Final Results
30 November 2004 - 8:01AM
UK Regulatory
RNS Number:7920F
Belgravia Telecom Ltd
30 November 2004
BELGRAVIA TELECOM LTD
RESULTS FOR THE PERIOD ENDED 30 JUNE 2004
The following information has been extracted from the Reports & Accounts of
Belgravia Telecom Ltd for the period ended 30 June 2004 which were posted to
shareholders on 29 November 2004.
CHAIRMAN'S REPORT
Belgravia Telecom Limited was incorporated in Jersey on 21 January 2004. The
Company was established to investigate suitable acquisition targets and intends
to acquire substantial interest in companies that provide low-cost
telecommunications services principally within the UK & Europe.
The Company has not as yet commenced trading and no such acquisitions have been
made; however, the directors have identified a potential acquisition and further
discussions are taking place which may or may not lead to a transaction.
The loss for the period amounts to #74,192 and is as budgeted with no
extraordinary costs to report.
D P S Hickman
Chairman
26 November 2004
Enquiries:
Claire Melly
Tavistock Communications
+44 (0) 20 7920 3150
PROFIT AND LOSS ACCOUNT
PERIOD ENDED 30 JUNE 2004
Note Period from
21 January 2004
to 30 June 2004
#
INCOME
Bank interest 3,136
EXPENSES (2) 76,701
-------
LOSS BEFORE TAXATION (73,565)
TAXATION (3) 627
-------
ACCUMULATED LOSSES (7) (74,192)
========
The company has no recognised gains or losses other than the loss for the year.
A statement of total recognised gains and losses is therefore not required.
BALANCE SHEET
30 JUNE 2004
Note 2004
----
#
CURRENT ASSETS
Debtors 3,140
Bank and cash balances (4) 239,633
-------
242,773
-------
CURRENT LIABILITIES
Creditors (5) 8,838
Taxation (3) 627
-------
9,465
-------
NET CURRENT ASSETS 233,308
-------
TOTAL ASSETS LESS
CURRENT LIABILITIES 233,308
=======
SHAREHOLDERS' FUNDS
Called up share capital (6) 307,500
Accumulated losses (7) (74,192)
-------
233,308
=======
These financial statements were approved by the Board of Directors on 26
November 2004
D. P. S. Hickman
Chairman
CASH FLOW STATEMENT
PERIOD ENDED 30 JUNE 2004
Note 2004
----
#
NET CASH OUTFLOW FROM
OPERATING ACTIVITIES (A) (67,867)
FINANCING
Issue of share capital 307,500
-------
NET MOVEMENT IN CASH (B) 239,633
=======
NOTES TO THE CASH FLOW STATEMENT
A. RECONCILIATION OF LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES
2004
----
#
Operating loss for the period (74,192)
Increase in debtors (3,140)
Increase in creditors 9,465
-------
Net cash outflow from operating activities (67,867)
========
B. ANALYSIS OF CHANGES IN CASH DURING THE PERIOD
2004
----
#
Net movement in cash 239,633
-------
Balance at 30 June 2004 239,633
=======
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 30 JUNE 2004
1. ACCOUNTING POLICIES
a) Accounting principles
The financial statements have been prepared in accordance with International
Financial Reporting Standards issued by the International Accounting Standards
Board (IASB), interpretations issued by the Standing Interpretations Committee
of the IASB and applicable requirements of Jersey Company Law. The financial
statements have been prepared under the historical cost convention.
b) Bank interest
Bank interest is recorded on accruals basis.
2. EXPENSES
2004
----
#
The expenses include the following:
Directors' fees 2,000
=====
Auditors' remuneration 2,500
=====
3. TAXATION
Provision is made for Jersey income tax assessable on all revenue included in
the profit and loss account for the year.
2004
----
#
Profit and loss account
2004 Assessment 627
====
Balance sheet - due within one year
2004 Assessment 627
====
4. BANK AND CASH BALANCES
2004
----
#
Cash at bank 4,633
Cash held as security 235,000
-------
239,633
=======
On 16 March 2004 a security interest agreement was entered into with HSBC Bank
plc, supporting the overdraft facility granted to Glow Telecom International
Limited ("GTIL") in the sum of #235,000. GTIL is under common control.
5. CREDITORS
2004
----
#
Auditors' remuneration 2,500
Director's fees 2,000
Other 4,338
-----
8,838
=====
6. CALLED UP SHARE CAPITAL
Authorised Issued Paid
2004 2004 2004
---- ---- ----
Ordinary shares of 10p each 100,000,000 3,075,000 307,500
=========== ========= =======
A total of #300,000 was raised through the issue of 3,000,000 10p Ordinary
Shares in the Private Placing and by way of the Subscription. 75,000 10p
Ordinary Shares were issued to Corporate Consultants Limited at par in
settlement of its invoice for #7,500 for consulting services in relation to the
introduction of the Company's Ordinary Shares to AIM.
7. ACCUMULATED LOSSES
2004
----
#
Transferred from profit and loss account (74,192)
--------
At 30 June 2004 (74,192)
========
8. RECONCILIATION OF SHAREHOLDERS' FUNDS
2004
----
#
Share Capital 307,500
Transferred from profit and loss account (74,192)
At 30 June 2004 233,308
9. RELATED PARTY TRANSACTIONS
On 16 March 2004 a security interest was entered into with HSBC Bank plc,
supporting the overdraft facility granted to Glow Telecom International Limited
("GTIL") in the sum of #235,000. GTIL is under common control.
10. STATUTORY ACCOUNTS
The financial information set out above does not constitute the company's
statutory accounts for the period ended 30 June 2004 but is derived from those
accounts. Statutory accounts for the period will be delivered to the registrar
of companies following the company's annual general meeting. The auditors have
reported on these accounts; their report was unqualified and did not contain a
statement under section 237(2) or (3) of the Companies Act.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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