Final Results
19 März 2008 - 4:51PM
UK Regulatory
RNS Number:5011Q
Drury Lane Capital PLC
19 March 2008
19 March 2008
Drury Lane Capital Plc (the "Company")
Publication of Annual Report, Notice of Annual General Meeting
and Results since Incorporation
The Directors of Drury Lane Capital PLC are pleased to announce that the Annual
Report and Accounts for the period ended 31 December 2007 and the Notice of the
Annual General Meeting have today been posted to all shareholders.
Copies of the Annual Report and Accounts will be available, free of charge, for
a period of one month at the Company's registered office at 20 Black Friars
Lane, London, EC3V 6HD.
The Annual General Meeting will be held at 11 Buckingham Street, London WC2N 6DF
on Friday 11 April 2007 at 10am. Details of the results of Drury Lane Capital
Plc for the period from incorporation to 31 December 2007 are given below.
Acquisition strategy
Drury Lane Capital Plc was established, as described in the Company's AIM
admission document dated 25 October 2006, to acquire and manage companies and
businesses in sectors where the Directors believe there are opportunities for
consolidation, with particular focus on sectors undergoing structural,
technological and/or regulatory change.
This has continued to be the Company's strategy throughout the period from 12
October 2006 to 31 December 2007.
The existing AIM rules require that where an AIM listed company is an investing
company, shareholder approval for its investing strategy must be sought on an
annual basis. The Board therefore proposes to seek shareholder approval for the
Company to continue its current acquisition strategy at the forthcoming Annual
General Meeting on 11 April 2008. The Board unanimously recommends that
shareholders approve the resolution.
Results
The loss before taxation for the period 31 December 2007 was �714,000. As at 31
December 2007, Drury Lane Capital Plc's net cash balances amounted to
�4,249,000.
Dividends
It is the Board's policy, as described in the Company's AIM admission document,
that prior to making the first acquisition no dividends will be paid. Following
the first acquisition, subject to availability of distributable reserves,
dividends will be paid to shareholders when the Directors believe it is
appropriate and prudent to do so. However, the main focus of the Company will be
delivering capital growth for shareholders.
Outlook
The Company continues to pursue its stated acquisition strategy.
Enquiries:
Quiller Consultants 020 7233 9444
John Eisenhammer / Claire Kearney
PROFIT AND LOSS ACCOUNT
for the period ended 31 December 2007
Period from
12 October 2006 to
31 December 2007
Note �'000
Administrative expenses (939)
Operating loss 2 (939)
Interest receivable and similar income 225
Loss on ordinary activities before taxation (714)
Tax on loss on ordinary activities 4 -
Loss on ordinary activities after taxation (714)
Loss per share
Basic and Diluted 5 0.016p
All the Company's activities derive from continuing operations.
No separate Statement of Total Recognised Gains and Losses has been presented as
all such gains and losses have been dealt with in the Profit and Loss Account.
BALANCE SHEET
as at 31 December 2007
2007
Note �'000
Current assets
Debtors 6 15
Cash at bank and in hand 4,249
4,264
Creditors: amounts falling due within one year 7 (478)
Net current assets 3,786
Net assets 3,786
Capital and reserves
Ordinary share capital 8 4,500
Profit and loss account 9 (714)
Shareholders' funds 10 3,786
The financial statements were approved by the Board on 19 March 2008 and signed
on its behalf by:
Mark Watts
Director
CASH FLOW STATEMENT
for the period ended 31 December 2007
Period from
12 October 2006 to
31 December 2007
Note �'000
Net cash outflow from operating activities 11a (461)
Returns on investments and servicing of finance 11b 210
Cash outflow before use of liquid resources and financing (251)
Financing 11b 4,500
Increase in cash in the period 4,249
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
for the period ended 31 December 2007
Period from
12 October 2006
to
31 December 2007
Note �'000
Increase in cash in the period 4,249 4,249
Net funds at the end of the period 11c 4,249 4,249
ACCOUNTING POLICIES
The principal accounting policies are summarised below. They have all been
applied consistently throughout the year and the preceding period.
BASIS OF ACCOUNTING
The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of certain fixed assets, and in
accordance with applicable United Kingdom accounting standards.
TAXATION
Current tax, including UK corporation tax is provided at amounts expected to be
paid (or recovered) using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.
DEFERRED TAXATION
Deferred tax is recognised in respect of all timing differences that have
originated but not reversed at the Balance Sheet date where transactions or
events that result in an obligation to pay more tax in the future or a right to
pay less tax in the future have occurred at the Balance Sheet date. Timing
differences are differences between the Company's taxable profits and its
results as stated in the financial statements that arise from the inclusion of
gains and losses in tax assessments in periods different from those in which
they are recognised in the financial statements.
Deferred tax is measured at the average rates that are expected to apply in the
periods in which timing differences are expected to reverse, based on tax rates
and laws that have been enacted or substantially enacted by the Balance Sheet
date.
NOTES TO THE FINANCIAL STATEMENTS
for the period ended 31 December 2007
1. LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION
The loss on ordinary activities before taxation for the period is attributable
to the principal activities of the Company, which are carried out predominantly
within the United Kingdom.
2. OPERATING LOSS
Operating loss is stated after charging:
Period from
12 October 2006 to
31 December 2007
�'000
Auditors' remuneration
- Audit of company accounts 6
- Other services pursuant to legislation 15
3. EMPLOYEES & DIRECTORS REMUNERATION
The company had no employees during the period.
The directors received no remuneration for their services to the company.
4. TAXATION
The taxation for the period is analysed below:
Period from
12 October 2006 to
31 December 2007
�'000
Current taxation
United Kingdom Corporation tax at 30% -
Current taxation -
Deferred taxation
Net origination (reversal) of timing differences -
Tax on loss on ordinary activities -
Current tax reconciliation
The current tax credit is lower than the standard rate of corporation tax in the
UK. A reconciliation is shown below:
Period from
12 October 2006 to
31 December 2007
�'000
Loss on ordinary activities before taxation (714)
Theoretical tax credit at UK corporation tax rate 30% (214)
Effects of:
- expenditure that is not tax deductible _
- losses carried forward to future periods 214
Current taxation -
Factors that may affect future tax charges
There are no factors affecting future tax charges.
A potential deferred tax asset of �214,000 has not been recognized as future
recovery is uncertain.
5. LOSS PER SHARE
Basic and diluted loss per ordinary share of 0.016p is based on the loss for the
period of �714,000 and on 45,000,000 Ordinary Shares of 10 pence each being the
weighted average number of Ordinary Shares in issue during the current period.
6. DEBTORS
Period from
12 October 2006 to
31 December 2007
�'000
Prepayments and accrued income 15
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Period from
12 October 2006 to
31 December 2007
�'000
Trade creditors 472
Accruals and deferred income 6
478
8. SHARE CAPITAL
Period from
12 October 2006 to
31 December 2007
�'000
Authorised
100,000,000 Ordinary Shares of 10 pence each 10,000
Allotted and fully paid
45,000,000 Ordinary Shares of 10 pence each 4,500
The Company was incorporated on 12 October 2006 when it issued (at par) 2
Ordinary Shares of �1 each. These shares were unpaid. On 13 October 2006, each
of the Ordinary Shares (both issued and unissued) were sub-divided into 10
Ordinary Shares of 10 pence. The two Ordinary Shares of �1 each that were
issued on incorporation (subdivided into 10 Ordinary Shares of 10 pence each)
were subsequently transferred in equal amounts to Mark Watts and James
Corsellis, partners of Marwyn Capital LLP.
On the same day, the Company's authorised share capital was increased to
100,000,000 Ordinary Shares of 10 pence each, and to 50,000 Redeemable
Preference Shares of �1 each. Also on the same day, the 50,000 Redeemable
Preference Shares of �1 each were issued (at par) to Marwyn Capital LLP, who
undertook to pay in cash one quarter of the par value of the Redeemable
Preference Shares applied for.
At admission on 30 October 2006, the 50,000 Redeemable Preference Shares of �1
each were redeemed at par and an additional 44,999,980 Ordinary Shares were
issued and fully paid.
9. RESERVES
Profit and loss
�'000
At 12 October 2006 -
Loss for the period (714)
At 31 December 2007 (714)
10. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
Period from
12 October 2006 to
31 December 2007
�'000
Ordinary Shares issued _ 4,500
Loss for the period (714)
Net addition to shareholders' funds 3,786
Opening shareholders' funds -
Closing shareholders' funds 3,786
11. CASH FLOWS
a. Reconciliation of operating loss to net cash outflow from operating
activities
Period from
12 October 2006 to
31 December 2007
�'000
Operating loss (939)
Increase in creditors 478
Net cash outflow from operating activities (461)
b. Analysis of cash flows for headings netted in cash flow statement
Period from
12 October 2006 to
31 December 2007
�'000
Returns on investment and servicing of finance
Interest received 210
Net cash inflow from returns on investment and servicing of finance 210
Financing
Gross proceeds of Ordinary Shares issued 4,500
Net cash inflow from returns on investment and servicing of finance 4,500
c. Analysis of net funds
At
Cash flow 31 December 2007
�'000 �'000
Cash at bank and in hand 4,249 4,249
Total net funds 4,249 4,249
12. FINANCIAL INSTRUMENTS
The Company's financial instruments comprise cash balances and items such as
trade creditors, which arise directly from its operations. The Company has
little exposure to credit and cash flow risk. It has, and has been throughout
the period under review, the Company's policy that no trading in financial
instruments shall be undertaken. The main risks arising from the Company's
financial instruments are interest rate and liquidity risk. The policy for
managing these risks is summarised below and has been applied through the
period.
Cash balances are placed so as to maximise interest earned while maintaining
liquidity requirements of the business. The Directors regularly review the
placing of cash balances. Any surplus cash balances, during the year, were
placed on short-term interest bearing accounts at standard bank interest rates.
The cash at bank and in hand at 31 December 2007 was �4,249,000 and the fair
value was the same as the carrying amount.
13. RELATED PARTY TRANSACTIONS
Four Directors of Drury Lane Capital Plc are also members of Marwyn Capital LLP.
During the year the Company paid fees of �45,000 for corporate finance advisory
services to Marwyn Capital LLP.
David Williams is also a Director in Marwyn Partners Limited. During the year
the Company paid �70,500 to Marwyn Partners Limited for office and
infrastructure costs. The Company owed Marwyn Capital LLP �15,000 as at 31
December 2007 and Marwyn Partners �5,875.
This information is provided by RNS
The company news service from the London Stock Exchange
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