Final Results
01 12월 2004 - 1:14AM
UK Regulatory
RNS Number:8368F
Advance Visual Communications PLC
30 November 2004
ADVANCE VISUAL COMMUNICATIONS PLC
Preliminary results
For the year ended 30 June 2004
Chairman's statement
Background
During the past year, your Board has continued to assess various appropriate
opportunities to reverse a new business into the Company. The criteria which the
Board had set were to identify good quality profitable businesses, the logic
being that a reverse acquisition of such a business by AVC could prove to be an
attractive route to market for the target company and one which may allow your
Board to create value over the longer term for shareholders. This has not proved
possible, mainly because as stockmarket conditions steadily improved during the
year, many good quality businesses were able to pursue their own flotation plans
independently. Your Board was further hampered by the fact that the limited
amount of cash remaining made the undertaking of due diligence extremely
difficult. Consequently, your Board has subsequently held discussions with a
number of parties with a view to seeking a capital injection into the Company.
Advance Visual Communications SA in Geneva made a distribution of #22,527 to AVC
as a final distribution and the liquidation process for this Company has now
been completed.
Results
Revenues for the year ended 30 June 2004 were nil, which reflects the previous
close-down of the Group's remaining operating activities.
Losses before and after taxation for the period were #112,320 compared to a
#197,522 loss before and after taxation for the prior year comparable period.
Running costs have now been reduced to a minimum and there are no full time
employees in the Company. Ongoing operating costs relate principally to
maintaining the Company's trading facility on AIM. The Board consists of myself,
Graham Leask and Massoud Amiri, all non-executive Directors.
The cash balances at the end of the period were #87,999 of which #76,707 was
held by the Company in the UK. By 24 November 2004, these had reduced to #79,813
(amounting to 0.049p per share) and #70,275 (amounting to 0.044p per share)
respectively.
Prospects
I would draw your attention to the fact that the cash reserves are declining
steadily and that the Directors do not consider that the Company can continue
for a period of at least twelve months from the date of signing the accounts.
Accordingly, the accounts for the year ended 30 June 2004 are not presented on a
going concern basis and, in the absence of a capital injection proceeding in the
near future, your Board will need to consider placing the Company into voluntary
liquidation.
Barclay Douglas
Chairman of the Board
ADVANCE VISUAL COMMUNICATIONS PLC
Consolidated profit and loss account
Year ended 30 June 2004
Year ended 30 June Year ended 30 June
2004 2003
# #
Turnover
Continuing operations - -
Discontinued operations - -
- -
Administrative expenses (139,142) (244,357)
Operating loss
Continuing operations (139,142) (145,021)
Discontinued operations - (99,336)
(139,142) (244,357)
Profit/(loss) on disposal and liquidation of 22,527 40,070
subsidiaries
Interest receivable (bank interest) 4,295 7,052
Interest payable and similar charges - (287)
Loss on ordinary activities before taxation (112,320) (197,522)
Tax on loss on ordinary activities - -
Loss on ordinary activities after taxation for the
financial year withdrawn from reserves (112,320) (197,522)
Basic loss per ordinary share (0.1)p (0.1)p
Diluted loss per ordinary share (0.1)p (0.1)p
ADVANCE VISUAL COMMUNICATIONS PLC
Consolidated balance sheet
30 June 2004
30 June 2004 30 June 2003
# #
Fixed assets
Tangible - -
Current assets
Debtors - 15,175
Cash at bank and in hand 87,999 200,886
87,999 216,061
Creditors: amounts falling due within one year (31,492) (47,234)
Net current assets 56,507 168,827
Total assets less current liabilities 56,507 168,827
Capital and reserves
Called up share capital 1,615,755 1,615,755
Share premium account 6,634,893 6,634,893
Merger reserve 1,645,924 1,645,924
Profit and loss account (9,840,065) (9,727,745)
Total equity shareholders' funds 56,507 168,827
ADVANCE VISUAL COMMUNICATIONS PLC
Consolidated cash flow statement
Year ended 30 June 2004
Year ended Year ended
30 June 2004 30 June 2003
# #
Net cash outflow in respect of operating activities (139,709) (256,734)
Returns on investments and servicing of finance
Interest received 4,295 7,052
Interest and interest element of finance lease rentals - (287)
Net cash inflow from returns on investments and servicing
of finance 4,295 6,765
Acquisitions and disposals 22,527 40,070
Net cash inflow from acquisitions and disposals 22,527 40,070
Decrease in cash (112,887) (209,899)
Statement of total recognised gains and losses
Year ended 30 June 2004
Year Year
ended 30 June 2004 ended 30 June 2003
# #
Loss for the financial year and total recognised gains and
losses relating to the year (112,320) (197,522)
Notes on the Preliminary Results
1. The financial information incorporated in this announcement does not
constitute full statutory accounts within the meaning of the Companies Act
1985 but is derived from those accounts. Full accounts for the year ended
30 June 2003 upon which Deloitte & Touche LLP have given an unqualified
audit report have been filed with the Registrar of Companies. Full accounts
for the year ended 30 June 2004, prepared on the basis that the Company is
no longer a going concern due to the lack of availability of post year-end
funding and financial support, upon which MRI Moores Rowland LLP have given
an unqualified audit report will be filed with the Registrar of Companies
in due course. Neither report contained statements under Section 237(2) or
(3) of the Companies Act 1985.
2. The calculation of basic loss per share is based on the loss attributable
to ordinary shareholders divided by the weighted average number of shares
in issue during the period of 161,575,486 (2003: 161,575,486). FRS 14
requires presentation of diluted earnings per share when a company could be
called upon to issue shares that would decrease net profit or increase net
loss per share. For a loss making company with outstanding share options,
net loss per share would only increase by the exercise of out-of-the-money
options. Since it is inappropriate to assume that the option holders would
act irrationally and there are no other diluting future share issues for
the current year, diluted loss per share equals basic loss per share.
3. Reconciliation of operating loss to net cash outflow from operating
activities:
Year ended 30 June Year ended 30 June
2004 2003
# #
Operating loss (139,142) (244,357)
Loss before interest and tax (139,142) (244,357)
Depreciation - 858
Decrease/(increase) in debtors 15,175 (2,250)
Decrease in creditors (15,742) (10,985)
Net cash outflow from operating activities (139,709) (256,734)
4. Reconciliation of movements in equity shareholders' funds:
Year ended 30 June Year ended 30 June
2004 2003
# #
Group
Loss for the financial year (112,320) (197,522)
Issue of shares - -
Net reductions in equity shareholders' funds (112,320) (197,522)
Opening equity shareholders' funds 168,827 366,349
Closing equity shareholders' funds 56,507 168,827
5. The Registered Office of the Company is 3 Sheldon Square, London W2 6PS.
Copies of the Annual Report and Accounts may be obtained from the Company
Secretary at this address.
6. This announcement has been prepared on the basis of the accounting
policies as stated in the previous years' financial statements.
Enquiries:
Advance Visual Communications plc:
Graham Leask 01628 552 000
Shore Capital:
Alex Borrelli 020 7408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Advance Visual Communications (LSE:ACV)
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Advance Visual Communications (LSE:ACV)
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