RNS Number:8012A
Crystalband PLC
31 March 2006
CRYSTALBAND PLC
Financial Statements for the Period Ended 30 September 2005
Chairman's Statement
Turnover for the period ended 30 September 2005 was #4,215,112. This figure
reflects the strategic decision to diversify into the trade, new build and
commercial market and away from the low margin, high volume non-profitable
sectors of the industry. Losses on ordinary activities before taxation of
#1,473,811 are mainly due to the re-structuring and ongoing organisational
development that the Company has undertaken to create and maintain a sustainable
and profitable future.
The high cost of sales of #3,769,976 is a result of the reduction and subsequent
re-building of sales during a period in which we continued to employ and train
the skilled staff required to manufacture to the higher standards of our new
market using our new Shirma manufacturing equipment.
The loss before taxation comprised an operating loss of #1,364,793 plus the
addition of an exceptional item of #119,431. The board does not recommend a
dividend to be paid at this time and indeed no dividend can be paid until the
Company has eliminated its retained losses.
Following on from our interim results, the rest of the year has been tough not
only for us, but for the bulk of the manufacturers in the industry. The board
have made no compromises in maintaining and improving the quality of the
Company's products in order to enable the Company's restructure to succeed and
deliver an efficient and profitable organisation, despite the trading
challenges.
Following the restructure, which took place in the first six months of the year,
a more aggressive long-term and well defined strategy, was initiated in August.
A full restructure of operational systems and cost reduction programmes,
including an enhanced replacement, development and structured training of all
levels of management and staff, has taken place. The primary aim of this
restructure was to enable the Company to compete within the trade, new build and
commercial markets. These sectors are the growth markets of the industry for the
future.
Product quality has been systematically enhanced far beyond normal industry
standards; allowing the organisation to move itself away from the old historic
shed business, which previously supplied a low margin, low quality product
offering, to a high standard price competitive trade product. Attainment of and
continual compliance with EN1279, BBA construction standards, BS7412 and BS7590
are an integral part of our new product offering.
Success in this strategy has been reflected by the Company entering into a 5
year arrangement as part of an agreement with a well known plc. This contract
was won with a local authority which is acquiring windows and doors as part of
its implementation of the government backed "Decent Homes Standard", which is
intended to see virtually all older local authority owned housing stock having
replacement windows and doors installed before 2010. This market was valued at
#435 million total installed value in 2003 (Palmer 2004 report) and the Company
will proactively seek further such contracts. The Company's compliance on the
contract is 100%. In conjunction, we also have supplier agreements with new
build developers. This, along side the trade industry, has in recent months,
given the organisation for the first time, a profitable and sustainable future.
Coupled with the greater operational efficiency of our capital investments
(which is #731,000 to date) the management accounts for the year to date
indicate a clear definition that overheads have been brought firmly under
control.
This has not only invigorated our sales programme, but also allowed the Company
to be successful in the demanding and ever increasing competitive market place
of 2006 and beyond.
It has been a hard and demanding task and despite the results for the period,
the re-organisation and restructuring initiatives that have been achieved have
finally laid a solid foundation for the future. This base should see both
operational and financial goals being achieved in the remainder of the financial
year.
Gavin Johnson
Chairman
31 March 2006
PROFIT AND LOSS ACCOUNT
Period from 15 September 2004 to 30 September 2005
Period from
15 Sep 04 to
30-Sep-05
Notes
Group Turnover 4,215,112
Cost of sales (3,769,976)
-------------
Gross Profit 445,136
Administrative expenses (1,840,935)
Other operating income 31,006
-------------
Operating Loss (1,364,793)
Exceptional item - restructuring costs (119,431)
Interest receivable 68,312
Interest payable and similar charges 2 (57,899)
-------------
Loss on Ordinary Activities Before Taxation (1,473,811)
Tax on loss on ordinary activities -
-------------
Loss for the Financial Period (1,473,811)
=============
Loss per ordinary share (pence) 3 (7.13)
=============
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
Period from 15 September 2004 to 30 September 2005
Period from
15 Sep 04 to
30 Sep 05
# #
Loss for the financial period (1,473,811)
New equity share capital subscribed 139,432
Net premium on new share capital subscribed 2,768,865
-------------
2,908,297
-------------
Net addition to funds 1,434,486
-------------
Closing shareholders' equity funds 1,434,486
=============
GROUP BALANCE SHEET
30 September 2005
Notes 30-Sep-05
Fixed Assets # #
Intangible assets 4 3,054,877
Tangible assets 5 318,885
-------------
3,373,762
Current Assets
Stocks 6 290,919
Debtors 7 935,486
Short term deposits 1,600,000
Cash in hand 5,530
-------------
2,831,935
Creditors: Amounts Falling due Within One Year 8 (4,727,156)
-------------
Net Current Liabilities (1,895,221)
-------------
Total Assets Less Current Liabilities 1,478,541
Creditors: Amounts Falling due after More than One Year 9 (44,055)
-------------
1,434,486
=============
Capital and Reserves
Called-up equity share capital 139,432
Share premium account 2,768,865
Profit and loss account (1,473,811)
-------------
Shareholders' Funds 1,434,486
=============
GROUP CASH FLOW STATEMENT
Period from 15 September 2004 to 30 September 2005
Period from
15 Sep 04 to
30-Sep-05
# #
Net Cash Inflow From Operating Activities (2,458,714)
Returns on Investments and Servicing of Finance
Interest received 68,312
Interest paid (56,220)
Interest element of hire purchase (1,679)
-------------
Net Cash Inflow From Returns on Investments and
Servicing of Finance 10,413
Capital Expenditure
Payments to acquire tangible fixed assets (118,355)
Receipts from sale of fixed assets 123,500
-------------
Net Cash Outflow From Capital Expenditure 5,145
Acquisitions and Disposals
Cash acquired with subsidiary 186,000
-------------
Net Cash Inflow From Acquisitions and Disposals 186,000
-------------
Cash Outflow Before Financing (2,257,156)
Financing
Issue of equity share capital 3,434,082
Expenses paid in connection with share issue (461,705)
Bonus issue (64,080)
Consideration shares issued on acquisition of subsidiary (660,000)
Principal payment of hire purchase (5,554)
-------------
Net Cash Inflow From Financing 2,242,743
-------------
Decrease in Cash (14,413)
=============
RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW FROM
OPERATING ACTIVITIES
Period from
15 Sep 04 to
30 Sep 05
#
Operating loss (1,484,224)
Amortisation 160,783
Depreciation 30,877
Loss on disposal of fixed assets 169,643
Increase in stocks (4,429)
Increase in debtors (1,941,486)
Increase in creditors 610,122
-------------
Net cash inflow from operating activities (2,458,714)
=============
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
30 Sep 05
# #
Decrease in cash in the period (14,413)
Cash outflow in respect of hire purchase 5,554
-------------
(8,859)
-------------
Change in net debt (8,859)
Net funds at 15 September 2004 -
-------------
Net debt at 30 September 2005 (8,859)
=============
ANALYSIS OF CHANGES IN NET DEBT
At At
15 Sep 2004 Cash flows 30 Sep 2005
# # #
Net cash:
Cash in hand and at bank - 5,530 5,530
Overdrafts - (19,943) (19,943)
------------- ------------- -------------
- (14,413) (14,413)
------------- ------------- -------------
Debt:
Hire purchase agreements - 5,554 5,554
------------- ------------- -------------
Net debt - (8,859) (8,859)
============= ============= =============
Non - Cash Transaction
On 16 November 2005 the company acquired the whole issued share capital of Frame
1 (2004) Limited for #3,860,000, of which #660,000 was satisfied by the issue of
shares in the company.
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost
convention, and in accordance with applicable accounting standards.
2. INTEREST PAYABLE AND SIMILAR CHARGES
Period from
15 Sep 04 to
30 Sep 05
#
Interest payable on bank borrowing 56,220
Finance charges 1,679
-------------
57,899
=============
3. LOSS PER SHARE
Period from
15 Sep 04 to
30 Sep 05
pence
Loss per ordinary share (7.13)
=============
Loss per share has been calculated on the net basis on the loss on
ordinary activities after taxation of #1,473,811 using the weighted average
number of ordinary shares in issue of 20,672,242.
4. INTANGIBLE FIXED ASSETS
Group Goodwill
#
Cost
Additions 3,215,660
-------------
At 30 September 2005 3,215,660
=============
Amortisation
Charge for the period 160,783
-------------
At 30 September 2005 160,783
=============
Net Book Value
At 30 September 2005 3,054,877
=============
5. TANGIBLE FIXED ASSETS
Group Plant & Fixtures & Motor Total
Machinery Fittings Vehicles
# # # #
Cost
Additions 616,131 6,074 20,700 642,905
Disposals (293,143) - - (293,143)
------------- ------------- ------------- -------------
At 30 September 2005 322,988 6,074 20,700 349,762
============= ============= ============= =============
Depreciation
Charge for the period 23,669 1,515 5,693 30,877
------------- ------------- ------------- -------------
At 30 September 2005 23,669 1,515 5,693 30,877
============= ============= ============= =============
Net Book Value
At 30 September 2005 299,319 4,559 15,007 318,885
============= ============= ============= =============
Hire purchase agreements
Included within the net book value of #318,885 is #104,708 relating to
assets held under hire purchase agreements. The depreciation charged to the
financial statements in the period in respect of such assets amounted to #7,993.
Capital commitments
30 Sep 05
#
Contracted but not provided for in the financial statements 310,000
=============
6. STOCKS
Group
#
Raw materials 218,595
Work in progress 19,756
Finished goods 52,568
-------------
290,919
=============
7. DEBTORS
Group
#
Trade debtors 732,748
Amounts owed by group undertakings -
VAT recoverable -
Other debtors 6,969
Prepayments and accrued income 195,769
-------------
935,486
=============
8. CREDITORS: Amounts Falling due Within One Year
Group
#
Bank loans and overdrafts 19,943
Trade creditors 868,476
Hire purchase agreements 21,091
Other creditors 3,648,379
Accruals and deferred income 169,267
-------------
4,727,156
=============
The bank overdraft is secured on the assets of the company by a charge held by
National Westminster Bank Plc dated 23 September 2004.
Hire purchase agreements are secured on the assets concerned.
The following liabilities disclosed under creditors falling due within one year
are secured by the company:
Group
#
Bank loans and overdrafts 42,265
Hire purchase agreements 21,091
-------------
63,356
=============
9. CREDITORS: Amounts Falling due after More than One Year
Group
#
Hire purchase agreements 44,055
=============
Hire purchase agreements are secured on the assets concerned.
The following liabilities disclosed under creditors falling due after more than
one year are secured by the company:
Group
#
Hire purchase agreements 44,055
=============
A charge is held by National Westminster Bank PLC over the Corporate Bond until
November 2006.
10. Copies of the Financial Statements have been despatched to shareholders.
Further copies are available to the public, free of charge, at the company's
registered office at Unit 22, Castle Park Industrial Estate, Flint, Clywd, CH6
5KA
This information is provided by RNS
The company news service from the London Stock Exchange
END
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