Final Results
26 6월 2007 - 9:26PM
UK Regulatory
Microcap Equities Plc
Preliminary results for the year ended
31 December 2006
Chairman's Statement
I am pleased to report on the results of the company for the year ended 31
December 2006.
The company's operating loss decreased to �92,399 (2005: �183,230). However,
after taking into account a provision of �85,000, as a result of a diminution
in value of the company's investments, and a non-recurring charge of �296,587,
arising from the redemption at a premium of �296,587 nominal of convertible
unsecured loan stock 2007 issued during the year at par, the loss on ordinary
activities before and after taxation increased to �473,467 (2005: �281,318).
Your directors continue to investigate ways of increasing shareholder value.
N Greenstone
Chairman
26 June 2007
Group profit and loss account
for the year ended 31 December 2006
Notes 2006 2005
� �
Administrative expenses (92,399) (183,230)
Operating loss (92,399) (183,230)
Other income 718 380
Amounts written off investments (85,000) (98,468)
Interest payable and similar charges (296,786) -
Loss on ordinary activities before interest (473,467) (281,318)
Tax on loss on ordinary activities 2 - -
Loss on ordinary activities after taxation (473,467) (281,318)
Accumulated loss brought forward (4,334,521) (4,053,203)
Transfer to share premium 296,587 -
Accumulated loss carried forward (4,511,401) (4,334,521)
Loss per share
- Basic 3 (0.009) (0.006)
-Diluted 3 (0.009) (0.006)
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
There are no recognised gains and losses other than those passing through the
profit and loss account.
Balance sheet
As at 31 December 2006
2006 2005
� � � �
Fixed assets
Investments 71,282 156,282
Current assets
Debtors 2,559 51,398
Cash at bank and in hand 176,041 14,900
178,600 66,298
Creditors: amounts falling due within (34,908) (127,313)
one year
Net current assets/(liabilities) 143,692 (61,015)
Total assets less current liabilities 214,974 95,267
Capital and reserves
Called up share capital 1,709,545 1,116,371
Share premium account 3,016,830 3,313,417
Profit and loss account (4,511,401) (4,334,521)
Shareholders' funds - all equity 214,974 95,267
interests
Group cash flow statement
for the year ended 31 December 2005
Notes 2005 2004
� � � �
Net cash outflow from operating 4 (145,965) (328,735)
activities
Returns on investment and servicing
of finance
Interest received 718 380
Interest paid (199) -
Net cash inflow from returns on 519 380
investments and servicing of finance
Capital expenditure and financial
investment
Receipts from sales of investments - 343,608
Net cash inflow from capital - 343,608
expenditure and financial investment
Net cash (outflow)/inflow before (145,446) 15,253
financing
Financing
Issue of ordinary share capital 296,587 -
Cost of share issue - (7,710)
New debenture loan 306,587 -
Repurchase of debenture loan (296,587) -
Net cash inflow/(outflow) from 306,587 (7,710)
financing
Increase in cash 5 161,141 7,543
Notes to the Preliminary Accounts
1 Accounting policies
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985.
The financial information for the year ended 31 December 2006 is extracted from
the Company's financial statements to that date which received an unqualified
auditor's report and will be filed with the Registrar of Companies in due
course.
The financial information for the year ended 31 December 2005, is extracted
from the Company's full statutory accounts to that date, which received an
unqualified auditor's report and have been filed with the Registrar of
Companies.
2. Tax on loss on ordinary activities
2006 2005
� �
Current tax
UK Corporation tax
Current tax on income for the period - -
Factors affecting the tax charge for the year
Loss on ordinary activities before taxation (473,467) (281,318)
Loss on ordinary activities before taxation (142,040) (84,395)
multiplied by standard rate of UK corporation tax of
30.00% (2005: 30.00%)
Effects of:
Expenses not deductible for tax purposes 33,466 60,233
Movement in tax losses 108,574 24,162
Current tax charge - -
As at 31 December 2006, a deferred tax asset of �401,626 (2004: �288,093)
existed due to unrelieved management expenses of �1,388,755 (2005: �960,311) at
a rate of 30%. No provision has been made for this deferred tax asset, due to
the uncertainty over the availability of future trading profits to offset
against these losses.
3. Loss per share
The calculation of the basic loss per share is based on the loss on ordinary
activities after taxation of �473,467 (2005: �281,318) and on the weighted
average number of 54,400,540 (2004: 47,623,600) ordinary shares in issue during
the year.
4. Net cash outflow from operating activities
2006 2005
� �
Reconciliation to operating loss:
Operating loss (92,399) (183,230)
Loss on disposal of investments - 20,855
Decrease in debtors 48,839 100,989
Decrease in creditors (102,405) (267,349)
(145,965) (328,735)
5. Reconciliation of net cash flow to movement in net cash
2006 2005
� �
Increase in cash 161,141 7,543
Net cash at 1 January 2006 14,900 7,357
Net cash at 31 December 2006 176,041 14,900
6. Dividends
The Directors are not proposing the payment of a dividend in respect of the
year ended 31 December 2006.
7. Publication of non-statutory accounts
Copies of the Report and Accounts will be sent to shareholders shortly and will
be available from the company's registered office, 42-46 High Street, Esher,
Surrey KT10 9QY.
Further enquiries
Microcap Equities plc Tel: 020 7258 5140
Nicolas Greenstone
John East & Partners Limited Tel: 020 7628 2200
Simon Fox/Bidhi Bhoma
END
Microcap Equities (LSE:MEQ)
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