Final Results
29 Dezember 2006 - 8:00AM
UK Regulatory
The Weather Lottery plc
('The Weather Lottery' or the 'Company')
Final Results
29th December 2006
Chief Executives Statement
The results are generally as anticipated in our AIM Admission document
This period was a year of consolidation for the lottery as major new clients
such as Round Table, The National Trust and others were developed for 2006/2007
financial year and new fund raising initiatives pursued.
Over �300,000 of additional funds were raised via a placing of shares and
arrangements were put in place for the Admission to AIM which took place on
September 13th 2006
Lottery Lines played stayed level at approximately 28,000, the loss of York City
Cash Lottery 980 lines and Hope House Hospice 345 lines saw a loss of
approximately 1325 lines. This income was recovered through normal growth.
Enquiries were still very healthy. Marketing information packs were requested by
774 separate Societies. We are experiencing increased enquiries on a week to
week basis and this is ongoing.
Financial review
2005/2006 showed a loss of �82,000 broadly as indicated in the AIM Admission
Document
With the increased visibility of the business following the floatation we are
pursuing a number of major new clients and developing the National Trust
business amongst many others.
Post year end events
September 2006 saw our Admission to the AIM Market on The London Stock Exchange.
January 2007 will see our new online playing system become active. Each client
(1500 in total) will install a Lottery page on their website which will have a
play online system. We are extremely encouraged by this new development.
We have been granted a credit and debit card payment facility with a high street
UK Bank, an unusual step in the UK Gaming Market. Most facilities are based
abroad once again our credibility has been enhanced, because of this facility we
anticipate our linage will grow throughout 2007
Our current 1500 client database is expanding and we anticipate will grow
throughout 2007.
Strategy and Outlook
The Weather Lottery's objective is to build and expand its paper based and
online entry for Society Lotteries in the fields of Charity, Education and
Sport. Whilst considerable progress has been made in establishing these services
much has still to be done to improve, expand and enhance them.
It is intended to enhance shareholder value by continued expansion of business
both organically and by strategic acquisition if available.
I look forward to 2007 being pivotal in the development of your company as it is
poised and has in place the facilities to allow it to take opportunities to grow
to a higher level.
Keith G Milhench
Chief Executive
Chairman's statement
I am pleased to report the Annual Results of our Company for the 12 month period
ending 31 July 2006.
Unfortunately the Company recorded a loss for the period of �82,000, although
the results are broadly as anticipated in our AIM admission document.
The Weather Lottery was admitted to trading on AIM (regulated by the London
Stock Exchange) on 13th September 2006.
I would like to thank the staff and Directors for their endeavours and hard work
in the continued development of the business of The Weather Lottery plc
Andy Moore
Non Executive Chairman
Enquiries:
The Weather Lottery PLC 0113 2750002
Keith Milhench
Website www.theweatherlottery.com
SVS Securities 020 7638 5600
Ian Callaway/Peter Manfield
ARM Corporate Finance Ltd 020 7512 0191
Nick Harriss
Consolidated profit and loss account
for the year ended 31 July 2006
Note Year ended Period ended
31 July 31 July
2006 2005
�000 �000
Turnover 2 1,440 1,506
Cost of sales (484) (521)
_____ _____
Gross profit 956 984
Administrative expenses (1,039) (1,029)
_______ _______
Operating (loss) 2, 3 (83) (45)
Loan write-off 6 - 448
Interest payable and similar charges 7 - (2)
Interest receivable and similar income 7 1 -
_____ _____
(Loss)/profit on ordinary activities
before taxation 3 (82) 401
Tax on profit on ordinary activities 8 - -
Retained (loss)/profit for the _______ _______
financial period (82) 401
======= =======
Earnings per ordinary share
Basic and fully diluted 9 (0.51)p 334.17p
======= =======
None of the Group's operations were acquired or discontinued during the current
year. All operations are considered to be continuing.
Consolidated statement of total recognised gains and losses
for the year ended 31 July 2006
There are no recognised gains or losses for the current year or preceding period
other than the loss shown in the profit and loss account above.
Consolidated balance sheet
at 31 July 2006
Note 2006 2005
�000 �000
Fixed assets
Intangible fixed assets 11 212 236
Tangible fixed assets 12 - 3
____ ____
212 239
Current assets
Debtors 14 10 17
Cash at bank and in hand 240 32
____ ____
250 49
Creditors: amounts falling due
within one year 15 (293) (307)
_____ ____
Net current assets/(liabilities) (43) (258)
_____ _____
Total assets less current liabilities 169 (17)
Creditors: amounts falling due after
more than one year - -
____ ____
Net assets/(liabilities) 169 (17)
Capital and reserves
Called up share capital 18 73 1
Share premium account 19 245 48
Profit and loss account 19 (149) (66)
_____ ____
Equity shareholders' funds 20 169 (17)
===== =====
The financial statements were approved by the Board of Directors and authorised for
issue on 29 December 2006.
They are signed on the Board's behalf by:
N G McGowan K G Milhench
Director Director
Company balance sheet
at 31 July 2006
Note 2006 2005
�000 �000
Fixed assets
Investments 13 14 14
Current assets
Debtors 14 277 35
Cash at bank and in hand - -
____ ___
277 35
Creditors: amounts falling due
within one year 15 - -
____ ____
Net current assets/(liabilities) 277 35
____ ____
Total assets less current liabilities 291 49
==== ====
Creditors: amounts falling due after
more than one year - -
____ ____
Net assets/(liabilities) 291 49
==== ====
Capital and reserves
Called up share capital 18 73 1
Share premium account 19 245 48
Profit and loss account 19 (27) -
____ ____
Equity shareholders' funds 20 291 49
==== ====
The financial statements were approved by the Board of Directors and authorised
for issue on 29 December 2006. They are signed on the Board's behalf by:
N G McGowan K G Milhench
Director Director
Consolidated cash flow statement
for the year ended 31 July 2006
Year ended Period ended
31 July 31 July
Note 2006 2005
�000 �000
Net cash (outflow) from operating activities 21 (60) (12)
Returns on investments and servicing of finance 22 1 (2)
Capital expenditure and financial investments 22 - (9)
Acquisitions and disposals - -
____ ____
Cash (outflow) before financing (59) (23)
Financing 22 268 41
____ ____
Increase in cash in the period 23 209 18
==== ====
Reconciliation of net cash flow to movement in net funds
for the year ended 31 July 2006
Year ended Period ended
31 July 31 July
Note 2006 2005
�000 �000
Increase in cash in the period 209 18
Repayment of capital element of finance leases - 8
____ ____
Change in net debt resulting from cash flows 209 26
Other - -
____ ____
Movement in net debt in the period 209 26
Net funds at the start of the period 31 5
____ ____
Net funds at the end of the period 23 240 31
==== ====
Notes
(forming part of the financial statements)
1. Accounting policies
Basis of accounting
Both the Company and Group financial statements have been prepared under the
historical cost convention and in accordance with applicable accounting
standards.
Basis of consolidation
The consolidated financial statements include the financial statements of the
Company and its subsidiary undertakings made up to 31 July 2006.
Under section 230(4) of the Companies Act 1985 the Company is exempt from the
requirement to present its own profit and loss account.
Turnover
Turnover represents takings received for entry into the daily prize draws. The
revenue is recognised upon receipt of the money for the period that the draws
take place.
Fixed asset investments
Fixed asset investments are valued at the cost of investment less any write
downs made for a considered permanent diminution in value.
Goodwill
Goodwill arising on consolidation represents the excess of the purchase
consideration over the Group's interest in the fair value of the identifiable
assets and liabilities of a subsidiary at the date of acquisition.
Goodwill is recognised as an asset and amortised over a period of 20 years,
which the directors consider to be the estimated useful life of the goodwill.
Intangible assets
Intangible assets relate to the software development of the lottery game. The
cost is being amortised over ten years, which is the period over which the
software is considered effective.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off
each asset over its estimated useful life or, if held under a finance lease,
over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on cost
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised
in the balance sheet. Those held under hire purchase contracts are depreciated
over their estimated useful lives. Those held under finance leases are
depreciated over their estimated useful lives or the lease term, whichever is
the shorter.
The interest element of these obligations is charged to the profit and loss
account over the relevant period. The capital element of the future payments is
treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account
as incurred.
Deferred taxation
The charge for taxation is based on the profit or loss for the period and takes
into account taxation deferred because of timing differences between the
treatment of certain items for taxation and accounting purposes.
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, or a right to pay less, tax in
the future have occurred at the balance sheet date, with the exception that
deferred tax assets are recognised only to the extent that the directors
consider that it is more likely than not that there will be suitable taxable
profits from which the future reversal of the underlying timing differences can
be deducted.
Deferred tax is measured on a non-discounted basis at the tax rates that are
expected to apply in the periods in which timing differences reverse, based on
tax rates and laws enacted or substantially enacted at the balance sheet date.
2. Segmental analysis
The operating profit/(loss) for the years ended 31 July 2006 and 31 July 2005
are entirely derived from its principal activity, wholly undertaken in the UK.
Hence, no separate segmental analysis has been prepared.
3. Profit/(loss) on ordinary activities before taxation
Profit/(loss) on ordinary activities before taxation is stated after charging:
Year ended Period ended
31 July 31 July
2006 2005
�000 �000
Depreciation - owned assets 3 5
Amortisation of intangible assets 15 15
Amortisation of goodwill 9 9
Loss on disposal of fixed assets - 6
Hire of plant and machinery 11 1
Hire of other assets 25 25
Auditors' remuneration:
Audit fees 8 22
Other fees paid to the auditors - 4
==== ====
4. Directors' emoluments
Year ended Period ended
31 July 31 July
2006 2005
�000 �000
Aggregate emoluments in respect of services 129 -
Compensation for loss of office 30 -
Sums paid to third parties for director services 34 10
____ ____
193 10
==== ====
None of the directors have accrued retirement benefits or held share options
during the period to 31 July 2006 (2005 None). There are no long-term incentive
schemes in place.
5. Employee costs
The average monthly number of employees (including Directors) was:
Year ended Period ended
31 July 31 July
2006 2005
No. No.
Directors 3 4
Administration 3 3
____ ____
Total 6 7
==== ====
Their aggregate remuneration comprised:
Year ended Period ended
31 July 31 July
2006 2005
�000 �000
Wages and salaries 151 132
Sums paid to third parties for services 34 10
Social security costs 19 14
Termination payments 30 -
____ ____
Total 234 156
==== ====
6. Loan write-off
Upon the acquisition of the Lottery Service Providers Limited, an amount due
from the subsidiary to its previous parent company of �447,690 was written off
as uncollectable.
7. Interest payable and receivable
Year ended Period ended
31 July 31 July
2006 2005
�000 �000
Interest payable on hire purchase agreements - 2
____ ____
Interest payable - 2
==== ====
Interest receivable on bank deposits 1 -
____ ____
Interest receivable 1 -
==== ====
8. Tax on loss on ordinary activities
a) Analysis of charge in the period
Year ended Year ended
31 July 31 July
2006 2005
�000 �000
Current tax:
UK Corporation tax - -
____ ____
Total current tax (Note 8(b)) - -
Deferred tax:
Origination and reversal of timing differences - -
____ ____
- -
8. Tax on loss on ordinary activities (continued)
b) Factors affecting the tax charge for the period
Year ended Period ended
31 July 31 July
2006 2005
�000 �000
(Loss)/profit on ordinary activities (83) 401
==== ====
(Loss)/profit on ordinary activities
multiplied by standard rate of corporation
tax in the UK of 19% (period ended 31 July 2005: 19%) (16) 76
Effects of:
Disallowed expenses and non-taxable income 2 (80)
Depreciation in excess of capital allowances 3 4
Taxable losses and excess charges carried forward 11 -
____ ____
Current tax charge for the period (Note 8(a)) - -
==== ====
A deferred tax asset has not been recognised in the periods ended 31 July 2006
or 31 July 2005 in respect of the taxable losses carried forward of
approximately �700,000 (2005 �625,000) as there is insufficient evidence that it
will be recoverable against taxable profits during the next 12 months.
9. Earnings per ordinary share
The calculation of basic earnings per share is based on losses of �82,000 (2005:
Profit of �401,000) and ordinary shares of 16,042,083 (2005: 120,000 shares)
being the weighted average number of ordinary shares in issue during the period.
The weighted average number of ordinary shares for the period ended 31 July 2005
includes the share sub-division that took place on 16 May 2006 per note 18.
The profit for the period and the weighted average number of ordinary shares for
the purposes of calculating the fully diluted earnings per share are the same as
for the basic earnings per share calculation. This is because there are no
share options in place that would have a dilutive effect on the calculation.
10. Company result for the financial period
The Weather Lottery plc has not presented its own profit and loss account as
permitted by section 230(4) of the Companies Act 1985. The loss for the
financial period as dealt with in the accounts of the Company is �26,000 (2005:
Loss of �nil).
11.Intangible fixed assets
Group
Software
Goodwill Development Total
�000 �000 �000
COST:
As at 1 August 2005 176 154 330
Additions - - -
____ ____ ____
As at 31 July 2006 176 154 330
==== ==== ====
AMORTISATION:
As at 1 August 2005 9 85 94
Additions 9 15 24
____ ____ ____
As at 31 July 2006 18 100 118
==== ==== ====
NET BOOK VALUE:
As at 31 July 2006 158 54 212
==== ==== ====
As at 31 July 2005 167 69 236
==== ==== ====
12. Tangible fixed assets
Group
Fixtures
& Fittings
�000
COST:
As at 1 August 2005 52
Additions -
____
As at 31 July 2006 52
====
AMORTISATION:
As at 1 August 2005 49
Additions 3
____
As at 31 July 2006 52
====
NET BOOK VALUE:
As at 31 July 2006 -
====
As at 31 July 2005 3
====
13. Investments
Group Company Group Company
31 July 31 July 31 July 31 July
2006 2006 2005 2005
�000 �000 �000 �000
Cost as at 1 May 2005 - 14 - -
Additions - - - 14
____ ____ ____ ____
Cost as at 31 July 2006 - 14 - 14
==== ==== ==== ====
Shares in group undertakings - 14 - 14
==== ==== ==== ====
As at 31 July 2006, investments in which the Group or the Company held 20
percent or more of the nominal value of any class of share capital are as
follows:
Principal Class and
activity percentage of
shares held and
voting rights
Subsidiary undertaking
Lottery Service Lottery 100% ordinary
Providers Limited administrators
Prize Provision Lottery 100% ordinary
Services Limited management
Both the subsidiary undertakings are incorporated in
England and Wales and operate in England. The results of
the subsidiary undertakings are consolidated in the Group
financial statements.
14.Debtors
Group Company Group Company
31 July 31 July 31 July 31 July
2006 2006 2005 2005
�000 �000 �000 �000
Amounts due from subsidiary
undertakings - 276 - 34
Other debtors 3 1 6 1
Prepayments and accrued income 7 - 12 -
____ ____ ____ ____
10 277 18 35
==== ==== ==== ====
15.Creditors: amounts falling due within one year
Group Company Group Company
31 July 31 July 31 July 31 July
2006 2006 2005 2005
�000 �000 �000 �000
Bank overdraft - - 1 -
Trade creditors 229 - 271 -
Accruals and deferred income 23 - 14 -
Social security & other taxes 41 - 20 -
____ ____ ____ ____
293 - 306 -
==== ==== ==== ====
16.Loans and other borrowings
Group Company Group Company
31 July 31 July 31 July 31 July
2006 2006 2005 2005
�000 �000 �000 �000
Bank overdraft - - 1 -
____ ____ ____ ____
- - 1 -
==== ==== ==== ====
Maturity of debt
Group Company Group Company
31 July 31 July 31 July 31 July
2006 2006 2005 2005
�000 �000 �000 �000
In one year or less, on demand - - 1 -
____ ____ ____ ____
- - 1 -
==== ==== ==== ====
17. Financial instruments
An explanation of the Group's objectives, policies and strategies for the role
of derivatives and other financial instruments in creating and changing the
risks of the Group in its activities can be found on pages 10 and 11.
Disclosure dealt with in this note excludes short-term debtors and creditors
where permitted by FRS 13.
Interest rate risk profile of financial assets
The interest rate risk profile of the Group's financial assets was as follows:
Fixed Floating Financial
rate rate assets on
financial financial which no Total
assets assets interest is
earned
Sterling �000 �000 �000 �000
As at 31 July - 240 - 240
2006 ==== ==== ==== ====
As at 31 July - 32 - 32
2005 ==== ==== ==== ====
Floating rate financial assets comprise:
31 July 31 July
2006 2005
�000 �000
Interest bearing bank accounts 240 32
____ ____
240 32
==== ====
Interest rate risk profile of financial liabilities
The interest rate risk profile of the Group's financial liabilities was as
follows:
Fixed Floating Financial
rate rate liabilities
financial financial on which no Total
liabilities liabilities interest is
paid
Sterling �000 �000 �000 �000
As at 31 - - - -
July 2006 ==== ==== ==== ====
As at 31 - 1 - 1
July 2005 ==== ==== ==== ====
17. Financial instruments (continued)
Floating rate financial liabilities comprise:
31 July 31 July
2006 2005
�000 �000
Floating rate bank overdraft - 1
____ ____
- 1
==== ====
The maturity profile of the Group's financial liabilities was as follows:
31 July 31 July
2006 2005
�000 �000
Within one year - 1
____ ____
- 1
==== ====
Fair values of financial assets and liabilities
The fair value based upon the market value or discounted cash flows of the
financial instruments detailed above was not materially different from the book
values as at 31 July 2006 or 31 July 2005.
18.Called up share capital
31 July 31 July
2006 2005
�000 �000
Authorised
100,000,000 ordinary shares of 0.1p each
(2005: 1,000 ordinary shares of �1 each) 100 1
==== ====
Allotted, issued and paid
73,202,000 ordinary shares of 0.1p each 73 1
(2005: 1,000 ordinary shares of �1 each)
==== ====
On 16 May 2006 the �1 ordinary share capital of the Company was sub-divided into
ordinary shares of 0.1p each. Each �1 ordinary share in issue was hence sub-
divided into 1,000 0.1p ordinary shares.
On the same date the authorised share capital of the Company was increased to
�100,000, consisting of 100,000,000 ordinary shares of 0.1p each.
On the same date 49,000,000 0.1p ordinary shares were issued as a bonus issue,
with �47,649 being utilised from share premium and �1,351 from profit and loss
reserves, 1,875,000 0.1p ordinary shares were issued at a price of 8p each,
creating additional share premium of �148,125, and 21,327,000 0.1p ordinary
shares were issued at a price of 0.75p each, creating further share premium of
�138,626. Share issue costs were written off against the share premium account.
As a consequence of these transactions, as at 16 May 2006 73,202,000 0.1p
ordinary shares were in issue, the Company's issued share capital was �73,202
and its share premium reserve was �245,323.
19.Share premium and reserves
Share Profit
Premium and loss
Account account
Group �000 �000
As at 1 May 2005 48 (66)
Premium on new share capital subscribed less expenses 197 -
Bonus share issue - (1)
Retained profit for the year - (82)
____ _____
At 31 July 2006 245 (149)
==== =====
Company �000 �000
As at 1 May 2005 48 -
Premium on new share capital subscribed less expenses 197 -
Bonus share issue - (1)
Retained profit/(loss) for the year - (26)
____ ____
At 31 July 2006 245 (27)
==== ====
20. Reconciliation of shareholders' funds
Year ended Period ended
31 July 31 July
2006 2005
Group �000 �000
Profit/(loss) for the financial period (82) 401
New share capital subscribed (including premium
and expenses) 268 49
____ ____
Total movements during the year 186 450
Opening shareholders' funds (17) (467)
____ ____
Closing shareholders' funds 169 (17)
==== ====
Year ended Period ended
31 July 31 July
2006 2005
Company �000 �000
Profit/(loss) for the financial period (26) -
New share capital subscribed
(including premium and expenses) 268 49
____ ____
Total movements during the year 242 49
Opening shareholders' funds 49 -
____ ____
Closing shareholders' funds 291 49
==== ====
21.Reconciliation of operating loss to operating cash flows
Year ended Period ended
31 July 31 July
2006 2005
�000 �000
Operating (loss) (83) (45)
Depreciation and amortisation 27 29
Loss on disposal of fixed assets - 6
(Increase)/decrease in debtors 8 (9)
Increase/(decrease) in creditors (12) 7
____ ____
Net cash inflow/(outflow) from operating activities (60) (12)
==== ====
22.Analysis of cash flows for headings netted in the cash flow statement
Year ended Period ended
31 July 31 July
2006 2005
�000 �000
Returns on investments and servicing of finance
Interest payable - (2)
Interest received 1 -
____ ____
Net cash inflow from returns on investments
and servicing of finance 1 (2)
==== ====
Capital expenditure and financial investment
Proceeds from disposal of fixed assets - 5
Payments to acquire investments - (14)
____ ____
Net cash outflow from capital expenditure
and financial investment - (9)
==== ====
Financing
Issues of ordinary share capital
(including premium/expenses) 268 49
Repayment of hire purchase obligations - (8)
____ ____
Net cash inflow from financing 268 41
==== ====
23.Reconciliation of net funds to the amounts shown in the balance sheet
1 August Non cash 31 July
2005 Cash flow movement 2006
�000 �000 �000 �000
Cash at bank and in hand 32 208 - 240
Bank overdraft (1) 1 - -
____ ____ ____ ____
31 209 - 240
==== ==== ==== ====
24. Major non cash transactions
During the period ended 31 July 2005 goodwill of �176,000 was generated on the
acquisition of Lottery Service Providers Limited and Prize Provision Services
Limited. During this period there was also the write off of a loan of �447,690
as it was no longer considered payable by the directors.
25. Directors' interests and related party disclosures
As at 31 July 2005, K G Milhench, a director, owed �4,476 to the Group. This
was the maximum amount outstanding in the period and was repaid in the year
ended 31 July 2006.
26. Controlling party
No single individual has sole control of the Group or Company.
27. Capital commitments
Amounts contracted for but not provided in the accounts amounted to �nil (2005:
�Nil).
28. Other financial commitments
At 31 July 2006 the Group had outstanding annual commitments under non-
cancellable operating leases which fall due as follows:.
Year ended Period ended
31 July 31 July
2006 2005
�000 �000
Within one year - 4
Two to five years 8 -
Over five years 25 25
____ ____
33 29
==== ====
29. Post balance sheet events
On 7 September 2006 the Company issued 3,852,737 ordinary 0.1p shares at par,
thereby increasing share capital by �3,853.
On 13 September 2006 the Group was admitted to the Alternative Investments
Market (AIM). The Admission Document for this admission to AIM included
proforma unaudited consolidated figures which presented a loss after tax for the
year ended 31 July 2006 of �71,187 and net assets at 31 July 2006 of �179,946.
These unaudited figures are not materially different from those presented in
these financial statements.
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