TIDMSWB
RNS Number : 4678N
SportsWinBet Limited
11 June 2010
11 June 2010
Sportswinbet Limited
("Sportswinbet" or the "Company")
Final Results for the year to 31 December 2009
Chairman's Statement
Sportswinbet Limited ("Sportswinbet" or "the Company") has today published its
results for the year ended 31 December 2009. In the year ended 31 December 2009
the Group generated revenues of GBP nil (2008: GBP503,807) and recorded a loss
after taxation of GBP273,587 (2008 Profit: GBP317,204). At 31 December 2009, the
Group had cash resources of GBP1,612,958 (2008 GBP1,739,217).
Mladen Ninkov, Chairman, commented as follows:
In the year ended 31 December 2009 the Company discontinued its trial
Sportswinbet branded sportsbook following operational difficulties that were not
capable of being resolved.
During the year a number of other investment opportunities were investigated
none of which ultimately met the Board's investment criteria. Suitable
investment opportunities continue to be sought in line with stated investment
strategy.
For further information please contact:
Antony Legge, Astaire Securities Plc (Nominated Adviser)
020 7448 44000
The report and accounts for the year to 31 December 2009 will be posted to
shareholders on 11 June 2010
Statement of Comprehensive Income
For The Year Ended 31 December 2009
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| |Notes | Group | | Group | | Company | | Company |
| | | 2009 | | 2008 | | 2009 | | |
| | | | | | | | | 2008 |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| | | GBP | | GBP | | GBP | | GBP |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| Revenue | | - | | 503,807 | | - | | - |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| Administrative expenses | 2 | (281,460) | | (246,302) | | (277,983) | | 267,088 |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| Operating (loss)/profit | | (281,460) | | 257,505 | | (277,983) | | 267,088 |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| | | | | | | | | |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| Finance income | 3 | 7,873 | | 59,699 | | 7,822 | | 52,385 |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| (Loss)/Profit on | | (273,587) | | 317,204 | | (270,161) | | 319,473 |
| ordinary activities | | | | | | | | |
| before taxation | | | | | | | | |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| | | | | | | | | |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| Income tax expense | 4 | - | | - | | - | | - |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| (Loss)/Profit on | | (273,587) | | 317,204 | | (270,161) | | 319,473 |
| ordinary activities | | | | | | | | |
| after taxation | | | | | | | | |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| Other comprehensive | | - | | - | | - | | - |
| income | | | | | | | | |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| Total comprehensive | | (273,587) | | 317,204 | | (270,161) | | 319,473 |
| income | | | | | | | | |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
| (Loss)/Earnings per | 5 | (GBP0.005) | | GBP0.005 | | (GBP0.005) | | GBP0.005 |
| share (basic and | | | | | | | | |
| diluted) | | | | | | | | |
+--------------------------+-------+-----------------------+----------+-------------+----------+-------------+----------+----------+
Statement of Financial Position
At 31 December 2009
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| | | Group | Group | | Company | Company |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| |Notes | 2009 | 2008 | | 2009 | 2008 |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| | | GBP | GBP | | GBP | GBP |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Non current assets | | | | | | |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Investments | 6 | - | - | | 2 | 3 |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| | | - | - | | 2 | 3 |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Current assets | | | | | | |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Trade and other | 7 | 1,230 | 163,880 | | 467,377 | 520,788 |
| receivables | | | | | | |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Cash and cash | | 1,612,958 | 1,739,217 | | 1,148,156 | 1,376,847 |
| equivalents | | | | | | |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| | | 1,614,188 | 1,903,097 | | 1,615,533 | 1,897,635 |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Current liabilities | | | | | | |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Trade and other | 8 | (22,050) | (37,372) | | (18,110) | (30,052) |
| payables | | | | | | |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Net current assets | | 1,592,138 | 1,865,725 | | 1,597,423 | 1,867,583 |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Total net assets | | 1,592,138 | 1,865,725 | | 1,597,425 | 1,867,586 |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Equity | | | | | | |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Paid-in Capital | 9 | 2,982,826 | 2,982,826 | | 2,982,826 | 2,982,826 |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Retained earnings | | (1,390,688) | (1,117,101) | | (1,385,401) | (1,115,240) |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
| Total equity | | 1,592,138 | 1,865,725 | | 1,597,425 | 1,867,586 |
+----------------------+-------+-------------+-------------+----------+-------------+-------------+
Statement of Cashflows
For The Year Ended 31 December 2009
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| | | Group | Group | | Company | Company |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| |Note | 2009 | 2008 | | 2009 | 2008 |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| | | GBP | GBP | | GBP | GBP |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| Net cash flows from | | | | | | |
| operating activities | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| (Loss)/Profit before | | (273,587) | 317,204 | | (270,161) | 319,473 |
| taxation | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| Interest received | | (7,873) | (59,699) | | (7,822) | (52,385) |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| Operating cash flows | | (281,460) | 257,505 | | (277,983) | 267,088 |
| before movements in | | | | | | |
| working capital | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| | | 162,650 | (163,880) | | 53,411 | (202,631) |
| (Increase)/Decrease in | | | | | | |
| receivables and | | | | | | |
| prepayments | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| Increase/(Decrease) in | | (15,322) | 19,285 | | (11,942) | 14,465 |
| payables | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| Adjustment to Share | | - | - | | 1 | - |
| Capital | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| Cash (deficit)/surplus | | (134,132) | 112,910 | | (236,513) | 78,922 |
| generated from operations | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| Interest received | 4 | 7,873 | 59,699 | | 7,822 | 52,385 |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| Net Cash (deficit)/surplus | | (126,259) | 172,609 | | (228,691) | 131,307 |
| generated by operating | | | | | | |
| activities | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| (Decrease)/Increase in | | (126,259) | 172,609 | | (228,691) | 131,307 |
| cash and cash equivalents | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| Cash and cash equivalents | | 1,739,217 | 1,566,608 | | 1,376,847 | 1,245,540 |
| at beginning of the | | | | | | |
| financial period | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| | | 1,612,958 | 1,739,217 | | 1,148,156 | 1,376,847 |
| Cash and cash equivalents | | | | | | |
| at end of the financial | | | | | | |
| period | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| | | | | | | |
| Cash and cash equivalents | | | | | | |
| consist of: | | | | | | |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
| Cash at bank and in hand | | 1,612,958 | 1,739,217 | | 1,148,156 | 1,376,847 |
+----------------------------+------+-------------+-----------+----------+-----------+-----------+
Statement of Changes In Equity
For The Year Ended 31st December 2009
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| | Group | Company |
+----------------+---------------------------------------------+-------------------------------------+
| | Share | Profit | Total | Share | Profit | Total |
| | Capital | and | | Capital | and | |
| | | Loss | | | Loss | |
| | | Account | | | Account | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| | | | | | | |
| At 31st | 2,982,826 | (1,434,305) | 1,548,521 | 2,982,826 | (1,434,713) | 1,548,113 |
| December 2007 | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| Changes in | | | | | | |
| equity for the | | | | | | |
| Year ended | | | | | | |
| 31 December, | | | | | | |
| 2008 | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| | | | | | | |
| Profit for the | - | 317,204 | 317,204 | - | 319,473 | 319,473 |
| year | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| | | | | | | |
| Other | | | | | | |
| comprehensive | - | - | - | - | - | - |
| income | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| Total | - | 317,204 | 317,204 | - | 319,473 | 319,473 |
| comprehensive | | | | | | |
| income for the | | | | | | |
| year | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| | | | | | | |
| At 31st | 2,982,826 | (1,117,101) | 1,865,725 | 2,982,826 | (1,115,240) | 1,867,586 |
| December 2008 | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| Changes in | | | | | | |
| equity for the | | | | | | |
| Year ended | | | | | | |
| 31 December, | | | | | | |
| 2009 | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| | | (273,587) | (273,587) | | | |
| Loss for the | - | | | - | (270,161) | (270,161) |
| year | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| | | - | - | | | |
| Other | | | | | - | |
| comprehensive | - | | | - | | - |
| losses | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| Total | - | (273,587) | (273,587) | - | (270,161) | (270,161) |
| comprehensive | | | | | | |
| losses for the | | | | | | |
| year | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
| | | (1,390,688) |1,592,138 | | | |
| At 31st | 2,982,826 | | | 2,982,826 | (1,385,401) | 1,597,425 |
| December 2009 | | | | | | |
+----------------+-----------+---------------------+-----------+-----------+-------------+-----------+
Notes To The Accounts
For The Year Ended 31st December 2009
1 Accounting Policies
Basis of accounting
The consolidated accounts of Sportswinbet Limited have been prepared in
accordance with applicable International Financial Reporting Standards, as
adopted by the European Union.
The significant accounting policies adopted are detailed below:
Accounting convention
The accounts have been prepared under the historical cost convention.
Consolidation basis
The Group accounts consolidate the accounts of the Company and all its
subsidiary undertakings drawn up to 31 December, 2009.
The results of subsidiary undertakings acquired are included from the date of
acquisition. Profits or losses on intra-group transactions are eliminated in
full. On acquisition of a subsidiary, all of the subsidiary's assets and
liabilities which existed at the date of acquisition are recorded at their fair
values reflecting their condition at that date.
Revenue recognition
Revenue is measured based on amounts received or receivable for services
provided by the Group provided that no revenue is recognized until it is capable
of being measured reliably in accordance with IAS 18.20.
Deferred taxation
Provision is made for deferred taxation in respect of temporary differences to
the extent that the liability may become payable in the foreseeable future.
Foreign currencies
Transactions and balances
The functional currency of the group is Pounds Sterling.
Transactions in currencies other than Pounds Sterling are recorded at the rates
of exchange prevailing on the dates of the transactions.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, cash at bank and short-term
deposits with banks and similar financial institutions with a maturity of three
months or less.
Valuation of investments
Unquoted investments whose fair value cannot be reliably measured are presented
as non current assets and stated at cost less any impairment in value. Any
impairment is charged to the statement of Comprehensive income.
Significant judgements and estimates
In formulating accounting policies the directors are required to apply their
judgement, and where necessary engage professional advisors. The directors
continually monitor the basis on which their judgements are formulated. Where
required they will make amendments to these judgements. Where judgements and
estimates are amended between accounting periods, full disclosure of the
financial implications are given within the relevant notes to the Group
accounts.
Issued International Financial Reporting Standards ("IFRS's")
The following revised standard relevant to the Group's operations became
mandatory in this financial year:
· IAS 1 (Revised) "Presentation of financial statements"
This has changed the presentation of the primary financial statements to the
format include on pages 5 to 15.
· Amendment to IFRS 7 " Financial Instruments: Disclosures"
This amendment became mandatory during the current period but has not had any
impact on disclosures.
· IAS 39 " Financial Instruments: Recognition and measurement" (amendment)
This amendment became mandatory during the current period but has not had any
impact on the accounts.
Issued International Financial Reporting Standards ("IFRS") and interpretations
that are not yet effective
The company has not applied the following pronouncements all of which became
effective in future periods and are relevant to the company: the most relevant
to the company is IAS 27 (revised).
· IAS 27 (Revised) "Consolidated and Separate Financial Statements" changes
aspects of accounting for business combinations. This became mandatory for
annual periods beginning on or after 1 July 2009 and thus will be adopted in the
Company's financial statements for the year ending 31 December 2010.
· IFRS 3 Business Combinations (revised)
This is mandatory for accounts periods beginning on or after 1 July, 2009 This
has revised several significant areas in accounting for acquisitions. The Group
is presently reviewing the impact of this on the preparation of the Accounts
The Company is evaluating the impact of the above pronouncements. The changes
are not expected to be material to the company's earnings or to shareholders'
funds.
2 Administrative Expenses
There were 3 directors of the group in 2009 (2008: 3), and no employees (2008:
nil).
The following fees were receivable by the Directors holding office during the
year:
+-------------------+--------+----------+--------+
| | Total | | Total |
| | 2009 | | 2008 |
+-------------------+--------+----------+--------+
| | GBP | | GBP |
+-------------------+--------+----------+--------+
| Mladen Ninkov * | 42,000 | | 42,000 |
+-------------------+--------+----------+--------+
| Kung-Min Lin ** | 10,000 | | 15,000 |
+-------------------+--------+----------+--------+
| Craig Lees Baxter | 42,000 | | 42,000 |
| Niven *** | | | |
+-------------------+--------+----------+--------+
* Keynes Capital, the registered business name of Keynes Investments
Pty Limited as trustee for the Keynes Trust, received fees under a consultancy
agreement of GBP42,000 (2008: GBP42,000), for the provision of advisory and
support services to Sportswinbet Limited and subsidiary companies. Mladen Ninkov
is a director and employee of Keynes Investments Pty Limited.
** Long Sheng Asset Management Company, a company controlled by Kung-Min
Lin and his immediate family, received fees under a consultancy agreement of
GBP10,000 (2008: GBP15,000), for the provision of advisory and support services
to Sportswinbet Limited and subsidiary companies.
*** Zetachoice Limited, a company controlled by Craig Niven and his
immediate family, received fees under a consultancy agreement of GBP42,000
(2008: GBP42,000), for the provision of advisory and support services to
Sportswinbet Limited and subsidiary companies.
The net operating loss is stated after charging auditors remuneration of
GBP9,400 (2008: GBP8,362) of which GBP1,700 relates to the company, and auditors
remuneration in respect of non-audit services of GBPnil (2008: GBP3,000). Fees
paid to the auditors in respect of non-audit work are in respect of company
secretarial and other services. These services are reviewed by the Directors to
ensure that the independence of the auditors is not comprised.
Included in the group's loss for the year is an exchange loss of GBP59,113
(2008: gain GBP13,454) which arose on the translation of a Hong Kong Dollar
account held within the group at the year end.
3 Finance Income
+--------------------------------------+----------+--------+----------+--------+
| | | 2009 | | 2008 |
+--------------------------------------+----------+--------+----------+--------+
| | | GBP | | GBP |
+--------------------------------------+----------+--------+----------+--------+
| Bank and short term interest | | 7,873 | | 59,699 |
+--------------------------------------+----------+--------+----------+--------+
4 Income Tax Expense
+--------------------------------------+----------+--------+----------+--------+
| | | 2009 | | 2008 |
+--------------------------------------+----------+--------+----------+--------+
| | | GBP | | GBP |
+--------------------------------------+----------+--------+----------+--------+
| Taxation on (loss)/profit on | | - | | - |
| ordinary activities | | | | |
+--------------------------------------+----------+--------+----------+--------+
The Company is resident for corporation tax purposes in the British Virgin
Islands.
5 (LOSS)/EARNINGS Per Share
The loss per share has been calculated on the basis of the net loss after
taxation of GBP273,587 (2008 Profit GBP317,204) and the weighted average number
of shares in issue in the year ended 31 December 2009 of 57,056,501 (2008
57,056,501).
6 Non Current Investments
+--------------------------+--------+-------+----------+---------+---------+
| | Group | Group | | Company | Company |
+--------------------------+--------+-------+----------+---------+---------+
| | 2009 | 2008 | | 2009 | 2008 |
+--------------------------+--------+-------+----------+---------+---------+
| | GBP | GBP | | GBP | GBP |
+--------------------------+--------+-------+----------+---------+---------+
| Shares in group | | | | | |
| undertakings | | | | | |
+--------------------------+--------+-------+----------+---------+---------+
| Cost | | | | | |
+--------------------------+--------+-------+----------+---------+---------+
| At 1st January and 31st | - | - | | 2 | 3 |
| December | | | | | |
+--------------------------+--------+-------+----------+---------+---------+
Details of subsidiaries are given in note 11.
7 Current Trade And Other Receivables
+--------------------------+-------+----------------+----------+---------+---------+
| | Group | Group | | Company | Company |
+--------------------------+-------+----------------+----------+---------+---------+
| | 2009 | 2008 | | 2009 | 2008 |
+--------------------------+-------+----------------+----------+---------+---------+
| | GBP | GBP | | GBP | GBP |
+--------------------------+-------+----------------+----------+---------+---------+
| Trade Debtors | - | 159,924 | | - | - |
+--------------------------+-------+----------------+----------+---------+---------+
| Amounts owed by Group | - | - | | 466,147 | 516,832 |
| undertakings | | | | | |
+--------------------------+-------+----------------+----------+---------+---------+
| Prepayments | 1,230 | 3,956 | | 1,230 | 3,956 |
+--------------------------+-------+----------------+----------+---------+---------+
| | 1,230 | 163,880 | | 467,377 | 520,788 |
+--------------------------+-------+----------------+----------+---------+---------+
8 Current Trade And Other Payables
+--------------------------+--------+--------+----------+---------+---------+
| | Group | Group | | Company | Company |
+--------------------------+--------+--------+----------+---------+---------+
| | 2009 | 2008 | | 2009 | 2008 |
+--------------------------+--------+--------+----------+---------+---------+
| | GBP | GBP | | GBP | GBP |
+--------------------------+--------+--------+----------+---------+---------+
| Accruals | 22,050 | 37,372 | | 18,110 | 30,052 |
+--------------------------+--------+--------+----------+---------+---------+
9 Share Premium
Group and Company
+--------------------------+---------------+-----+----------+---------------+-----+
| | 2009 | | 2008 |
+--------------------------+---------------------+----------+---------------------+
| | No. | GBP | | No. | GBP |
+--------------------------+---------------+-----+----------+---------------+-----+
| Authorised share capital | | | | | |
+--------------------------+---------------+-----+----------+---------------+-----+
| At 1st January and 31st | 1,000,000,000 | | | 1,000,000,000 | |
| December, no par | | - | | | - |
| value | | | | | |
+--------------------------+---------------+-----+----------+---------------+-----+
+---------------------------+------------+---+-------+----------+------------+--+------+----------+
| Paid-in Capital | | | | | |
+---------------------------+----------------+-------+----------+---------------+-----------------+
| | 2009 | | 2008 | |
+---------------------------+------------------------+----------+----------------------+----------+
| | No. | GBP | | No. | GBP |
+---------------------------+------------+-----------+----------+------------+--------------------+
| At 1st January and 31st | 57,056,501 | 2,982,826 | | 57,056,501 | 2,982,826 |
| December | | | | | |
+---------------------------+------------+-----------+----------+------------+--------------------+
| | | | | | | | | |
+---------------------------+------------+---+-------+----------+------------+--+------+----------+
10 Contingent Liabilities
At 31 December 2009 the Group and Company had no contingent liabilities (2008
nil).
11 Subsidiary Companies
At 31 December 2009, Sportswinbet had interests in the share capital of the
following principal subsidiary companies.
+------------------+----------+------------+----------------+---------------+
| Name | Class |Proportion | Nature | Country |
| | of | of shares | of | of |
| | Share | held | business |incorporation |
| | held | | | |
+------------------+----------+------------+----------------+---------------+
| | | | | |
+------------------+----------+------------+----------------+---------------+
| Sportswinbet |Ordinary | 100% | Marketing | Alderney |
| (C.I.) Limited | | | | |
+------------------+----------+------------+----------------+---------------+
| SWB (Admin) |Ordinary | 100% |Administrative | England |
| Limited | | | support | |
+------------------+----------+------------+----------------+---------------+
12 Related Party Transactions
Fees of GBP94,000 (2008: GBP99,000) were paid in the year to the Directors, as
detailed in note 2. No further related party transactions took place in 2009 or
2008.
The Company is listed on the Alternative Investment Market. The Directors do
not consider that there is any one controlling party.
The Company provides financial support to each of its subsidiary companies.
During the financial period to and as at 31 December 2009, the Company had
provided GBPnil (2008 GBPnil), to Sportswinbet (C.I.) Limited, prior to
provisions against amounts recoverable. The Company has further provided
financial support of GBP5,000 (2008 GBPnil) in the financial period to 31
December 2009 to SWB (Admin) Limited. SWB (Admin) Limited provides
administrative support to the Group for which SWB (Admin) Limited has charged
GBPnil during the financial period to 31 December 2009 (2008 GBPnil).
13 Financial Instruments
Exposure to credit and currency risks arises in the normal course of the Group's
business.
Credit risk
Exposure to credit risk is monitored on an ongoing basis.
Cash investments are allowed only in liquid securities and only with major
financial institutions that satisfy certain credit criteria.
At the balance sheet date, there were no significant concentrations of credit
risk. The maximum exposure to credit risk is represented by the carrying amount
of each financial asset.
Foreign currency risk
In preparing the financial statements of the individual companies, transactions
denominated in foreign currencies are translated at the rate ruling at the
settlement date. Assets and liabilities denominated in foreign currency are
translated at the exchange rate ruling at the balance sheet date. Exchange
differences arising in the financial statements of the individual undertakings
have been credited to administrative expenses.
Fair values
There is no significant difference between the carrying amounts shown in the
balance sheet and the fair values of the Group and Company's financial
instruments. For current trade and other receivables/payables with a remaining
life of less than one year, the nominal amount is deemed to reflect the fair
value.
Capital risk
The capital of the Group consists of equity attributable to equity holders of
the parent company, comprising share premium and retained earnings / losses. The
Group manages its capital to ensure that entities within the Group will be able
to continue as going concerns whilst maximising the return to shareholders. The
Group is not subject to any externally imposed capital requirements.
14 Commitments Under Operating Leases
At 31 December 2009, the Group and Company had no commitments under
non-cancellable operating leases (2008 none).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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