TEP Exchange Group PLC Parent Companys Interim Financial Statements
18 Januar 2013 - 8:00AM
UK Regulatory
TIDMTEX
18 January 2013
TEP Exchange Group PLC
("TEP" or "the Company")
Parent company's interim financial statements for the eleven months period
ended 30 November 2012
The Company announces that the following parent company's interim financial
statements for the eleven month period ended 30 November 2012, which relate
only to TEP itself and not to the TEP Group, are being submitted today for
filing with the Registrar of Companies as required by section 838 (6) of the
Companies Act 2006. The statements have been prepared so that dividends which
are expected to become payable between now and the publication of the TEP Group
annual report in respect of the 2012 accounting period may be paid in
compliance with section 836 (2) (a) of the Companies Act 2006.
For further information please contact:
TEP Exchange Group plc
David Roxburgh 00 353 87 2431665
Merchant Securities Limited
Simon Clements/Virginia Bull 020 7628 2200
Statement of Comprehensive Income
for the eleven months ended 30 November 2012
Eleven months
ended
30 November
2012
(unaudited)
Notes GBP
Revenue 2 2,350,100
Administrative expenses (157,242)
Profit from operations 2,192,858
Finance income 3 8,163
Profit before income tax 2,201,021
Income tax expense 4 -
Profit attributable to the owners of the 2,201,021
parent and total comprehensive income
for the period
Statement of Changes in Equity
for the eleven months ended 30 November 2012
Attributable to equity holders of the Company
Share Share Accumulated Total
Capital Premium Profit Equity
(unaudited) (unaudited) (unaudited) (unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2012 2,267,480 4,032,678 (7,912,654) (1,612,496)
Total comprehensive income - - 2,201,021 2,201,021
for the period
Capital reduction and (2,258,980) (4,032,678) 6,291,658 -
cancellation of premium
Dividends Payable - - (255,000) (255,000)
At 30 November 2012 8,500 - 325,025 333,525
Statement of Financial Position
as at 30 November 2012
Notes As at
30 November
2012
(unaudited)
GBP'000
ASSETS
Non-current assets
Investments subsidiary undertakings 100,006
100,006
Current assets
Inventories -
Trade and other receivables 7 627,845
Cash and cash equivalents 204,959
Total current assets 832,804
TOTAL ASSETS 932,810
LIABILITIES
Current liabilities
Borrowings -
Trade and other payables 8 (599,285)
Total current liabilities (599,285)
Non-current liabilities
Borrowings -
Total non-current liabilities -
TOTAL LIABILITIES (599,285)
NET ASSETS 333,525
Equity attributable to equity holders of
the parent
Share capital 8,500
Share premium reserve -
Accumulated profit 325,025
TOTAL EQUITY 333,525
Statement of Cash Flows
for the eleven months ended 30 November 2012
Eleven months
ended
30 November
2012
(unaudited)
GBP'000
Cash flows from operating activities
Operating profit 2,201,021
Increase in trade and other receivables (331,739)
Decrease in trade and other payable (1,726,625)
Cash generated by operating activities 142,657
Cash flows from financing activities
Decrease in borrowings -
Issue of ordinary share capital -
Dividends paid -
Net increase in cash and cash equivalents 142,657
Cash and cash equivalents at beginning of 62,302
period
Cash and cash equivalents at end of period 204,959
Cash and cash equivalents comprise:
Cash available on demand 204,959
Notes forming part of the interim financial statements
1. Basis of preparation
The financial statements of the Company for the eleven months ended 30 November
2012 have been prepared in accordance with the recognition and measurement
principles of International Financial Reporting Standards, International
Accounting Standards and EU adopted IFRICs (collectively "IFRS") issued by the
International Accounting Standards Board ("IASB") as adopted by the European
Union ("adopted IFRS"). The condensed interim financial statements have been
prepared using the accounting policies which will be applied in the Group's
statutory financial statements for the year ending 31 December 2012.
2. Revenue
The Company's revenue is generated in the United Kingdom from the licensing of
the proprietary electronic platform together with the dividends received from
subsidiary undertakings.
3. Finance income
30 November
2012
GBP
Interest receivable on loans 8,163
4.Income tax expense
No liability to corporation tax arises on the results for the period due to the
utilisation of losses brought forward together with dividends received from a
subsidiary undertaking not being subject to corporation tax.
The tax assessed for the period varies from the standard rate of corporation
tax in the UK. The differences are explained below:
30 November
2012
GBP
Profit on ordinary activities before income tax 2,201,021
Profit on ordinary activities before income tax 556,858
multiplied by the standard rate of U.K.
corporation tax of 25.3%
Non-taxable income (379,500)
Utilisation of tax losses (177,358)
Current period income tax charge -
5.Dividends
On 9 November 2012 the directors declared a dividend of 0.03p per share that
was paid to shareholders on 20 December 2012.
6.Capital reduction and cancellation of share premium
On 13 July 2012 the Company's shareholders passed the special resolution to
reduce its share capital and cancel its share premium account. The passing of
the special resolution was subject to Court approval and this was obtained on 8
August 2012.
The statement of changes in equity on page 3 of these interim financial
statements reflects the accounting impact of the reduction in the Company's
share capital and cancellation of the share premium account.
7.Trade and other receivables
30 November 2012
GBP
Trade receivables -
Amount due from subsidiary undertakings 150,050
Loan receivable 450,000
Other receivables 10,854
Prepayments and accrues income 16,941
627,845
8.Trade and other payables
30 November 2012
GBP
Trade payables 93,358
Other payables 3,500
Amounts due to subsidiary undertakings 182,259
Creditors for taxation and social security 26,626
Dividends payable 255,000
Accrued liabilities and deferred income 38,542
599,285
END
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