TIDMCLS
RNS Number : 3326I
Cheerful Scout PLC
10 March 2010
Cheerful Scout Plc / Index: AIM / Epic: CLS / Sector: Media
10 March 2010
Cheerful Scout Plc ('Cheerful' or 'the Company')
Interim Results
Cheerful Scout Plc, the AIM-traded multi media specialist, announces its results
for the six months ended 31 December 2009.
Chairman's Statement
Cheerful has enjoyed a number of operational developments over the past six
months, having broadened its offering through the creation of a new corporate
events division, strengthened its team and focussed on its key value-drivers.
Although challenges still remain, the Board remains confident that these actions
will place us in a good position for growth.
Operations
Cheerful is dedicated to providing an array of innovative corporate
communication solutions through its On Screen, DVD and Events divisions.
Our On Screen division, which focuses on providing corporations with a
compelling and comprehensive medium through which to portray their corporate
message or strategy to their chosen audience, is performing well. Our team
continues to gain recognition for its innovative use of film, graphics and
interactive events and on the back of this, we have strengthened relationships
with existing clients and attracted some new clients as well. Work completed
during the period included a series of projects with FTSE listed companies
operating in the financial and oil and gas sectors. We also have a strong
pipeline of exciting projects, which we hope to complete during the remainder of
the year.
The DVD business has completed several Blu-ray projects and, although the
revenue has decreased, we remain committed to this part of the business as it
continues to add value to our overall offering.
During the period we formed a new events division, which complements and
broadens our offering to current and prospective clients to such an extent that
we are confident that there will be opportunities for cross selling as we
deliver solutions to corporations looking to maximise their message. We
acquired certain assets on 17 December 2009 from Twentyfirst Century
Communications Limited ('Twentyfirst'), an events management company, from its
administrator for a nominal amount, including software, hardware, domain names
and the registered trademark of 'Brand Theatre'. We also recruited five key
members of staff on who were formerly employed by Twentyfirst and whose
expertise and experience in the corporate events arena are very welcome as we
build this division. Operating through the Company's wholly owned subsidiary,
nVision Technology Limited, the team has already attracted new business and will
also be working on our newly won position on the Central Office of Information's
four year events roster.
Financial Results
The Group is reporting a loss before tax of GBP21,789 (2009: profit before tax
GBP18,109) on a turnover of GBP736,664 (2009: GBP894,889). The operating loss
for the Group is GBP23,499. The Group's cash balance continues to be healthy at
GBP901,587 (2009: GBP943,624). These losses include the payment of salaries to
those working in our events division and are partly attributable to a reduction
in bank interest over the period.
Outlook
Looking forward, we are confident that the rest of the year will provide us with
lots of opportunities, which will see your Company grow and its profile
increased.
I would like to thank the team for their hard work and shareholders for their
continued support.
S Appleton
Chairman
10 March 2010
** ENDS **
For further information visit www.cheerfulscout.com or contact:
+----------------------+----------------------+----------------+
| Gary Fitzpatrick | Cheerful Scout Plc | Tel: 020 7291 |
| | | 0444 |
+----------------------+----------------------+----------------+
| Mark Percy | Seymour Pierce | Tel: 020 7107 |
| | | 8000 |
+----------------------+----------------------+----------------+
| Catherine Leftley | Seymour Pierce | Tel: 020 7107 |
| | | 8000 |
+----------------------+----------------------+----------------+
| Elisabeth Cowell | St Brides Media & | Tel: 020 7236 |
| | Finance Ltd | 1177 |
+----------------------+----------------------+----------------+
Condensed Consolidated Statement of Comprehensive Income
Six months ended 31 December 2009
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | |Notes | Unaudited | | Unaudited | | Audited |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | Six | | Six | | Year |
| | | | months | | months | | ended |
| | | | to | | to | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | 31 | | 31 | | 30 June |
| | | | December | | December | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | 2009 | | 2008 | | 2009 |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | GBP | | GBP | | GBP |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Continuing operations | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Revenue | | | 736,664 | | 894,889 | | 1,269,788 |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Cost of sales | | | (461,400) | | (507,241) | | (820,026) |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Gross profit | | | 275,264 | | 387,648 | | 449,762 |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Administrative expenses | | | (298,763) | | (384,616) | | (718,648) |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Operating (loss) / profit | | | (23,499) | | 3,032 | | (268,886) |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Finance income | | | 1,710 | | 15,077 | | 23,408 |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| (Loss) / profit before taxation | | | (21,789) | | 18,109 | | (245,478) |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Taxation | | | 9,250 | | - | | (475) |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Total comprehensive income for | | | (12,539) | | 18,109 | | (245,953) |
| the period | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Attributable to: | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Non-controlling interest | | | - | | - | | - |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Owners of the parent | | | (12,539) | | 18,109 | | (245,953) |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Total comprehensive income for | | | (12,539) | | 18,109 | | (245,953) |
| the period | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| | | | | | | | |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| (Loss) / earnings per ordinary share: | | | | | |
+----------------------------------------------------+---------------------+----------+---------------+----------+-------------------+
| Basic | | 5 | | | 0.1848p | | |
| | | | (0.15695)p | | | | (2.51451)p |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
| Diluted | | 5 | (0.15695)p | | 0.1848p | | (2.51451)p |
+---------------------------------+----------+-------+---------------------+----------+---------------+----------+-------------------+
There are no recognised gains or losses other than those passing through the
Statement of Comprehensive Income.
Condensed Consolidated Statement of Financial Position
At 31 December 2009
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | Unaudited | | Unaudited | | Audited |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | Six | | Six | | Year |
| | | | months | | months to | | ended |
| | | | to | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | 31 | | 31 | | 30 June |
| | | | December | | December | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | 2009 | | 2008 | | 2009 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | GBP | | GBP | | GBP |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Non-current assets | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Intangible assets | | | 365,154 | | 388,413 | | 365,154 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Property, plant and equipment | | | 155,847 | | 200,072 | | 165,484 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | 521,001 | | 588,485 | | 530,638 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Current assets | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Inventories | | | 2,167 | | 3,057 | | 2,033 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Trade and other receivables | | | 167,516 | | 368,809 | | 209,894 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Current tax receivable | | | 9,250 | | 34,761 | | - |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Cash and cash equivalents | | | 901,587 | | 943,624 | | 831,491 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | 1,080,520 | | 1,350,251 | | 1,043,418 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Total assets | | | 1,601,521 | | 1,938,736 | | 1,574,056 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Current liabilities | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Trade and other payables | | | (353,007) | | (273,474) | | (300,378) |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | (353,007) | | (273,474) | | (300,378) |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Net assets | | | 1,248,514 | | 1,666,262 | | 1,273,678 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Equity | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Share capital | | | 1,004,688 | | 1,225,000 | | 1,054,688 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Special reserves | | | - | | - | | - |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Capital redemption reserve | | | 232,812 | | - | | 170,312 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Retained earnings | | | 11,014 | | 440,262 | | 48,678 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Equity attributable to owners of | | | 1,248,514 | | 1,665,262 | | 1,273,678 |
| the parent | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Non-controlling interest | | | - | | - | | - |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| | | | | | | | |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
| Total equity | | | 1,248,514 | | 1,665,262 | | 1,273,678 |
+------------------------------------+----------+----------+-----------------+----------+---------------+----------+------------------+
Condensed Consolidated Statement of Changes in Equity
At 31 December 2009
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| | Share | Special | Capital | Retained | Attributable | Non-controlling | Total |
| | capital | reserves | redemption | earnings | to owners of | interest | equity |
| | | | reserve | | the parent | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| At 1 July | 1,225,000 | 1,747,416 | - | (1,325,263) | 1,647,153 | - | 1,647,153 |
| 2008 | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| Comprehensive | - | - | - | 18,109 | 18,109 | - | 18,109 |
| income for | | | | | | | |
| the period | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| Transfer of | - | (1,747,416) | - | 1,747,416 | - | - | - |
| special | | | | | | | |
| reserves to | | | | | | | |
| retained | | | | | | | |
| earnings | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| At 31 | 1,225,000 | - | - | 440,262 | 1,665,262 | - | 1,665,262 |
| December 2008 | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| At 1 July | 1,225,000 | 1,747,416 | - | (1,325,263) | 1,647,153 | - | 1,647,153 |
| 2008 | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| Comprehensive | - | - | - | (245,953) | (245,953) | - | (245,953) |
| income for | | | | | | | |
| the period | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| Transfer of | - | (1,747,416) | - | 1,747,416 | - | - | - |
| special | | | | | | | |
| reserves to | | | | | | | |
| retained | | | | | | | |
| earnings | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| Purchase of | (170,312) | - | 170,312 | (127,522) | (127,522) | - | (127,522) |
| own shares | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| At 30 June | 1,054,688 | - | 170,312 | 48,678 | 1,273,678 | - | 1,273,678 |
| 2009 | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| At 1 July | 1,054,688 | - | 170,312 | 48,678 | 1,273,678 | - | 1,273,678 |
| 2009 | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| Comprehensive | - | - | - | (12,539) | (12,539) | - | (12,539) |
| income for | | | | | | | |
| the period | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| Purchase of | (62,500) | - | 62,500 | (25,125) | (25,125) | - | (25,125) |
| own shares | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| Issue of | 12,500 | - | - | - | 12,500 | - | 12,500 |
| shares | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
| At 31 | 1,004,688 | - | 232,812 | 11,014 | 1,248,514 | - | 1,248,514 |
| December 2009 | | | | | | | |
+---------------+-----------+-------------+------------+-------------+--------------+-----------------+-----------+
Condensed Consolidated Statement of Cash Flows
Six months ended 31 December 2009
+----------+-------------+-----------------+---------------------------+----------+----------+-------------------------+----------+--------------------------+
| | Unaudited | | Unaudited | | Audited |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| | Six | | Six months | | Year |
| | months | | to | | ended |
| | to | | | | |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| | 31 | | 31 | | 30 June |
| | December | | December | | |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| | 2009 | | 2008 | | 2009 |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| | GBP | | GBP | | GBP |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Cash flows from operating activities | | | | | |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| (Loss) / profit before taxation | (21,789) | | 18,109 | | (245,478) |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Depreciation | 32,821 | | 26,180 | | 71,259 |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Amortisation of intangibles | - | | 23,259 | | 46,518 |
| | | | | | |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Gain on sale of property, plant and | - | | (20,000) | | (20,242) |
| equipment | | | | | |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Finance income | (1,710) | | (15,077) | | (23,408) |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| | 9,322 | | 32,471 | | (171,351) |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Increase / (decrease) in trade and other | 52,629 | | (99,647) | | (72,743) |
| payables | | | | | |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Decrease in trade and other receivables | 42,378 | | 63,945 | | 222,860 |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| (Increase) / decrease in inventories | (134) | | (828) | | 196 |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Taxation | - | | - | | 34,286 |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| | | | | | |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Cash generated / (used) in operating | 104,195 | | (4,059) | | 13,248 |
| activities | | | | | |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| | | | | | |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Cash flows from investing activities | | | | | |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Finance income | 1,710 | | 15,077 | | 23,408 |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Purchase of property, plant and | (23,184) | | (72,341) | | (82,832) |
| equipment | | | | | |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Proceeds from sale of property, plant | - | | 20,000 | | 20,242 |
| and equipment | | | | | |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| Cash used in investing activities | (21,474) | | (37,264) | | (39,182) |
+------------------------------------------+---------------------------+---------------------+-------------------------+----------+--------------------------+
| | | | | | |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| | | | | | |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| Cash flows from financing activities | | | | | |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| Purchase of own shares | (25,125) | | - | | (127,522) |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| Issue of new shares | 12,500 | | - | | - |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| Cash used in financing activities | (12,625) | | - | | (127,522) |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| | | | | | |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| | | | | | |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| Net increase / (decrease) in cash and | 70,096 | | (41,323) | | (153,456) |
| cash equivalents | | | | | |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| | | | | | |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| Cash and cash equivalents at beginning | 831,491 | | 984,947 | | 984,947 |
| of period | | | | | |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| | | | | | |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| Cash and cash equivalents at end of | 901,587 | | 943,624 | | 831,491 |
| period | | | | | |
+------------------------------------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| | | | | | | | |
+----------+-------------+-----------------+---------------------------+----------+------------------------------------+----------+--------------------------+
| | | | | | | | | |
+----------+-------------+-----------------+---------------------------+----------+----------+-------------------------+----------+--------------------------+
Notes to the Interim Condensed Financial Statements
Six months ended 31 December 2009
1. General information
Cheerful Scout Plc is a public limited company incorporated in the United
Kingdom under the Companies Act 1985. The Company is domiciled in the United
Kingdom and its principal place of business in 25-27 Riding House Street,
London, W1P 7PB. The Company's Ordinary Shares are traded on the AIM market of
the London Stock Exchange.
These condensed consolidated interim financial statements for the period ended
31 December 2009 (including the comparatives for the periods ended 31 December
2008 and 30 June 2009) were approved by the board of directors on 10 March 2010.
The financial information set out in this interim report does not constitute
statutory accounts for the purposes of section 434 of the Companies Act 2006.
The Group's statutory financial statements for the year ended 30 June 2009,
prepared under International Financial Reporting Standards (IFRS), have been
filed with the Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain a statement under either Section
498 (2) or Section 498 (3) of the Companies Act 2006.
The interim financial statements have been prepared using the accounting
policies set out in the Group's 2009 statutory accounts and have not been
audited.
Copies of the annual statutory accounts and the interim report can be found on
our website at www.cheerfulscout.com or can be requested from the Company
Secretary at the Company's Registered Office: 65 New Cavendish Street, London,
W1G 7LS.
2. Basis of preparation
These condensed consolidated interim financial statements for the period ended
31 December 2009 have been prepared in accordance with IAS 34, 'Interim
Financial Reporting' as adopted by the European Union. The interim condensed
consolidated financial statements should be read in conjunction with the annual
financial statements for the year ended 30 June 2009, which have been prepared
in accordance with IFRS's as adopted by the European union.
3. Accounting policies
The accounting policies adopted are consistent with those of the annual
financial statements for the year ended 30 June 2009, as described in those
annual financial statements.
The following new standards, amendments to standards or interpretations are
mandatory for the first time for the financial year beginning 1 July 2009 and
have been applied by the Group:
· IAS 1 'Presentation of Financial Statements (Revised 2007)'
· IFRS 2 'Share based payments (Revised 2009)'
· IFRS 3 'Business Combinations (Revised 2008)'
· IFRS 8 'Operating Segments'
The adoption of the above standards do not affect the financial position or
results of the group.
4. Revenue and segment information
Segment information is presented in respect of the Group's primary format,
business segments. This is based on the Group's management and internal
reporting structure. Segment results, assets and liabilities include items
directly attributable to a segment as well as those that can be allocated on a
reasonable basis.
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| | On | On | DVD & | DVD & | Events | Events | Total | Total |
| | Screen | Screen | Interactive | Interactive | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| | months | months | months | months | months | months | months | months |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| | to 31 | to 31 | to 31 | to 31 | to | to | to | to |
| | Dec | Dec | Dec | Dec | 31 | 31 | 31 | 31 |
| | | | | | Dec | Dec | Dec | Dec |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Revenue | 622,726 | 636,972 | 113,938 | 257,917 | - | - | 736,664 | 894,889 |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Segment | 109,243 | 73,227 | (67,363) | (24,750) | (16,586) | - | 25,294 | 48,477 |
| results | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Unallocated | | | | | | | (48,793) | (45,445) |
| expenses | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Operating | | | | | | | (23,499) | 3,032 |
| (loss) / | | | | | | | | |
| profit | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Finance income | | | | | | | 1,710 | 15,077 |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Taxation | | | | | | | 9,250 | - |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Total | | | | | | | (12,539) | 18,109 |
| comprehensive | | | | | | | | |
| income for the | | | | | | | | |
| period | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Segment assets | 363,084 | 616,995 | 314,802 | 489,411 | - | - | 677,886 | 1,106,406 |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Unallocated | | | | | | | 923,635 | 832,330 |
| assets | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Total assets | 363,084 | 616,995 | 314,802 | 489,411 | - | - | 1,601,521 | 1,938,736 |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Segment | (174,233) | (142,168) | (93,986) | (62,447) | (16,584) | - | (284,803) | (204,615) |
| liabilities | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Unallocated | | | | | | | (68,204) | (68,859) |
| liabilities | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Total | (174,233) | (142,168) | (93,986) | (62,447) | (16,584) | - | (353,007) | (273,474) |
| liabilities | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Capital | 11,592 | 36,171 | 11,592 | 36,170 | - | - | 23,184 | 72,341 |
| expenditure | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
| Depreciation & | 16,410 | 24,720 | 16,411 | 24,719 | - | - | 32,821 | 49,439 |
| amortisation | | | | | | | | |
+----------------+-----------+-----------+-------------+-------------+----------+--------+-----------+-----------+
5. Earnings per share
Basic earnings per share are calculated by dividing the profit or loss
attributable to ordinary owners of the parent by the weighted average number of
ordinary shares outstanding during the year.
Diluted earnings per share are calculated by dividing the profit or loss
attributable to ordinary owners of the parent by the weighted average number of
ordinary shares outstanding during the year plus the weighted average number of
ordinary shares that would have been issued on the conversion of all dilutive
potential ordinary shares in ordinary shares.
The following reflects the income and share data used and dilutive earnings per
share computations:
+------------------------------------+-----------+-+------------+----------+-----------+
| | Unaudited | | Unaudited | | Audited |
+------------------------------------+-----------+-+------------+----------+-----------+
| | Six | | Six months | | Year |
| | months to | | to | | ended |
+------------------------------------+-----------+-+------------+----------+-----------+
| | 31 | | 31 | | to |
| | December | | December | | 30 June |
+------------------------------------+-----------+-+------------+----------+-----------+
| | 2009 | | 2008 | | 2009 |
+------------------------------------+-----------+-+------------+----------+-----------+
| | GBP | | GBP | | GBP |
+------------------------------------+-----------+-+------------+----------+-----------+
| | | | | | |
+------------------------------------+-----------+-+------------+----------+-----------+
| Comprehensive income for the | (12,539) | | 18,109 | | (245,953) |
| period | | | | | |
+------------------------------------+-----------+-+------------+----------+-----------+
| Adjusted for non-controlling | - | | - | | - |
| interests | | | | | |
+------------------------------------+-----------+-+------------+----------+-----------+
| (Loss) / profit attributable to | (12,539) | | 18,109 | | (245,953) |
| owners of parent | | | | | |
+------------------------------------+-----------+-+------------+----------+-----------+
| | | | | | |
+------------------------------------+-----------+-+------------+----------+-----------+
| | Shares | | Shares | | Shares |
+------------------------------------+-----------+-+------------+----------+-----------+
| | | | | | |
+------------------------------------+-----------+-+------------+----------+-----------+
| Basic weighted average number of | 7,989,130 | | 9,800,000 | | 9,781,336 |
| shares | | | | | |
+------------------------------------+-----------+-+------------+----------+-----------+
| | | | | | |
+------------------------------------+-----------+-+------------+----------+-----------+
| Dilutive potential ordinary | | | | | |
| shares: | | | | | |
+------------------------------------+-----------+-+------------+----------+-----------+
| Employee share options | - | | - | | - |
+------------------------------------+-----------+-+------------+----------+-----------+
| Diluted weighted average number of | 7,989,130 | | 9,800,000 | | 9,781,336 |
| shares | | | | | |
+------------------------------------+-----------+-+------------+----------+-----------+
6. Capital expenditure
During the period, the Group acquired property, plant and equipment with a cost
of GBP23,184 (2008: GBP72,341). During the period, the Group disposed of
property, plant and equipment for proceeds of GBPNil (2008: GBP20,000).
7. Related party transactions
The Group has a related party relationship with its subsidiaries and its
directors.
Transactions between Group companies, which are related parties, have been
eliminated on consolidation and are therefore not included in these consolidated
interim financial statements.
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| | | | | | | |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| | | | | Unaudited | | Unaudited |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| | | | | Six months | | Six |
| | | | | to | | months |
| | | | | | | to |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| | | | | 31 | | 31 |
| | | | | December | | December |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| | | | | 2009 | | 2008 |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| | | | | GBP | | GBP |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| Subsidiaries | | | | | | |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| | | | | | | |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| Amounts owed by | | | | 226,272 | | 231,837 |
| subsidiaries | | | | | | |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| Less provision | | | | (200,000) | | (200,000) |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| | | | | | | |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| Amounts owed by | | | | 26,272 | | 31,837 |
| subsidiaries | | | | | | |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| | | | | | | |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| Amounts owed to | | | | 1 | | 1 |
| subsidiaries | | | | | | |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
| |
+--------------------------+--------------+-----------+----------+------------+----------+---------------+
Included in the amounts owed by subsidiaries of GBP226,272 is GBP200,000 due
from its subsidiary, Business Data Interactive Limited. During the period ended
31 December 2008, Cheerful Scout plc made a provision of GBP200,000 against this
loan as it is not considered to be recoverable.
Cheerful Scout Plc is a guarantor for a lease entered into by Centralfix
Limited, its subsidiary undertaking.
Harris and Trotter LLP is a firm in which N J Newman is a member. The following
was charged to the Group in respect of professional services.
+-----------------------------------------+-----------+----------+----------+------------+----------+--+----------+------------+
| Harris and Trotter LLP | | | GBP | | GBP |
+-----------------------------------------+-----------+---------------------+-----------------------+-------------+------------+
| Cheerful Scout plc | | | 6,225 | | 10,800 |
+-----------------------------------------+-----------+---------------------+-----------------------+-------------+------------+
| Centralfix Limited | | | 4,880 | | 7,265 |
+-----------------------------------------+-----------+---------------------+-----------------------+-------------+------------+
| | | | | | |
+-----------------------------------------+-----------+---------------------+-----------------------+-------------+------------+
| | | | 11,105 | | 18,065 |
+-----------------------------------------+-----------+---------------------+-----------------------+-------------+------------+
| | | | | | |
+-----------------------------------------+-----------+---------------------+-----------------------+-------------+------------+
| | | | | | |
+-----------------------------------------+-----------+---------------------+-----------------------+-------------+------------+
| The compensation of key management (including directors) of the Group is as follows: |
+------------------------------------------------------------------------------------------------------------------------------+
| | | | GBP | | GBP |
+-----------------------------------------+-----------+----------+-----------------------+-------------+-----------------------+
| Short-term employee benefits | | | 75,000 | | 75,000 |
+-----------------------------------------+-----------+----------+-----------------------+-------------+-----------------------+
| | | | | | | | | |
+-----------------------------------------+-----------+----------+----------+------------+----------+--+----------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSAFWUFSSEDD
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