws |
| | that have been enacted or substantially enacted by the balance sheet date. |
| | Deferred tax is recognised in the income statement, except when the tax relates |
| | to items charged or credited directly in equity, in which case the tax is also |
| | recognised in equity |
+------+---------------------------------------------------------------------------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| 1.16 | Share capital |
| | |
+------+---------------------------------------------------------------------------------+
| | The Company has one class of ordinary share, which carries no rights to fixed |
| | income. All ordinary shares are entitled to receive dividends as declared from |
| | time to time and are entitled to one vote per share at meetings of the Company. |
| | All shares rank equally with regard to the Company's residual assets. |
| | Ordinary shares issued by the Company are classified as equity and recorded at |
| | fair value on initial recognition received, net of direct issue costs. |
| | |
+------+---------------------------------------------------------------------------------+
| 1.17 | Trade and other payables | | | | |
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | Trade payables are initially recognised at fair value and subsequently at |
| | amortised cost using the effective interest method. The fair value of the |
| | Company's trade and other payables is equivalent to their book values as set |
| | out in the financial information. |
+------+---------------------------------------------------------------------------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| 2 | SEGMENTAL REPORTING | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | | | | | |
+------+------------------------------------------+--+--------------+---+----------------+
| | The Company's primary and only segment relates to the geographical market in |
| | which it sells its goods and services. |
| | |
+------+---------------------------------------------------------------------------------+
| | Geographical market | | | | |
| | | | | | |
+------+------------------------------------------+----+------------+---+----------------+
| | | | Turnover |
+------+------------------------------------------+----+---------------------------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | 2008 | | 2007 |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | GBP | | GBP |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Europe | | 23,802 | | 192,056 |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| 3 | OTHER INCOME AND EXPENSES | | 2008 | | 2007 |
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Net Finance costs | | GBP | | GBP |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Bank interest | | 18 | | 2 |
+------+------------------------------------------+----+--------------+---+--------------+
| | Other loan interest | | - | | 13,431 |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | 18 | | 13,433 |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Administrative expenses include: | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | 2008 | | 2007 |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | GBP | | GBP |
+------+------------------------------------------+----+--------------+---+--------------+
| | Depreciation on tangible assets | | - | | - |
| | Impairment of assets | | 12 | | 115,656 |
+------+------------------------------------------+----+--------------+---+--------------+
| | Auditor's remuneration - audit services | | 10,875 | | 15,000 |
+------+------------------------------------------+----+--------------+---+--------------+
| | Auditor's remuneration - non- audit | | 2,937 | | - |
| | services | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Directors Emoluments | | | | |
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | There were no directors' emoluments during the year (2007: | | |
| | nil) | | |
+------+--------------------------------------------------------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Employees | | | | |
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | There were no employees during the year | | | | |
| | (2007: nil) | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| 4 | Taxation | | 2008 | | 2007 |
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | GBP | | GBP |
+------+------------------------------------------+----+--------------+---+--------------+
| | Current tax charge | | - | | - |
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Prior year | | - | | 18,324 |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | - | | 18,324 |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Factors affecting the tax charge for the | | | | |
| | period | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Loss on ordinary activities before | | ( 41,760 ) | | ( 425,393) |
| | taxation | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Loss on ordinary activities before | | ( 11,692 ) | | (127,618) |
| | taxation multiplied by standard rate of | | | | |
| | corporation tax of 28.0% (2007 - 30.0%) | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Effects of: | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Non deductible expenses | | - | | 136,310 |
+------+------------------------------------------+----+--------------+---+--------------+
| | Movement in losses | | 11,692 | | (8,692) |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | Current tax charge | | - | | - |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | | | | | |
+------+------------------------------------------+----+--------------+---+--------------+
| | As at 31 December 2008 a deferred tax asset of approximately GBP137,000 (2007: |
| | GBP125,000) existed at a rate of 28 per cent (2007: 28 per cent). No deferred |
| | tax asset has been recognised due to the uncertainty over the availability of |
| | future trading profits to offset against these losses |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| | |
+------+---------------------------------------------------------------------------------+
| 5 | Loss per share |
| | |
+------+---------------------------------------------------------------------------------+
| | Basic earnings per ordinary share have been calculated using the weighted |
| | average number of shares in issue during the financial year. The weighted |
| | average number of equity shares in issue is 25,025,000 (2007: 25,025,000) and |
| | the loss after tax is GBP 41,760 (2007: GBP407,069). |
| | |
+------+---------------------------------------------------------------------------------+
| | Losses attributable to equity holders of the Company |
+------+---------------------------------------------------------------------------------+
| | | | | |
+------+-----------------------------------------------+--------------+---+--------------+
| | | 2008 | | 2007 |
+------+-----------------------------------------------+--------------+---+--------------+
| | | | | |
+------+-----------------------------------------------+--------------+---+--------------+
| | Basic and diluted | (0.16)p | | (1.62)p |
+------+-----------------------------------------------+--------------+---+--------------+
| | | | | |
+------+-----------------------------------------------+--------------+---+--------------+
| | | | | |
+------+-----------------------------------------------+--------------+---+--------------+
| | | | | |
+------+------------------------------------------+--+-+------------+-+-+-+--------------+
+------+----------------------------+---------+-----+-----+-----+-----+-----+-----+--------------+
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| 6 | TANGIBLE FIXED ASSETS | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | Computer & |
| | | | | | office |
| | | | | | equipment |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | GBP |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | At 1 January 2008 and at 31 December 2008 | | | 142,985 |
+------+--------------------------------------------------+-----------+-----------+--------------+
| | | | | | |
+------+----------------------------+---------------------+-----------+-----------+--------------+
| | Depreciation & impairment | | | | |
+------+----------------------------+---------------------+-----------+-----------+--------------+
| | At 1 January 2008 and at 31 December 2008 | | | 142,985 |
+------+--------------------------------------------------+-----------+-----------+--------------+
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | Net book value | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | At 31 December 2008 and 2007 | | | | - |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| 7 | Investments | | | | |
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | Shares in |
| | | | | | subsidiary |
| | | | | | undertakings |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | GBP |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | At 1 January 2008 | | | | 12 |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | Impairment | | | | (12) |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | As at 31 December 2008 | | | | - |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | Holdings of more than 20% | | | | |
| | | | | | |
+------+--------------------------------------+-----------+-----------+-----------+--------------+
| | The company holds more than 20% of the share capital of the following company: |
| | |
+------+-----------------------------------------------------------------------------------------+
| | Company | Country | Class | % | Principal activity |
| | | of | | ownership | |
| | | incorporation | | | |
+------+----------------------------+---------------+-----------+-----------+--------------------+
| | Atelis Israel Ltd. | Israel | Ordinary | 100 | Dormant |
+------+----------------------------+---------------+-----------+-----------+--------------------+
| | | | | | |
+------+----------------------------+---------------+-----------+-----------+--------------------+
| | On 5 December 2008, notification was given to the relevant Israeli government |
| | bodies of the closure of Atelis Israel Ltd which is now under the control of its |
| | accountants who will undertake the necessary administrative procedures to finalise |
| | the closure process. |
| | |
+------+-----------------------------------------------------------------------------------------+
| | | | | | |
+------+----------------------------+---------+-----+-----+-----+-----+-----+-----+--------------+
+------+-----------------------------------------+----+--------------+----+--------------+
| 8 | Trade and other payables | | | | |
| | | | | | |
+------+-----------------------------------------+----+--------------+----+--------------+
| | | | | | |
+------+-----------------------------------------+----+--------------+----+--------------+
| | | | 2008 | | 2007 |
+------+-----------------------------------------+----+--------------+----+--------------+
| | | | GBP | | GBP |
+------+-----------------------------------------+----+--------------+----+--------------+
| | | | | | |
+------+-----------------------------------------+----+--------------+----+--------------+
| | Trade payables | | 148,941 | | 105,596 |
+------+-----------------------------------------+----+--------------+----+--------------+
| | Taxation and social security | | 2,919 | | - |
+------+-----------------------------------------+----+--------------+----+--------------+
| | Accruals and deferred income | | 48,170 | | 54,545 |
+------+-----------------------------------------+----+--------------+----+--------------+
| | | | 200,010 | | 160,141 |
+------+-----------------------------------------+----+--------------+----+--------------+
| | Bank overdraft | | 553 | | - |
+------+-----------------------------------------+----+--------------+----+--------------+
| | Unsecured loan | | 24,980 | | 24,980 |
+------+-----------------------------------------+----+--------------+----+--------------+
| | | | | | |
+------+-----------------------------------------+----+--------------+----+--------------+
| | | | 225,543 | | 185,121 |
+------+-----------------------------------------+----+--------------+----+--------------+
| | | | | | |
+------+-----------------------------------------+----+--------------+----+--------------+
| | | | | | |
+------+-----------------------------------------+----+--------------+----+--------------+
| | | | | | |
+------+-----------------------------------------+----+--------------+----+--------------+
| | | | | | |
+------+-----------------------------------------+----+--------------+----+--------------+
| | On 12 December 2008, the company entered into an overdraft facility agreement |
| | with Wills & Co Financial Group Plc under which Wills & Co. agreed to provide |
| | the company with an unsecured overdraft facility not exceeding GBP250,000 at a |
| | rate of interest of 1 per cent per annum above the base rate of Barclays Bank |
| | Plc as varied from time to time, subject to a minimum of 10 per cent per annum. |
| | On 30 June 2009, Wills & Co. agreed to extend it to 31 July 2010 when it will |
| | be reviewed. |
| | |
+------+-----------------------------------------+----+--------------+----+--------------+
+------+---------------------------------------------+--------------+----+--------------+
| 9 | Share capital | | | |
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | 2008 | | 2007 |
+------+---------------------------------------------+--------------+----+--------------+
| | | GBP | | GBP |
+------+---------------------------------------------+--------------+----+--------------+
| | Authorised | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | 1,000,000,000 ordinary shares of GBP0.0025 | 2,500,000 | | 2,500,000 |
| | each | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | Allotted, called up and fully paid | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | 25,025,000 ordinary shares of GBP0.0025 | 62,562 | | 62,562 |
| | each | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
+------+---------------------------------------------+--------------+----+--------------+
| 10 | Reconciliation of operating loss to net cash outflow from operating activities |
| | |
+------+--------------------------------------------------------------------------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | 2008 | | 2007 |
+------+---------------------------------------------+--------------+----+--------------+
| | | GBP | | GBP |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | Operating loss | ( 41,760) | | (411,960) |
+------+---------------------------------------------+--------------+----+--------------+
| | Depreciation/Impairment | 12 | | 115,676 |
+------+---------------------------------------------+--------------+----+--------------+
| | Decrease in debtors | - | | 269,447 |
+------+---------------------------------------------+--------------+----+--------------+
| | Increase in creditors within one year | 39,887 | | 28,087 |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | Net cash (outflow)/inflow from operating | (1,861) | | 1,250 |
| | activities | | | |
+------+---------------------------------------------+--------------+----+--------------+
| | | | | |
+------+---------------------------------------------+--------------+----+--------------+
+------+------------------------------------------+--+--------------+----+--------------+
| 11 | CASH & CASH EQUIVALENTS | | 2008 | | 2007 |
| | | | | | |
+------+------------------------------------------+--+--------------+----+--------------+
| | | | GBP | | GBP |
+------+------------------------------------------+--+--------------+----+--------------+
| | | | (553) | | 1,326 |
+------+------------------------------------------+--+--------------+----+--------------+
| | | | | | |
+------+------------------------------------------+--+--------------+----+--------------+
| | The fair value of cash and cash equivalents at 31 December 2008 was (GBP553) |
| | overdraft (2007: GBP1,326). |
| | The Company currently has no agreed overdraft facility. |
| | |
+------+--------------------------------------------------------------------------------+
| | | | | | |
+------+------------------------------------------+--+--------------+----+--------------+
| | | | | | |
+------+------------------------------------------+--+--------------+----+--------------+
| | For the purposes of the cashflow statement, cash and cash equivalents comprise |
| | the following at 31 December 2008 |
+------+--------------------------------------------------------------------------------+
| | | | | | |
+------+------------------------------------------+--+--------------+----+--------------+
| | | | 2008 | | 2007 |
+------+------------------------------------------+--+--------------+----+--------------+
| | | | GBP | | GBP |
+------+------------------------------------------+--+--------------+----+--------------+
| | | | | | |
+------+------------------------------------------+--+--------------+----+--------------+
| | Cash at bank and in hand | | - | | 1,326 |
+------+------------------------------------------+--+--------------+----+--------------+
| | Bank overdraft | | (553) | | - |
+------+------------------------------------------+--+--------------+----+--------------+
| | | | | | |
+------+------------------------------------------+--+--------------+----+--------------+
| | | | (553) | | 1,326 |
+------+------------------------------------------+--+--------------+----+--------------+
| | | | | | |
+------+------------------------------------------+--+--------------+----+--------------+
| | | | | | |
+------+------------------------------------------+--+--------------+----+--------------+
| | | | | | |
+------+------------------------------------------+--+--------------+----+--------------+
| 12 | Financial Instruments |
| | |
+------+--------------------------------------------------------------------------------+
| | The Company's financial instruments comprise cash at bank and various items |
| | such trade creditors that arose directly from its operations. The main purpose |
| | of these instruments is to provide finance for operations. The Company has not |
| | entered into derivatives transactions and does not trade in financial |
| | instruments as a matter of policy. The main future risks arising from the |
| | Company's financial instruments are interest rate risk and liquidity risk. |
| | There is no currency risk as the Company trades in Sterling. |
+------+--------------------------------------------------------------------------------+
| | |
+------+--------------------------------------------------------------------------------+
| | Operations to date have been financed through a placing of shares. |
+------+--------------------------------------------------------------------------------+
| | |
+------+--------------------------------------------------------------------------------+
| 12 | FINANCIAL INSTRUMENTS CONTINUED |
+------+--------------------------------------------------------------------------------+
| | Interest rate risk |
| | The company's exposure to changes in interest rates relates primarily to cash |
| | at bank. Cash is held either on current or on short-term deposits at floating |
| | rates of interest determined by the relevant bank's prevailing base rate. The |
| | company seeks to obtain a favourable interest rate on its cash balances |
| | through the use of bank treasury deposits |
+------+--------------------------------------------------------------------------------+
| | |
+------+--------------------------------------------------------------------------------+
| | Borrowing facilities |
| | The operations to date have been financed through the placing of shares and |
| | the company did not have or request bank-borrowing facilities during the |
| | period other than the facility offered by Wills & Co. Financial Group Plc. The |
| | directors consider that there is no significant difference between the book |
| | value and fair value of the company's financial assets and liabilities. |
| | |
+------+--------------------------------------------------------------------------------+
| 13 | related party transactions |
+------+--------------------------------------------------------------------------------+
| | Included in Other loans is a loan of GBP24,980 (2007: GBP24,980) from S. |
| | Tucker who under IAS 24 is considered to be a related party by virtue of her |
| | relationship with I. Farrell, a shareholder of the Company. The loan subject |
| | to interest of GBP595 per month from 25 May 2006 to 31 December 2008 and a fee |
| | of GBP10,000 Accrued interest as at 31 December 2008 was GBP18,445 (2007: |
| | GBP18,445). Both amounts are included within accrued costs. |
| | |
+------+--------------------------------------------------------------------------------+
| 14 | post balance sheet events |
+------+--------------------------------------------------------------------------------+
| | On 12 December 2008, the company entered into an overdraft facility agreement |
| | with Wills & Co Financial Group Plc under which Wills & Co. agreed to provide |
| | the company with an unsecured overdraft facility not exceeding GBP250,000 at a |
| | rate of interest of 1 per cent per annum above the base rate of Barclays Bank |
| | Plc as varied from time to time, subject to a minimum of 10 per cent per |
| | annum. On 30 June 2009, Wills & Co. agreed to extend it to 31 July 2010 when |
| | it will be reviewed. |
| | |
+------+--------------------------------------------------------------------------------+
| | |
+------+------------------------------------------+--+--------------+----+--------------+
Note to the announcement:
The financial information set out above for the years to 31 December 2008 and 31
December 2007 does not constitute statutory accounts as defined in Section 240
of the Companies Act 1985, but is derived from those accounts. Whilst the
financial information included in this announcement has been compiled in
accordance with International Financial Reporting Standards ("IFRS"), this
announcement itself does not contain sufficient information to comply with IFRS.
A copy of the statutory accounts for 2007 has been delivered to the Registrar of
Companies and those for 2008 have been posted to Shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SDEFUSSUSEFM
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