Half-yearly report
30 April 2009 - 12:00PM
UK Regulatory
TIDMTWL
The Weather Lottery plc
Interim Financial Report for the six month ended 31 January 2009
30 April 2009
Chief Executive's Statement
This period was a further six months of consolidation for the lottery.
Lottery Lines played stayed level at approximately 27,000. Enquiries are still
very healthy but the translation of these to playing lines has proved elusive.
Due to the current economic and market conditions the listing on AIM is becoming
cost prohibitive and the Board is considering a moving onto the PLUS market,
further announcements will be made when appropriate.
Financial review
The six months to January 09 showed a small loss of GBP26,000.
Strategy and Outlook
The Weather Lottery's objective remains 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.
A new secondary lottery has been launched which gives the Societies a larger
return and it is hoped that this will encourage new Societies to join.
Enquiries are very healthy, and new systems of closing are now in place.
It is intended to enhance shareholder value by continued expansion of business.
It is our multi-year experience that clients are maintained and we have placed
systems in order to maintain growth for all clients.
The Weather Lottery is registered and governed by the Gambling Commission
without which we could not trade, under the new Gaming Act 2005 and we do not
anticipate any changes to the law which would affect our business.
I look forward to 2009/10 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
Enquiries:
The Weather Lottery PLC 01777 818036
Keith Milhench, Chief Executive
Website www.theweatherlottery.com
SVS Securities 020 7638 5600
Ian Callaway/Peter Manfield
Blomfield Corporate Finance Ltd 020 7489 4500
Nick Harriss/Peter Trevelyan-Clark
UNAUDITED INTERIM FINANCIAL REPORT OF
THE WEATHER LOTTERY PLC
FOR THE SIX MONTH ENDED 31 JANUARY 2009
CONDENSED CONSOLIDATED INCOME STATEMENT
Six month Six month Year ended
ended ended 31 July
31 January 31 January 2008
Notes 2009 2008 (audited)
(unaudited) (unaudited)
GBP'000 GBP'000 GBP'000
Revenue 687 691 1,448
Cost of Sales 501 432 387
_____________________________________
Gross Profit 186 259 1,061
Administrative expenses (213) (319) (1,087)
_____________________________________
Profit from operations (27) (60) (26)
Finance expenses - - -
Finance income 1 3 5
_____________________________________
(Loss) before taxation (26) (57) (21)
Taxation - - -
_____________________________________
(Loss) attributable to equity (26) (57) (21)
holders
=====================================
Earnings per share
Basic and fully diluted 2 (0.03)p (0.07)p (0.03)p
=====================================
All results derive from continuing operations.
There are no recognised income or expenses other than the loss for the period.
UNAUDITED INTERIM FINANCIAL REPORT OF
THE WEATHER LOTTERY PLC
FOR THE SIX MONTH ENDED 31 JANUARY 2009
CONDENSED CONSOLIDATED BALANCE SHEET
Note As at As at As at
31 January 31 January 31 July
2009 2008 2008
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Goodwill 158 158 158
Intangible assets 3 18 33 25
_____________________________________
176 191 183
Current assets
Trade and other receivables 18 29 34
Cash and cash equivalents 78 138 105
_____________________________________
96 167 139
_____________________________________
Total Assets 272 358 322
=====================================
LIABILITIES
Current liabilities
Trade and other payables 245 300 269
Current tax liabilities - 41 -
_____________________________________
245 341 269
_____________________________________
Total Liabilities 245 341 269
=====================================
Net Assets 27 17 53
=====================================
EQUITY
Capital and reserves attributable
to equity holders
Called up share capital 4 83 83 83
Share premium account 302 302 302
Retained earnings (358) (368) (332)
_____________________________________
Total equity 27 17 53
=====================================
UNAUDITED INTERIM FINANCIAL REPORT OF
THE WEATHER LOTTERY PLC
FOR THE SIX MONTH ENDED 31 JANUARY 2009
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Retained Total
Capital Premium Earnings GBP'000
GBP'000 GBP'000 GBP'000
Balance at 1 August 2007 83 302 (311) 74
(Loss) for the period - - (57) (57)
___________________________________________
Balance at 31 January 2008 83 302 (368) 17
Profit for the period - - 36 36
___________________________________________
Balance as 31 July 2008 83 302 (332) 53
(Loss) for the period - - (26) (26)
___________________________________________
Balance at 31 January 2009 83 302 (358) 27
===========================================
UNAUDITED INTERIM FINANCIAL REPORT OF
THE WEATHER LOTTERY PLC
FOR THE SIX MONTH ENDED 31 JANUARY 2009
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Six month Six month Year
ended ended ended
Notes 31 January 31 January 31 July
2009 2008 2008
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Net cash generated (used 5 (28) 14 (21)
in)/from operations ______________________________________
Cash flow from investing activities:
Interest received 1 3 5
______________________________________
Net cash generated from 1 3 5
investing activities ______________________________________
Cash flow from financing activities:
Net proceeds from issue of shares - - -
______________________________________
Net cash generated from - - -
financing activities ______________________________________
(Decrease)/increase in cash and (27) 17 (16)
cash equivalents ______________________________________
(Decrease)/increase in cash and (27) 17 (16)
cash equivalents
Cash and cash equivalents at 105 121 121
beginning of period ______________________________________
Cash and cash equivalents at 78 138 105
end of period ======================================
UNAUDITED INTERIM FINANCIAL REPORT OF
THE WEATHER LOTTERY PLC
FOR THE SIX MONTH ENDED 31 JANUARY 2009
NOTES TO THE INTERIM FINANCIAL REPORT
1. Accounting policies
Basis of Accounting
These interim results for the six months ended 31 January 2009 have been
prepared using the historical cost and fair value conventions on the basis of
the accounting policies set out below, which the Company expects to apply to its
financial statements for the year ending 31 July 2009 which are to be prepared
in accordance with IFRS. Whilst this interim report has been prepared in
accordance with IFRS's, it is not in accordance with IAS 34 and therefore is not
fully compliant with IFRS.
These interim results have been prepared under the historical cost convention.
Areas where other bases are applied are identified in the accounting policies
below.
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985. The
Company's statutory financial statements for the year ended 31 July 2008
prepared under UK GAAP, have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and did not
contain a statement under Sections 237 (2) and (3) of the Companies Act 1985.
The results for the six months ended 31 January 2009 were approved by the Board
on 30th April 2009.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company (its subsidiaries) made up to
31 January and 31 July each year. Control is achieved where the Company has the
power to govern the financial and operating policies so as to obtain benefits
from its activities.
Business combinations
The purchase method of accounting is used for all acquired businesses as defined
by IFRS3 - Business Combinations.
As a result of the application of the purchase method of accounting, goodwill is
initially recognised as an asset being the excess at the date of acquisition of
the fair value of the purchase acquisition consideration plus directly
attributable costs of acquisition over the net fair values of the identifiable
assets, liabilities and contingent liabilities of the subsidiaries acquired.
Goodwill arising on acquisitions before the date of transition to IFRS is
subject to alternative policies for valuation as described below.
All intra-group transactions, balances, income and expenses are eliminated on
consolidation.
UNAUDITED INTERIM FINANCIAL REPORT OF
THE WEATHER LOTTERY PLC
FOR THE SIX MONTH ENDED 31 JANUARY 2009
Intangible assets
An intangible asset is considered identifiable only if it is separable or arises
from contractual or other legal rights, regardless of whether those rights are
transferable or separable from the entity or from other rights and obligations.
For intangible assets with finite useful lives, amortisation is calculated so as
to write off the cost of an asset less its estimated residual value over its
economic life as follows:
Software development - 10 years
In addition to amortisation, at each balance sheet date the Group reviews the
carrying amounts of its intangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to
determine the extent of the impairment loss (if any). Recoverable amount is the
higher of fair value less costs to sell and value in use. An impairment loss is
recognised as an expense immediately, unless the relevant asset is carried at a
revalued amount, in which case the impairment loss is treated as a revaluation
decrease. Where an impairment loss subsequently reverses, the carrying amount
of the asset is increased to the revised estimate of its recoverable amount, but
so that the increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised for the asset
in prior years.
Financial instruments
Financial assets and financial liabilities are recognised on the Group's balance
sheet when the Group becomes a party to the contractual provisions of the
instrument.
Trade receivables
Trade receivables do not carry any interest and are stated at their nominal
value as reduced by appropriate allowances for estimated irrecoverable amounts.
Financial liability and equity
Financial liabilities and equity instruments are classified according to the
substance of the contractual agreements entered into. An equity instrument is
any contract that evidences a residual interest in the assets of the Group after
deducting all of its liabilities. Equity instruments are recognised at the
amount of proceeds received net of costs directly attributable to the
transaction. To the extent that those proceeds exceed the par value of the
shares issued they are credited to a share premium account.
Trade payables
Trade payables are not interest-bearing and are stated at their nominal value.
Goodwill
Goodwill arising on consolidation represents the excess cost of acquisition over
the group's interest in the fair value of the identifiable assets and
liabilities of a subsidiary, associate or jointly controlled entity at the date
of acquisition.
Goodwill is recognised as an asset and reviewed for impairment at least
annually. Any impairment is recognised immediately in the income statement and
is not subsequently reversed. Goodwill arising on acquisition before the date
of transition to IFRS has been retained at the previous UK GAAP amounts subject
to being tested for impairment at that date.
On disposal of a subsidiary, associate or jointly controlled entity, the
attributable amount of goodwill is included in the determination of the profit
or loss on disposal.
UNAUDITED INTERIM FINANCIAL REPORT OF
THE WEATHER LOTTERY PLC
FOR THE SIX MONTH ENDED 31 JANUARY 2009
Revenue recognition
Revenue represents takings received for entry into the prize draws. The revenue
is recognised upon receipt of the money for the period that the draws take
place, net of VAT and other sales-related taxes.
Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax.
The charge for taxation is based on the taxable 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. Current
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 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. Timing differences are
differences between the Group's taxable profits and its results as stated in the
financial information that arises from the inclusion of gains and losses in tax
assessments in periods different from those in which they are recognised in the
financial information.
A net deferred tax asset is regarded as recoverable and therefore recognised
only when, on the basis of all available evidence, it can be regarded as more
likely than not that there will be suitable taxable profits from which the
reversal of the underlying timing differences can be deducted.
Deferred tax is measured at the tax rates that are expected to apply in the
periods in which the timing differences are expected to reverse based on tax
rates and laws that have been enacted or substantively enacted at the balance
sheet date. Deferred tax is measured on a non-discounted basis.
2. Earnings per ordinary share
The calculation of basic earnings per share is based on the results and
weighted average number of ordinary shares as follows:
Six month Six month Year
ended ended ended
31 January 31 January 31 July
2009 2008 2008
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
(Losses) attributable to equity (26) (57) (21)
======================================
Weighted average number of
ordinary shares:
Basic and fully diluted 83,304,730 83,304,730 83,304,730
======================================
The basic and fully diluted weighted average number of ordinary shares are the
same due to there being no share options in place during the period.
UNAUDITED INTERIM FINANCIAL REPORT OF
THE WEATHER LOTTERY PLC
FOR THE SIX MONTH ENDED 31 JANUARY 2009
3. Intangible Fixed Assets
Software
Development
GBP'000
Cost:
As at 1 August 2008 154
Additions -
_______
As at 31 January 2009 154
_______
Depreciation:
As at 1 August 2008 129
Charge for Period 7
_______
As at 31 January 2009 136
_______
Net Book Value:
As at 31 January 2009 18
=======
As at 31 July 2008 25
=======
4. Share capital
As At As At As At
31 January 31 January 31 July
2009 2008 2008
GBP'000 GBP'000 GBP'000
Authorised:
100,000,000 ordinary shares of 0.1p
each 100 100 100
====================================
Issued and fully paid:
83,304,730 ordinary shares of 83 83 83
0.1p each ====================================
UNAUDITED INTERIM FINANCIAL REPORT OF
THE WEATHER LOTTERY PLC
FOR THE SIX MONTH ENDED 31 JANUARY 2009
5. Cash used in Operations
As At As At As At
31 January 31 January 31 July
2009 2008 2008
GBP'000 GBP'000 GBP'000
(Loss) from operations (27) (60) (26)
Amortisation of intangible assets 7 7 15
Decrease in debtors 16 18 12
(Decrease)/increase in creditors (24) 49 (22)
____________________________________
Cash generated (used in)/from (28) 14 (21)
operations ====================================
6. Interim Financial Report
The unaudited interim financial report, which is the responsibility of the
directors and was approved by them on 27th April 2009 does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985.
This report is available on The Weather Lottery's website at
www.theweatherlottery.com. Copies are available from the Company at its
registered office:
Derby House Stud, Retford Road, Mattersey, Doncaster, DN10 5HJ for a period of
one month, free of charge.
-END-
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