Preliminary Results
05 2월 2010 - 11:00PM
UK Regulatory
TIDMCRK
RNS Number : 7638G
Clerkenwell Ventures PLC
05 February 2010
Clerkenwell Ventures PLC - Unaudited Preliminary Results
5 February 2010
Unaudited Preliminary Results for the year ended 30 September 2009
Clerkenwell Ventures PLC ("Clerkenwell Ventures" or "the Company") announces its
preliminary results for the year ended 30 September 2009.
Highlights:
· Net cash as at 30 September 2009 of GBP3.1 million (2008: GBP29.9
million)
· Loss before taxation for the year ended 30 September 2009 of GBP0.4m
(2008: profit of GBP0.7m)
Enquiries
Clerkenwell Ventures PLC
David Page, Non-executive Chairman
Telephone: 07836 346934
Seymour Pierce Limited
Telephone: 020 7107 8000
Nicola Marrin
Clerkenwell Ventures PLC
Unaudited Preliminary Results
for the year ended 30 September 2009
Chairman's Statement
It gives me pleasure to report the preliminary results of Clerkenwell Ventures
for the year ended 30 September 2009.
Investment strategy
We have continued to evaluate a number of businesses.
Results
Loss after taxation for the year ended 30 September 2009 was GBP346,000 (2008:
profit of GBP414,000). As at 30 September 2009, Clerkenwell Ventures' net cash
balances amounted to GBP3.1 million (2008: GBP29.9 million).
Corporate activity
In March 2009, the Company returned GBP26.79 million to shareholders by way of a
bonus issue and capital reduction.
David Page
Non-executive Chairman
5 February 2010
Clerkenwell Ventures PLC
Unaudited Income Statement
for the year ended 30 September 2009
+------------------------------------+-------+----------+-----------+-----------+
| |Notes | | Year | Year |
| | | | ended | ended |
| | | | 30 | 30 |
| | | | September | September |
| | | | 2009 | 2008 |
| | | | Unaudited | Unaudited |
| | | | | |
| | | | GBP'000 | GBP'000 |
+------------------------------------+-------+----------+-----------+-----------+
| Continuing operations | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| Administrative expenses | | | (331) | (530) |
+------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| Operating loss before share based | | | (331) | (530) |
| payments | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| Share based payments | | | (297) | (307) |
+------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| Operating loss | | | (628) | (837) |
+------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| Finance income | | | 238 | 1,574 |
+------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| (Loss)/profit on ordinary | | | (390) | 737 |
| activities before taxation | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| Taxation receivable/(payable) | 3 | | 44 | (323) |
+------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| (Loss)/profit for the year | | | (346) | 414 |
+------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| (Loss)/earnings per share | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+------------------------------------+-------+----------+-----------+-----------+
| Basic | 4 | | (4.2)p | 5.0p |
+------------------------------------+-------+----------+-----------+-----------+
| Diluted | 4 | | (4.2)p | 5.0p |
+------------------------------------+-------+----------+-----------+-----------+
Clerkenwell Ventures PLC
Unaudited Balance Sheet
as at 30 September 2009
+------------------------------+------------+----------+-----------+-----------+
| | | | As at | As at |
| | | | 30 | 30 |
| | | | September | September |
| | | | 2009 | 2008 |
| | | | Unaudited | Unaudited |
| | | | | |
| | | | GBP'000 | GBP'000 |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| Non current Assets | | | | |
+------------------------------+------------+----------+-----------+-----------+
| Property, plant and | | | 2 | 3 |
| equipment | | | | |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| | | | 2 | 3 |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| Current Assets | | | | |
+------------------------------+------------+----------+-----------+-----------+
| Trade and other receivables | | | 6 | 276 |
+------------------------------+------------+----------+-----------+-----------+
| Cash and cash equivalents | | | 3,146 | 29,918 |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| | | | 3,152 | 30,194 |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| Total Assets | | | 3,154 | 30,197 |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| Current Liabilities | | | | |
+------------------------------+------------+----------+-----------+-----------+
| Trade and other payables | | | (85) | (107) |
+------------------------------+------------+----------+-----------+-----------+
| Current taxation liabilities | | | (13) | (310) |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| | | | (98) | (417) |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| Net current assets | | | 3,054 | 29,777 |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| Net assets | | | 3,056 | 29,780 |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| Equity | | | | |
+------------------------------+------------+----------+-----------+-----------+
| Share capital | | | 83 | 4,122 |
+------------------------------+------------+----------+-----------+-----------+
| Share premium account | | | 2,262 | 24,898 |
+------------------------------+------------+----------+-----------+-----------+
| Retained earnings | | | 711 | 760 |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
| Total shareholders' equity | | | 3,056 | 29,780 |
+------------------------------+------------+----------+-----------+-----------+
| | | | | |
+------------------------------+------------+----------+-----------+-----------+
Clerkenwell Ventures PLC
Unaudited Cash Flow Statement
for the year ended 30 September 2009
+----------------------------------------+-------+----------+-----------+-----------+
| |Notes | | Year | Year |
| | | | ended | ended |
| | | | 30 | 30 |
| | | | September | September |
| | | | 2009 | 2008 |
| | | | Unaudited | Unaudited |
| | | | | |
| | | | GBP'000 | GBP'000 |
+----------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| Net cash absorbed by operating | 5 | | (335) | (905) |
| activities | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| Investing activities | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| Interest received | | | 238 | 1,574 |
+----------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| Net cash generated by investing | | | 238 | 1,574 |
| activities | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| Financing activities | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| Proceeds from issuance of new ordinary | | | 150 | 4 |
| shares (net of expenses) | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| Proceeds from bonus issuance of new B | | | (38) | - |
| shares (net of expenses) | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| Return of capital | | | (26,787) | - |
+----------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| Net cash (used)/received from | | | (26,675) | 4 |
| financing activities | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| Net (decrease)/increase in cash and | | | (26,772) | 673 |
| cash equivalents | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| Cash and cash equivalents at beginning | | | 29,918 | 29,245 |
| of the period | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| Cash and cash equivalents at end of | | | 3,146 | 29,918 |
| period | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
| | | | | |
+----------------------------------------+-------+----------+-----------+-----------+
Clerkenwell Ventures
Unaudited Statement of Changes in Shareholders' Equity
for the year ended 30 September 2009
+------------+----------+----------+----------+----------+
| | Share | Share | Retained | Total |
| | capital | premium | | equity |
| | | | earnings | |
| | GBP'000 | GBP'000 | | GBP'000 |
| | | | GBP'000 | |
+------------+----------+----------+----------+----------+
| | | | | |
+------------+----------+----------+----------+----------+
| At 1 | 4,122 | 24,894 | 39 | 29,055 |
| October | | | | |
| 2007 | | | | |
+------------+----------+----------+----------+----------+
| | | | | |
+------------+----------+----------+----------+----------+
| Profit | - | - | 414 | 414 |
| for | | | | |
| the | | | | |
| period | | | | |
+------------+----------+----------+----------+----------+
| | | | | |
+------------+----------+----------+----------+----------+
| Total | - | - | 414 | 414 |
| recognised | | | | |
| income and | | | | |
| expense | | | | |
+------------+----------+----------+----------+----------+
| | | | | |
+------------+----------+----------+----------+----------+
| Ordinary | - | 4 | - | 4 |
| shares | | | | |
| issued | | | | |
| (net of | | | | |
| expenses) | | | | |
+------------+----------+----------+----------+----------+
| Share | - | - | 307 | 307 |
| based | | | | |
| payments | | | | |
+------------+----------+----------+----------+----------+
| | | | | |
+------------+----------+----------+----------+----------+
| At 30 | 4,122 | 24,898 | 760 | 29,780 |
| September | | | | |
| 2008 | | | | |
+------------+----------+----------+----------+----------+
| | | | | |
+------------+----------+----------+----------+----------+
| Loss | - | - | (346) | (346) |
| for | | | | |
| the | | | | |
| period | | | | |
+------------+----------+----------+----------+----------+
| | | | | |
+------------+----------+----------+----------+----------+
| Total | - | - | (346) | (346) |
| recognised | | | | |
| income and | | | | |
| expense | | | | |
+------------+----------+----------+----------+----------+
| | | | | |
+------------+----------+----------+----------+----------+
| Ordinary | 50 | 100 | - | 150 |
| shares | | | | |
| issued | | | | |
| (net of | | | | |
| expenses) | | | | |
+------------+----------+----------+----------+----------+
| Bonus | 22,698 | (22,736) | - | (38) |
| issue | | | | |
| of B | | | | |
| shares | | | | |
| (net | | | | |
| of | | | | |
| expenses) | | | | |
+------------+----------+----------+----------+----------+
| Return | (26,787) | - | - | (26,787) |
| of | | | | |
| capital | | | | |
+------------+----------+----------+----------+----------+
| Share | - | - | 297 | 297 |
| based | | | | |
| payments | | | | |
+------------+----------+----------+----------+----------+
| | | | | |
+------------+----------+----------+----------+----------+
| At 30 | 83 | 2,262 | 711 | 3,056 |
| September | | | | |
| 2009 | | | | |
+------------+----------+----------+----------+----------+
| | | | | |
+------------+----------+----------+----------+----------+
| | | | | |
+------------+----------+----------+----------+----------+
Clerkenwell Ventures PLC
Notes to the Unaudited Preliminary Results
for the year ended 30 September 2009
1. General information
Clerkenwell Ventures PLC is a company incorporated in the United Kingdom under
the Companies Act 1985. The address of the registered office is 1 Park Row,
Leeds, LS1 5AB, United Kingdom. Copies of this Preliminary Statement may be
obtained from the above address or the investor section of the Company's website
at http://www.clerkenwellventures.com.
2. Basis of preparation
The unaudited preliminary results for the year ended 30 September 2009 has been
prepared under the recognition and measurement principles of International
Financial Reporting Standards as adopted by the EU ("IFRS") based on the
accounting policies consistent with those used in the financial statements for
the year ended 30 September 2009.
The preliminary results for the year ended 30 September 2009 do not constitute
statutory accounts within the meaning of section 434 of the Companies Act 2006.
Statutory accounts for the year ended 30 September 2008 were prepared under IFRS
and have been delivered to the Registrar of Companies. The audit report on these
statutory accounts was unqualified and did not contain a statement either under
section 237(2) or 237(3) of the Companies Act 1985.
The financial information for the year ended 30 September 2008 has been
extracted from the statutory accounts for the Group for the period.
The preliminary announcement is presented in Pounds Sterling because that is the
currency of the primary economic environment in which the group operates. All
values are rounded to the nearest thousand Pounds (GBP'000) except when
otherwise indicated.
3. Taxation
+---------------------------------+----+-----------+-----------+
| | | Year | Year |
| | | ended | ended |
| | | 30 | 30 |
| | | September | September |
| | | 2009 | 2008 |
| | | Unaudited | Unaudited |
| | | | |
| | | GBP'000 | GBP'000 |
+---------------------------------+----+-----------+-----------+
| | | | |
+---------------------------------+----+-----------+-----------+
| Based on the result for the | | | |
| period: | | | |
+---------------------------------+----+-----------+-----------+
| UK Corporation tax at 28% | | - | 310 |
| (2008: 29%) | | | |
+---------------------------------+----+-----------+-----------+
| (Over)/under provision in | | (44) | 13 |
| earlier periods | | | |
+---------------------------------+----+-----------+-----------+
| | | | |
+---------------------------------+----+-----------+-----------+
| Total current tax | | (44) | 323 |
+---------------------------------+----+-----------+-----------+
| | | | |
+---------------------------------+----+-----------+-----------+
4. Earnings per share
+--------------------------------+-----+-----------+-----------+
| | | Year | Year |
| | | ended | ended |
| | | 30 | 30 |
| | | September | September |
| | | 2009 | 2008 |
| | | Unaudited | Unaudited |
| | | | |
| | | GBP'000 | GBP'000 |
+--------------------------------+-----+-----------+-----------+
| | | | |
+--------------------------------+-----+-----------+-----------+
| Earnings for the purposes of | | | |
| basic and diluted earnings per | | | |
| share: | | (346) | 414 |
| - (Loss)/profit for the year | | | |
+--------------------------------+-----+-----------+-----------+
| Share based payments | | 297 | 307 |
+--------------------------------+-----+-----------+-----------+
| | | | |
+--------------------------------+-----+-----------+-----------+
| Adjusted (loss)/profit for the | | | |
| period for the purposes of | | (49) | 721 |
| headline basic and diluted | | | |
| earnings per share | | | |
+--------------------------------+-----+-----------+-----------+
| | | | |
+--------------------------------+-----+-----------+-----------+
| | | | |
+--------------------------------+-----+-----------+-----------+
| | | Weighted | Weighted |
| | | Average | |
| | | number | Average |
| | | of shares | number |
| | | | of |
| | | | shares |
| | | '000 | Restated |
| | | | |
| | | | '000 |
+--------------------------------+-----+-----------+-----------+
| Weighted average number of | | | |
| shares in issue for the | | 8,331 | 8,245 |
| purposes of basic earnings per | | | |
| share | | | |
+--------------------------------+-----+-----------+-----------+
| | | | |
| Effect of dilutive potential | | | |
| ordinary shares: | | | |
+--------------------------------+-----+-----------+-----------+
| - Share options | | - | 50 |
+--------------------------------+-----+-----------+-----------+
| | | | |
+--------------------------------+-----+-----------+-----------+
| Weighted average number of | | | |
| shares for the purposes of | | 8,331 | 8,295 |
| diluted earnings per share | | | |
+--------------------------------+-----+-----------+-----------+
| | | | |
+--------------------------------+-----+-----------+-----------+
| | | | |
+--------------------------------+-----+-----------+-----------+
| (Loss)/earnings per share: | | | Restated |
| | | | |
+--------------------------------+-----+-----------+-----------+
| | | | |
+--------------------------------+-----+-----------+-----------+
| Basic | | (4.2p) | 5.0p |
+--------------------------------+-----+-----------+-----------+
| Diluted | | (4.2p) | 5.0p |
+--------------------------------+-----+-----------+-----------+
| | | | |
+--------------------------------+-----+-----------+-----------+
| Adjusted basic | | (0.6p) | 8.7p |
+--------------------------------+-----+-----------+-----------+
| Adjusted diluted | | (0.6p) | 8.7p |
+--------------------------------+-----+-----------+-----------+
| | | | |
+--------------------------------+-----+-----------+-----------+
The Company returned GBP26.79 million to shareholders by way of a bonus issue of
272 B Shares per ordinary share of 5p each and a capital reduction which
cancelled the B Shares and reduced the nominal value of each ordinary share from
5 pence to 0.1 pence each. On 9 March 2009, every 10 ordinary share of 0.1 pence
each in the Company was consolidated into 1 new ordinary share of 1 pence each
in the Company. The weighted average number of shares in issue for the year
ended 30 September 2008 above has therefore been restated assuming that the
consolidation had taken place.
5. Notes to the cash flow statement
Reconciliation of net cash flow from operating activities
+-------------------------------------+----------+-----------+-----------+
| | | Year | Year |
| | | ended | ended |
| | | 30 | 30 |
| | | September | September |
| | | 2009 | 2008 |
| | | Unaudited | Unaudited |
| | | | |
| | | GBP'000 | GBP'000 |
+-------------------------------------+----------+-----------+-----------+
| | | | |
+-------------------------------------+----------+-----------+-----------+
| (Loss)/profit before taxation | | (390) | 737 |
+-------------------------------------+----------+-----------+-----------+
| | | | |
+-------------------------------------+----------+-----------+-----------+
| Adjustments: | | | |
+-------------------------------------+----------+-----------+-----------+
| Investment revenues | | (238) | (1,574) |
+-------------------------------------+----------+-----------+-----------+
| Depreciation and amortisation | | 1 | 1 |
+-------------------------------------+----------+-----------+-----------+
| Share based payments expense | | 297 | 307 |
+-------------------------------------+----------+-----------+-----------+
| | | | |
+-------------------------------------+----------+-----------+-----------+
| Operating cash flows before | | (330) | (529) |
| movements in working capital | | | |
+-------------------------------------+----------+-----------+-----------+
| Decrease/(increase) in trade and | | 270 | (217) |
| other receivables | | | |
+-------------------------------------+----------+-----------+-----------+
| Decrease in payables | | (22) | (146) |
+-------------------------------------+----------+-----------+-----------+
| | | | |
+-------------------------------------+----------+-----------+-----------+
| Cash generated from operating | | (82) | (892) |
| activities | | | |
+-------------------------------------+----------+-----------+-----------+
| Taxation paid | | (253) | (13) |
+-------------------------------------+----------+-----------+-----------+
| | | | |
+-------------------------------------+----------+-----------+-----------+
| Net cash outflow from operating | | (335) | (905) |
| activities | | | |
+-------------------------------------+----------+-----------+-----------+
| | | | |
+-------------------------------------+----------+-----------+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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