GON Galleon Hldgs

The Directors have also tested the net book value of intellectual property for impairment following the losses incurred in the year ended 30 September 2010, the change in focus of the business and the fact that the Group has achieved only limited success in exploiting these properties during the year The Directors have considered each Intellectual Property individually and have reviewed the opportunities for commercial exploitation, including the position with current commercial relationships entered into for each property. Where there are no significant relationships entered into at the balance sheet date that indicate a future cash flow and the Directors consider that it is unlikely that future development costs could usefully be invested into those properties, they have been fully impaired.

Where there are ongoing market opportunities management have made their best estimate of the expected cash flows from those opportunities for 12 months from the balance sheet date and have impaired the properties to the value of the net revenues from these opportunities.

7 investments

Interests in joint ventures

At 30 September 2010 the Group had interests in the following joint venture:

 
                                            Proportion held 
                            Class of 
                            share            By the 
Joint       Country of      capital         Company     By the    Nature of 
venture      incorporation  held               %       Group %    business 
 
Peppers                     Ordinary 
 Patrol     England and      shares of 
 Limited     Wales           GBP1 each   50           50          Dormant 
 
 
 
 
The group's aggregate share in its joint 
 venture comprises: 
                                               2010      2009 
                                            GBP'000   GBP'000 
 
Current assets                                  736       736 
Liabilities due within one year               (736)     (736) 
                                                  -         - 
                                           ========  ======== 
 

The Group's share of the results of Peppers Patrol Limited was GBPnil (2009: GBPnil).The joint venture has been accounted for using the equity method of accounting.

Available for sale financial assets

 
Cost                   GBP'000 
At 1 October 2009          249 
Additions                  634 
Impairment               (883) 
                       ------- 
At 30 September 2010         - 
                       ======= 
 
 

On the 26 January 2010, the company acquired a 19% shareholding in Dragonfruit Studios. The consideration was US$1,000,000 represented by $500,000 cash, $500,000 ordinary 1p shares in Galleon Holdings plc. The Directors have reviewed the carrying value of this investment and consider it to be impaired. Dragonfruit Studios has failed to produce significant revenues and perform against forecasts.

8 publication of non-statutory accounts

The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.

The summarised consolidated statement of financial position at 30 September 2010 and the summarised consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows and associated notes for the year then ended have been extracted from the Group's 2010 statutory financial statements upon which the auditor's opinion is unqualified and does not include any statement under Section 498 of the Companies Act 2006.

The accounts for the year ended 30 September 2010 will be posted to shareholders and laid before the company at the Annual General Meeting the date of which will be advised shortly. Copies will also be available on the Company's website (www.galleonplc.com) in accordance with AIM Rule 26.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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