RNS Number:1452U
Crystalband PLC
30 March 2007
CRYSTALBAND PLC
RESULTS TO 30 SEPTEMBER 2006
Chairman's Statement
Turnover for the period ended 30 September 2006 was #5.035m, an increase of
#0.820m on the previous year ended 30 September 2005. We believe this is a
reflection of the strategic decision taken by the directors of the Company to
diversify into the trade, new build and commercial market and away from the low
margin, high volume sectors of the industry.
Disappointingly we have to report that the transition has resulted in further
losses being made this year with losses on ordinary activities before taxation
amounting to #0.654m.
These losses have arisen principally as a result of operational inefficiencies
and a number of bad debts being incurred at a time when the previous management
team expanded too rapidly. This expansion resulted in quality and service
levels decreasing which led to difficulties in collecting debts from a number of
customers. Management changes were implemented in November 2006 and the new
members of the management team have worked on restoring quality and service
levels back up to the standards we and our customers expect.
Given the losses sustained in the year the board does not recommend a dividend
to be paid at this time.
I have to report that the year has been very tough not only for us, but for many
of the manufacturers in our industry. The board however has made no compromises
in maintaining and improving the quality of the Company's products and I do
believe we are heading in the right direction with the current management team.
We are continuing our search for a new managing director and I believe this
appointment will complete a young and enthusiastic team who can build the
business from what the board now believes are stable foundations.
We have recently undertaken a further review of our operational systems and
focused on a further cost reduction programme with a view to ensuring we are
operating as efficiently as we can. We believe that this review and the
decisions implemented are now beginning to show through in the results of the
business which show that overheads are now under control and the Company is
operating more efficiently.
One very pleasing aspect is the further development of our relationship with the
local authority contract reported in the previous Chairman's Statement and I am
delighted to report that we have negotiated further contracts in this area. In
addition, we have made a number of significant additions to our customer base in
the first six months of the current year. This is very pleasing and I believe
has resulted directly from the changes that have recently been implemented.
In summary, the year has undoubtedly been a challenging one but despite the
results for the period I believe we have finally laid a solid foundation for the
future and have a team in place to deliver good operational and financial
performance in the remainder of the financial year.
Alan Rothwell
Chairman
30 March 2007
PROFIT & LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2006
Year end Period to
30.09.06 30.09.05
Notes # #
Turnover 2 5,035,471 4,215,112
Cost of sales (3,731,419) (3,769,976)
Gross Profit 1,304,052 445,136
Administrative expenses (1,899,155) (1,840,935)
Other operating income 3 2,693 31,006
Operating Loss 4 (592,410) (1,364,793)
Exceptional item - restructuring costs - (119,431)
Interest receivable 72,627 68,312
Interest payable and similar charges (134,821) (57,899)
Loss on Ordinary Activities Before Taxation (654,604) (1,473,811)
Tax on loss on ordinary activities - -
Loss for the Financial Period (654,604) (1,473,811)
Loss per ordinary share (pence) 6 (2.3) (7.13)
All of the activities of the group are classed as continuing.
The group has no recognised gains or losses other than the
results for the period as set out above.
There is no difference between the results for the year shown
above and those presented on the historical costs basis.
RECONCILIATION OF MOVEMENTS IN GROUP SHAREHOLDERS' FUNDS
FOR THE YEAR ENDED 30 SEPTEMBER 2006
Year to Period to
30.09.06 30.09.05
# # # #
Loss for the financial year
(654,604) (1,473,811)
New equity share capital subscribed - 139,432
Net premium on new share capital subscribed - 2,768,865
- 2,908,297
Net (reduction)/addition to funds (654,604) 1,434,486
Opening shareholders equity funds 1,434,486 -
Closing shareholders' equity funds 779,882 1,434,486
GROUP BALANCE SHEET
FOR THE YEAR ENDED 30 SEPTEMBER 2006
Year to Period to
30.09.06 30.09.05
Notes # # # #
Fixed Assets
Intangible assets 2,894,094 3,054,877
Tangible assets 535,210 318,885
3,429,304 3,373,762
Current Assets
Stocks 7 252,341 290,919
Debtors 8 1,367,578 935,486
Short term deposits 1,600,000 1,600,000
Cash in hand 554 5,530
3,220,473 2,831,935
Creditors: Amounts falling due within one year 9 (5,770,810) (4,727,156)
Net Current Liabilities (2,550,337) (1,895,221)
Total Assets Less Current Liabilities 878,967 1,478,541
Creditors: Amounts falling due after more than
one year 10 (99,085) (44,055)
779,882 1,434,486
Capital and Reserves
Called-up equity share capital 11 139,432 139,432
Share premium account 2,768,865 2,768,865
Profit and loss account (2,128,415) (1,473,811)
Shareholders' Funds 779,882 1,434,486
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2006
Year to Period to
30.09.06 30.09.05
# # # #
Net Cash Inflow From Operating Activities 107,655 (2,458,714)
Returns on Investments and Servicing of Finance
Interest received 72,627 68,312
Interest paid (120,610) (56,220)
Interest element of hire purchase (14,211) (1,679)
Net Cash Inflow From Returns on Investments & Servicing (62,194) 10,413
of Finance
Capital Expenditure
Payments to acquire tangible fixed assets (121,477) (118,355)
Receipts from sale of fixed assets 29,000 123,500
Net Cash Outflow From Capital Expenditure (92,477) 5,145
Acquisitions and Disposals
Cash acquired with subsidiary - 186,000
Net Cash Inflow From Acquisitions and Disposals - 186,000
Cash Outflow Before Financing (47,016)
(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 (55,053) (5,554)
Net Cash Inflow From Financing (55,053) 2,242,743
Decrease in Cash (102,069) (14,413)
RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW FROM
OPERATING ACTIVITIES
Year to Year to
30.09.06 30.09.05
# # # #
Operating loss (592,410) (1,484,224)
Amortisation 160,783 160,783
Depreciation 71,035 30,877
Loss on disposal of fixed assets 5,117 169,643
Decrease/(Increase) in stocks 38,578 (4,429)
(Increase) in debtors (432,092) (1,941,486)
Increase in creditors 856,644 610,122
Net Cash Inflow From Operating Activities 107,655 (2,458,714)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Year to Year to
30.09.06 30.09.05
# # # #
Decrease in cash in the period (102,069) (14,413)
New hire purchase agreements (70,700)
Cash outflow in respect of hire purchase 55,053 5,554
(47,016) (79,559)
Change in net debt (47,016) (79,559)
Net Funds at 30 September 2005 (79,559)
-
Net Debt at 30 September 2006 (126,575) (79,559)
The prior year net debt has been restated to include hire purchase liabilities. Net debt previously recorded
at #8,859.
ANALYSIS OF CHANGES IN NET DEBT
At At
30.09.05 Cash flows Non-Cash 30.09.06
# # # #
Net cash 5,530 (4,976) - 554
Cash in hand and at bank (19,943) (97,093) - (117,036)
(14,413) (102,069) - (116,482)
Debt:
Hire purchase agreement (65,146) 55,053 (200,000) (210,093)
Net Debt (79,559) (47,016) (200,000) (326,575)
NOTES
1 ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with applicable
accounting standards.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is
omitted from the group financial statements by virtue of Section 230 of the Companies Act 1985.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value
Added Tax.
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and
amortised over its estimated useful life up to a maximum of 20 years. This length of time is presumed to be the
maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is
reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and
when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful
economic life of that asset as follows: -
Goodwill - 20 years straight line
Fixed Assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful
economic life of that asset as follows: -
Plant & Machinery - 10 years straight line
Fixtures & Fittings - 10 years straight line
Motor Vehicles - 3 years straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.
Work in Progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity.
Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of
work in progress.
1. ACCOUNTING POLICIES (Continued)
Hire Purchase Agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their
fair value. The capital element of the future payments is treated as a liability and the interest is charged
to the profit and loss account on a straight line basis.
Operating Lease Agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain
with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension Costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held
separately from those of the company. The annual contributions payable are charged to the profit and loss
account.
Deferred Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date where transactions or events have occurred at that date that will result in an obligation to
pay more, or a right to pay less or to receive more tax, with the following exceptions: -
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed
assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the
extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned.
However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is
more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only
where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than
not that there will be suitable taxable profits from which the future reversal of the underlying timing
differences can be deducted.
Deferred tax is measure on an undiscounted basis at the tax rates that are expected to apply in the periods in
which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance
sheet date.
2 TURNOVER
The turnover is attributable to the one principal activity of the group.
An analysis of turnover is given below: -
2006 2005
# #
United Kingdom 5,035,471 4,215,112
3 OTHER OPERATING INCOME
2006 2005
# #
Other operating income 2,693 31,006
4 OPERATING LOSS
Operating loss is stated after charging: - 2006 2005
# #
Amortisation 160,783 160,783
Depreciation of owned fixed assets 23,933 22,884
Depreciation of assets held under HP agreements 47,102 7,993
Loss on disposal of fixed assets 5,117 169,643
Auditors remuneration 10,000 10,150
Operating lease costs:
- plant & equipment 3,437 4,206
- vehicles 98,217 42,141
91,594 121,985
5 INTEREST PAYABLE AND SIMILAR CHARGES 2006 2005
# #
Interest payable on bank borrowing 67,535 56,220
Finance charges 14,211 1,679
Debt factoring charge 53,075 -
134,821 57,899
6 LOSS PER SHARE 2006 2005
pence Pence
Loss per ordinary share (2.3) (7.13)
Loss per share has been calculated on the net basis on the loss on ordinary activities after taxation of
#654,604 (2005: #1,473,811) using the weighted average number of ordinary shares in issue of 20,672,242 (2005:
20,672,242).
7 STOCKS Group
2006 2005
# #
Raw materials 175,398 218,595
Work in progress 41,960 19,756
Finished goods 34,983 52,568
252,341 290,919
8 DEBTORS Group
2006 2005
# #
Trade debtors 1,193,124 732,748
Amounts owed by group undertakings - -
VAT recoverable 4,916 -
Other debtors - 6,969
Prepayments & accrued income 169,538 195,769
1,367,578 935,486
9 CREDITORS: Amounts falling due within one year Group Group
2006 2005
# #
Bank loans and overdrafts 117,036 19,943
Trade creditors 1,063,182 868,476
Other tax and social security payable 239,500 62,811
Hire purchase agreements 111,008 21,091
Other creditors 4,118,889 3,585,568
Accruals & deferred income 121,195 169,267
5,770,810 4,727,156
Group Group
2006 2005
# #
Debt factoring advances 549,739 -
Bank loans & overdrafts 117,036 42,265
Hire purchase agreements 111,008 21,091
777,783 63,356
10 CREDITORS: Amounts due after more than one year Group Group
2006 2005
# #
Hire purchase agreements 99,085 44,055
Group Group
2006 2005
# #
Hire purchase agreements 99,085 44,055
Future commitments under hire purchase agreements are as
follows: - Group Group
2006 2005
# #
Amounts payable within 1 year 111,008 21,091
Amounts payable between 1 to 2 years 66,666 21,091
Amounts payable between 2 to 5 years 32,419 22,964
210,093 65,146
11 SHARE CAPITAL
Authorised share capital: 2006 2005
# #
31,000,000 Ordinary shares of #0.005 each 155,000
Allotted, called up and fully paid 2006 2005
Number # Number #
Ordinary shares of #0.005 each 27,886,401 139,432 27,886,401 139,432
12 AVAILABILTY OF REPORT
The Annual Report has been despatched to shareholders today. Copies are available from the Company's head
office: Unit 22, Castle Park Industrial Estate, Evans Street, Flint, Clwyd, CH6 5XA
This information is provided by RNS
The company news service from the London Stock Exchange
END
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