BGT Bright Things

| Depreciation on property plant and         |          |    8     |          |    33    | 
| equipment                                  |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Amortisation of intangible assets          |          |    13    |          |    70    | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Goodwill and IP impairment                 |          |    -     |          |    19    | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Finance income                             |          |  (10)    |          |  (27)    | 
+--------------------------------------------+----------+----------+----------+----------+ 
|                                            |          | _______  |          | _______  | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Cash used in operating activities before   |          | (1,472)  |          |  (797)   | 
+--------------------------------------------+----------+----------+----------+----------+ 
| changes in working capital and provisions  |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Decrease in trade and other receivables    |          |    20    |          |   120    | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Decrease in inventory                      |          |    -     |          |    7     | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Increase/(decrease) in trade and other     |          |   200    |          |  (248)   | 
| payables                                   |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
|                                            |          | _______  |          | _______  | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Cash used in operations                    |          | (1,252)  |          |  (918)   | 
+--------------------------------------------+----------+----------+----------+----------+ 
|                                            |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Investing activities                       |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Purchase of property, plant and equipment  |   (3)    |          |   (3)    |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Purchase of intangible fixed assets        |  (23)    |          |  (189)   |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Finance income                             |    10    |          |    27    |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
|                                            | _______  |          | _______  |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Net cash from/(used in) investing          |          |  (16)    |          |  (165)   | 
| activities                                 |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
|                                            |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Financing activities                       |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Proceeds from issue of new share capital   |   785    |          |   955    |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Costs of issue of new share capital        |  (34)    |          |  (135)   |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
|                                            | _______  |          | _______  |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Net cash from financing activities         |          |   751    |          |   820    | 
+--------------------------------------------+----------+----------+----------+----------+ 
|                                            |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
|                                            |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Net decrease in cash and cash equivalents  |          |  (517)   |          |  (263)   | 
+--------------------------------------------+----------+----------+----------+----------+ 
|                                            |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Cash and cash equivalents at beginning of  |          |   601    |          |   864    | 
| the year                                   |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
|                                            |          | _______  |          | _______  | 
+--------------------------------------------+----------+----------+----------+----------+ 
| Cash and cash equivalents at end of the    |          |    84    |          |   601    | 
| year                                       |          |          |          |          | 
+--------------------------------------------+----------+----------+----------+----------+ 
|                                            |          | _______  |          | _______  | 
+--------------------------------------------+----------+----------+----------+----------+ 
 
 
Notes 
 
 
1    Accounting policies 
 
 
Principal accounting policies 
 
 
The Company is a public company incorporated and domiciled in the United 
Kingdom. The principal accounting policies applied in the preparation of these 
consolidated financial statements are set out below. These policies have been 
consistently applied to all the years presented, unless otherwise stated. 
 
 
Basis of preparation 
 
 
The financial statements have been prepared in accordance with EU Endorsed 
International Financial Reporting Standards ('IFRS') and the Companies Act 1985 
applicable to companies reporting under IFRS. The Group has adopted all of the 
standards and interpretations issued by the International Accounting Standards 
Board and the International Financial Reporting Interpretations Committee that 
are relevant to its operations and effective for the year ended 31 March 2009. 
 
 
Going concern 
 
 
The Board continually monitors the financial position of the Group, taking into 
account the latest cash flow forecasts and the ability of the Group to generate 
cash. 
 
 
Subsequent to the year end, the Company has raised additional funds through a 
private placing of GBP750,500 and will shortly complete a further equity fund 
raising through a private placement of GBP940,000. 
 
 
The Board has prepared the financial statements on a going concern basis having 
given consideration to forecast sales and the marketability of SocialGO, 
together with the above fundraising activity, for the period to 30 September 
2010. Given the level of paid subscription taken up since commercial launch, the 
Board believe it's most recent sales forecasts, which incorporate continued 
growth in paid subscriptions to SocialGO, to be achievable. However, given that 
SocialGO represents a new product in a relatively new market, there remains an 
inherent uncertainty in the level of growth that will actually be achieved. The 
Board are confident that any shortfall in forecast growth in revenues, were this 
to happen, could be sufficiently mitigated by a reduction in the Group's cost 
base to ensure that the Group will have sufficient working capital to operate as 
a going concern for the foreseeable future. 
 
 
The Board therefore believe that it is appropriate to draw up the financial 
statements on a going concern basis. 
Basis of Consolidation 
 
 
The consolidated Group financial statements incorporate the results of Bright 
Things Plc and its subsidiary undertaking, Bright Entertainment Limited, using 
the merger accounting method. 
 
 
The results also include the results of its other subsidiaries, Bright Things 
International Limited (date of incorporation 16 February 2005) and Bright Things 
Inc (date of incorporation 6 April 2005), PushPlay Interactive LLC (purchase 
date 28 June 2005) using the purchase accounting method. 
 
 
On 27 December 2007 the Group acquired 100% of the voting equity instruments of 
CommonWorld Limited, a company whose sole activity was the development of 
intellectual property supporting a social networking platform ("SocialGO"). This 
transaction has been deemed to be a purchase of an asset rather than a business 
combination. On this basis, the acquisition of the SocialGO IP has been recorded 
at cost (see note 11). 
 
 
The Company has taken advantage of the exemption provided under section 230 of 
the Companies Act 1985 not to publish its individual income statement and 
related notes. 
 
 
Merger accounting 
 
 
In the Group financial statements, applying the exemption from the requirement 
to restate pre-transition date acquisitions available under IFRS1, merged 

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