RNS Number : 1832U
Vicorp Group PLC
12 May 2008
12th May 2008
VICORP GROUP PLC
("Vicorp", "the Group" or "the Company")
Audited results for the year ending 31 December 2007
Vicorp (AIM: VICP) is a leading developer of advanced voice self-service solutions, comprising both products and services, that enable
organisations to create and manage improved voice services for consumers. The company is pleased to announce its results for the year ending
31 December 2007.
HIGHLIGHTS
* FY revenues up to £1,703,397 (FY 2006: £539,597)
* Professional Services Revenues were £741,592 (FY 2006: £ 59,468)
* Pre tax loss of £926,183 (FY 2006 loss: £2,760,683)
* Post tax loss of £711,631 (FY 2006 loss: £2,573,304)
* R&D credits received of £214,883 (FY 2006 : £228,971)
* Awarded UK Platinum Partner status by IBM on 19 September 2007
* Cash at bank as at 31 December £270,269, plus trade receivables of £538,314
Brendan Treacy, Chief Executive of Vicorp, commented, "We are pleased that the effect of several contract wins is now starting to be
reflected in our trading results. Despite some delays in the commencement of client projects, the company was able to reach a small profit
in the fourth quarter of the year. In particular we are delighted with the early success of our move into professional services (PS), which
made a significant contribution to revenues in the second half of 2007. We expect the level of PS work to increase in 2008.
We are satisfied that the business now has the momentum for a stable period of growth in 2008."
For further information, please contact:
Vicorp Group Plc 01753 660 500 Brendan Treacy, Chief Executive
Zimmerman Adams International 020 7060 1760 Ray Zimmerman/Jonathan Evans
Ltd
SVS Securities plc 020 7638 5600 Peter Manfield/Richard Morrison
Conduit PR 020 7429 6666 Christian Taylor-Wilkinson
Chairman's Statement
Vicorp has started to deliver on its commercial opportunities in the second half of 2007. Despite some delays our principal projects are
now all up and running and these have contributed to the Group achieving a break-even position in the last quarter of 2007. We expect the
key client relationships that have been established in 2007 to continue throughout 2008 and in addition we shall be continuing to develop
our client base.
The combination of our ability to rapidly prototype and build advanced speech applications using our professional services team, aided
by our market leading development tools and platform software, now gives us the ability to address a broader income stream, across services
and products. Our professional services team, with skills ranging from strategy consulting to application delivery, is now a major income
contributor.
Additionally we are starting to see a steady build-up in our renewable support business and the company will actively be seeking new
ways to provide services that are based on "pay as you go" pricing models.
At the close of 2007 the Group's cash position was satisfactory. The Group will start to look at opportunities as a route to growth and
geographic expansion and if suitable opportunities can be identified.
The Group has started into 2008 in a far more stable position than in previous years and the directors believe that a combination of a
growing client base and several new opportunities in the UK market and internationally will provide stability to the Group. We are seeing an
increasing number of large organisations that have now reached the point where their older voice applications have reached the end of their
working life and need to be upgraded. Vicorp's services and technologies are well placed for the current market demand, being flexible
enough to fit within the migration path from old to new speech applications as well as cost effective.
According to research from Datamonitor, the number of Voice xML based applications is expected to double between 2007 and 2012 and is
already outpacing sales of legacy systems. Enabling applications in VoicexML is Vicorp's core strength and we expect to benefit from the
growth in the market.
The company has also commenced strategic consulting activity for clients looking to implement speech biometric technologyas a means of
improving telephone security. Two consulting contracts have been awarded to the company so far in 2008.
Our move to AIM in June 2007 was an important milestone for the business and will enable the company to maximise its growth potential as
well as access the equity capital markets. . The move to AIM also brought several new fund managers into the Vicorp investor base and we are
fortunate to now have the support of a broad base of institutional funds.
The Board continues to build value for all stakeholders and has maintained its performance based option scheme incentives for all staff.
Details are in the Directors Report.
I would like to thank the directors and staff for their significant contribution to the development of the business in 2007 and we
expect to maintain the momentum in 2008.
Tim Hearley
Non-executive Chairman
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2007
2007 2006
Note £ £
Assets
Non-current assets
Property, plant and equipment 11 90,870 116,806
Other intangible assets 12 570,779 441,668
Investments - -
661,649 558,474
Current assets
Inventories 15 4,997 5,947
Trade receivables 16 538,314 58,939
Other current assets 16 388,184 325,567
Cash and cash equivalents 16 270,269 49,198
1,201,764 439,651
Total Assets 1,863,413 998,125
================= =================
Equity and liabilities
Equity attributable to equity
holders of the parent
Share capital 17 192,062 104,612
Share premium 18 5,886,788 3,495,694
Retained non-capital earnings 19 (4,852,281) (4,140,650)
1,226,569 (540,344)
Current liabilities
Trade and other payables 22 629,102 1,178,297
Bank overdraft and loans - due 20 7,742 360,172
within a year
Total liabilities 636,844 1,538,469
Total equity & liabilities 1,863,413 998,125
================= =================
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2007
Year ended 31/12/07 Year ended 31/12/06
Note £ £
Revenue 4 1,703,397 539,597
Cost of sales (17,767) (43,902)
Gross profit 1,685,630 495,695
Administrative expenses (2,611,813) (3,256,378)
Loss from operations 6 (926,183) (2,760,683)
Finance (costs)/income 7 331 41,592
Loss before tax (926,514) (2,802,275)
Income tax income 9 214,883 228,971
Loss for the period (711,631) (2,573,304)
================= =================
Earnings per share 10
Basic (0.0037) (0.025)
Diluted (0.0030) (0.017)
The group has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the group are classed as continuing.
The Company has taken advantage of section 230 of the Companies Act 1985 not to publish
its own Profit and Loss Account.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2007
Share capital Share premium Accumulated losses Total
£ £ £ £
Balance at 31 December 2005 83,220 2,751,969 (2,670,791) 164,398
Changes in equity for the
period Jan - Dec 2006
Loss for the period - - (1,921,548) (1,921,548)
Share options adjustment - - 10,021 10,021
Other intangible assets - 441,668 441,668
development
Total recognised income and - - (1,469,859) (1,469,859)
expense for the year
Issue of share capital 21,392 743,725 - 765,117
Balance at 31 December 2006 104,612 3,495,694 (4,140,650) (540,344)
================ ================ ================ ================
Changes in equity for 2007
Loss for the period - - (711,631) (711,631)
Total recognised income and - - (711,631) (711,631)
expense for the period
Issue of share capital 87,450 2,391,094 - 2,478,544
Balance at 31 December 2007 192,062 5,886,788 (4,852,281) 1,226,569
================ ================ ================ ================
CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2007
Year ended 31/12/07 Year ended 31/12/06
£ £
Cash flow from operating activities
Loss from operations (926,183) (2,108,927)
Adjustments for:
Depreciation of property, plant and 461,373 71,817
equipment
Gain on disposal of property, plant - 703
and equipment
Share options adjustment 10,021
Operating cash flows before movement (464,810) (2,026,386)
in working capital
(Increase)/decrease in inventories 950 10,353
(Increase)/decrease in receivables (541,992) 222,121
Increase/(decrease) in payables (686,626) 22,081
Income taxes received 214,883 228,955
Interest paid (13,538) (49,386)
Net cash from/(used in) operating (1,026,323) 434,124
activities
Investing activities
Interest received 13,207 7,794
Purchases of property, plant and (564,547) (12,704)
equipment
Acquisition of subsidiary (1)
Net cash used in investment (551,340) (4,911)
activities
Cash flows from financing activities
Repayments of borrowings (215,000) -
Proceeds on issue of convertible loan - 215,000
notes
Issue of equity share capital 87,450 21,392
Share premium on issue of equity 2,391,094 743,725
share capital
Net cash from financing activities 2,263,544 980,117
Net increase/(decrease) in cash and 221,071 (617,056)
cash equivalents
Cash and cash equivalents at 49,198 666,254
beginning of year
Cash and cash equivalents at end of 270,269 49,198
year
Bank balances and cash 270,269 49,198
================ ================
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD
ENDED 31 DECEMBER 2007
1 Presentation of financial statements
The financial statements have been prepared in accordance with International Accounting and Financial Reporting Standards (IFRS).
2 First-time adoption of international financial reporting and accounting standards
In the current year, the Group has adopted International Financial Reporting and Accounting Standards for the first time.
The Group has applied IFRS 1 First time adoption of International Financial Reporting Standards to provide a starting point for
reporting under International Financial Reporting and Accounting Standards. The date of transition to International Financial Reporting and
Accounting Standards was selected as 1 January 2007 and all comparative information in these financial statements has been restated to
reflect the Group's adoption of International Financial Reporting and Accounting Standards.
The adoption of International Financial Reporting and Accounting Standards has resulted in the following changes to the group's
accounting policies.
IFRS2 concerning share-based payments
The IFRS2 standard affects the Group insofar as it needs to account for the effect of share options in issue. In these financial
statements no charge to profit and loss has been made arising from the implementation of IFRS2 as the share price at the end of December
2007 is lower than the price of the options. A charge of £10,021 has been made in the preceding period. The corresponding credits have been
included in general reserves on the Balance Sheet.
IAS 38 treatment of development costs
The Vicorp Group PLC accounting policy for the treatment of software development is in accordance with IAS38.
Capitalisation of development costs:
1) Vicorp adopts the same cost identification for IAS as it does for the measurement of research and development tax claims. Amounts
are capitalised at year-end and are net of any impairment in assets value as assessed by the directors of the Company. As a conservative
measure, no more than 60% of development cost is capitalised in any year, to allow for any cost or design inefficiencies.
2) The opening carried values have been arrived at by applying the policy retrospectively from 2003 with the retrospective
cumulative adjustment being treated as a prior year adjustment as referred to in note 12.
Amortisation basis:
Amortisation takes place over five years in which the percentage weightings are respectively 40:30:15:10:5. This approximates to the
working life of the products in use and the period for which average product support revenues are expected to arise.
Reconciliation of equity
The impact of the changes to the Group's accounting policies relates to intangible assets and the effect on the equity of the Group was
as follows.
As reported Effect of transition to IFRSs
underprevious GAAP IFRSs
Equity at 1 January 2006 164,398 531,059 695,457
Equity at 31 December 2006 (982,012) 441,668 (540,344)
Loss for 2006 (1,911,527) (661,777) (2,573,304)
3 Summary of significant accounting policies
The financial statements have been prepared on the historical cost basis. The principal accounting policies adopted are set out below.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company made
up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an
investee enterprise so as to obtain benefits from its activities.
On acquisition, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the
date of acquisition.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective
date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with
those used by other members of the Group.
All significant intercompany transactions and balances between group enterprises are eliminated on
consolidation.
Investments in associates
An associate is an enterprise over which the group is in a position to exercise significant influence, through participation in the
financial and operating policy decision of the investee.
The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of
accounting. The carrying amount of such investments is reduced to recognise any impairment in the value of individual investments.
Where a Group enterprise transacts with an associate of the Group, unrealised profits and losses are eliminated to the extent of the
Group's interest in the relevant associate, except where unrealised losses provide evidence of an impairment of the asset transferred.
Revenue recognition
This represents sales of goods, licences and services, all exclusive of value added tax.
Income from hardware sales and consultancy services is recognised on an invoiced basis.
Licence income is recognised on the earlier of the contracted date for acceptance of licences by the customer or their actual use in
commercial production.
Maintenance services revenue is recognised rateably over the maintenance period.
Interest income is accrued on a time basis, by reference to the principal outstanding and at the interest rate applicable.
Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to
the lessee. All other leases are classified as operating leases.
Foreign currencies
Transactions in foreign currencies other than GBP are initially recorded at the rates of exchange prevailing on the dates of the
transactions. Monetary assets and liabilities denominated in such currencies are retranslated at the rates prevailing at the balance sheet
date. Profits and losses arising on exchange are included in the net profit or loss for the period.
On consolidation, the assets and liabilities of the Group's overseas operations are translated at the exchange rates prevailing at the
balance sheet date. Income and expense items are translated at the average exchange rates for the period.
Retirement benefit costs
Payments to defined contribution retirement benefit plans are charged as an expense as they fall due.
Taxation
The charge for current tax is based on the results for the year as adjusted for items which are non-assessable or disallowed. It is
calculated using rates that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between
the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable
profit. In principal, deferred tax liabilities are recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible
temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill (or
negative goodwill) or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction,
which affects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries
and associates, and interests in joint ventures, except where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax is calculated at the rates that are expected to apply when the asset or liability is settled. Deferred tax is charged or
credited in the income statement, except when it relates to items credited or charged directly to equity, in which case the deferred tax is
also dealt with in equity.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
Property, plant and equipment
Fixtures and equipment are stated at cost less accumulated depreciation.
Depreciation is charged so as to write off the cost or valuation or assets, other than land and properties under construction, over
their estimated useful lives, using the straight-line method, on the following bases.
Equipment, fixtures & fittings 14% - 25% straight line
Computer hardware & software 25% - 50% straight line
Leasehold improvements 20% straight line
Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or, whether shorter,
the term of the relevant lease.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the
carrying amount of the asset and it is recognised in income.
Impairment
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets with finite lives 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). Where it is not possible to estimate the
recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit which the asset belongs.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying of the
asset (cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately, unless the
relevant asset is land or buildings 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 (cash-generating unit) 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 (cash-generating unit) in prior years. A reversal of an impairment loss is
recognised as income immediately, unless the
relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct
labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is
calculated using the weighted average method. Net realisable value represents the estimated selling price less all estimated costs to
completion and costs to be incurred in marketing, selling and distribution.
Trade receivables
Trade receivables are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts.
Convertible loan notes
Convertible loan notes are regarded as compound instruments, consisting of a liability component and an equity component. At the date of
issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt.
The difference between the proceeds of issue and the convertible loan notes and the fair value assigned to the liability component,
representing the embedded option to convert the liability into equity of the Group, is included in capital reserves (equity).
The interest expense on the liability component is calculated by applying the prevailing market rate for similar non-convertible debt to
the instrument. The difference between this amount and the interest paid is added to the carrying value of the convertible loan note.
Trade payables
Trade payables are stated at their nominal value.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event which it is probable will result in an
outflow of economic benefits that can be reasonably estimated.
Share option schemes
The Company operates an Enterprise Management Incentive (EMI) share option scheme for employees and unapproved share option schemes for
non-employees. Full details of the options granted under these schemes during the year are set out in the Directors' Report. It is the
policy of the Company to grant share options that have an exercise price representing fair
market value at the date of grant. Fair market values are determined historically via the Inland Revenue Share Valuation Division or,
since listing, by reference to the quoted share price, depending on the nature of the option and any conditions that determine the exercise
of the option.
The accounting for options granted to employees and others is addressed by Financial Reporting Standard 20 "Share-based payment" which
applied for the first time in the year ended 31 December 2007. In the particular circumstances of the options issued during the year, taking
account of their fair market value at the date of grant and the performance conditions attached, the directors do not consider it
appropriate to reflect any charge in the profit and loss account as at 31 December 2007. The directors will continue to keep the position
under review in line with the requirements of FRS 20.
4 Revenue
An analysis of the Group's revenue is as follows:
Year ended 31/12/07 Year ended 31/12/06
£ £
Continuing operations:
Hardware 53,911 53,751
Licenses 634,716 93,665
Professional services 741,592 59,468
Maintenance 270,178 332,713
Other revenue 3,000 -
1,703,397 539,597
=============== ===============
5 Business and geographical segments
The following table provides an analysis of the Group's sales by geographical market.
An analysis of the Group's revenue is as follows:
Year ended 31/12/07 Year ended 31/12/06
£ £
United Kingdom 1,402,379 139,129
Rest of Europe 228,392 217,214
USA and Canada 51,370 183,254
Asia 20,956 -
1,703,097 539,597
================ ================
6 Loss from operations
Loss from operations has been arrived at after charging (crediting):
Year ended 31/12/07 Year ended 31/12/06
£ £
Net foreign exchange losses/(gains) (14,068) 16,786
================= ===============
Auditor's remuneration: audit 34,700 25,750
services
taxation services 6,500 5,860
================= ===============
Research and development costs 502,578 996,174
================= ===============
Total staff costs incurred during the period amounted to £1,580,068 (2006 £1,858,425) and total depreciation amounted to £461,373
(2006 £733,594).
7. Finance costs
Year ended 31/12/07 Year ended 31/12/06
£ £
Interest payable and similar
charges:
- convertible loan notes 16,096 1,624
- bank overdrafts and other 6,702 9,258
- personal guarantee 2,055 -
- HM Revenue & Customs (11,315) 38,504
Total borrowing costs 13,538 49,386
=============== ===============
8 Income from investments
Year ended 31/12/07 Year ended 31/12/06
£ £
Interest on bank deposits 13,207 7,794
=============== ===============
9 Income tax expense
Year ended 31/12/07 Year ended 31/12/06
£ £
Current tax:
UK Taxation - -
Research and development tax (214,883) (228,971)
credit
Total current tax (214,883) (228,971)
=============== ===============
There is no UK tax charge for the year owing to the availability of tax losses within the main trading company of the group, Vicorp UK
Ltd., and accordingly no reconciliation of the tax charge with the loss on ordinary activities before taxation is presented. Tax losses
available to be carried forward against future trading profits are considered to be in the excess of £9 million.
10 Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data.
Earnings
Year ended 31/12/07 Year ended 31/12/06
£ £
Earnings for the purpose of basic (711,631) (2,573,304)
earnings per share (net loss for
the year)
Effect of dilutive potential - -
ordinary shares:
Interest on convertible loan notes 16,096 1,624
(net of tax)
Earnings for the purposes of (695,535) (2,571,680)
diluted earnings per share
=============== ===============
Number of shares
Year ended 31/12/07 Year ended 31/12/06
Weighted average number of ordinary 192,062,303 104,611,898
shares for the purposes of basic
earnings per share
Effect of dilutive potential
ordinary shares:
Convertible loan notes - 10,831,213
Weighted average of ordinary shares 192,062,303 115,443,111
for the purposes of diluted
earnings per share
=============== ===============
11 Property, plant and equipment
Leasehold Equipment, Fixtures Computer Hardware & Total
Improvements & Fittings Software
£ £ £ £
Cost or valuation
At 1 January 2007 97,691 18,857 418,451 534,999
Additions - 5,073 22,267 27,340
At 31 December 2007 97,691 23,930 440,718 562,339
Accumulated Depreciation
At 1 January 2007 25,337 12,725 380,131 418,193
Charge for the year 19,538 4,214 29,524 53,276
At 31 December 2007 44,875 16,939 409,655 471,469
Carrying amount
At 31 December 2007 52,816 6,991 31,063 90,870
============== ============ ============== ==============
At 31 December 2006 72,354 6,132 38,320 116,806
============== ============ ============== ==============
12 Other Intangible assets
Development Costs
£
Cost
At 1 January 2007 2,499,457
Additions 537,208
At 31 December 2007 3,036,665
=============
Amortisation
At 1 January 2007 2,057,789
Charge for the year 408,097
At 31 December 2007 2,465,886
=============
Carrying amount
At 31 December 2007 570,779
=============
At 31 December 2006 441,668
=============
13 Prior Year Adjustment
The prior year adjustment of £441,668 represents the net amount from the application of IAS 38 (see note 3) from 01 January 2003 to 31
December 2006. The opening carried values under IAS38 have been arrived at by applying the policy retrospectively from 2003 with the
cumulative adjustment being treated as a prior year adjustment.
14 Subsidiaries
Details of the company's subsidiaries at 31 December 2007 are as follows:
Name of subsidiary Place of Proportion of Proportion of voting Activity
incorporation (or ownership interest power held
registration) and
operation
Vicorp UK Limited UK 100% 100% Product development,
sales and support of
communications
software
Vicorp Services Limited UK 100% 100% Product support and
maintenance
Vicorp Holding Company LCC USA 100% 100% Non-trading
Dialogue Design Limited UK 100% 100% Non-trading
The financial statements of all subsidiaries mentioned above have been consolidated in the Group financial statements.
Group companies
£
Cost
At 1 January 2007 116,423
Additions -
At 31 December 2007 116,423
Net book value
At 31 December 2007 116,423
==============
At 31 December 2006 116,423
==============
15 Inventories
Year ended 31/12/07 Year ended 31/12/06
£ £
Inventories, licences and hardware 4,997 5,947
for resale
============== ==============
16 Other financial assets
Trade receivables
Comprise amounts receivable from the sale of goods £ 538,314 (2006: £ 58,939). Other current assets include R&D tax claim for the
period July - December 2007 £ 102,738 (In September 2007 an amount of £ 112,924 in respect of R&D tax claim Jan - June 2007, has been
received; 2006: £ 228,971).
Bank balances and cash
Comprise cash and short-term deposits held by the group treasury function. The carrying amount of these assets approximates their fair
value.
Credit risk
The Group's credit risk is primarily attributable to its trade. The amounts presented in the balance sheet are net of allowances for
doubtful receivables, estimated by the Group's management based on prior experience and the current economic environment.
The credit risk on liquid funds and derivative financial instruments is limited because the counter parties are banks with high credit
ratings assigned by international credit-rating agencies.
The Group has no significant concentration of credit risk, with exposure spread over a large number of counter parties and customers.
17 Share Capital
Year ended 31/12/07 Year ended 31/12/06
£ £
Reported as at 1 January 104,612 83,220
New equity share capital subscribed 87,450 21,392
Reported as at 31 December 192,062 104,612
================ ================
At the beginning of February 2007 the Company completed a private placement of 4,232,000 Ordinary Shares in the market at £0.0375. An
amount of £ 154,468 was added to the share premium account. Cost of £ 17,500 associated with this transaction was set against the share
premium account.
A further 3,200,000 Ordinary Shares were issued in March 2007 at a premium totalling £116,800.
In April 2007 another 11,366,665 Ordinary Shares were issues at a premium totalling £ 414,833.
Early May 2007 a number of warrant holders have exercised their warrants into 1,530,980 Ordinary Shares at the exercise price of
£0.0375.
Costs associated with these transactions reduced the share premium account by £ 25,000.
On 30 May 2007 all convertible loan holders converted £ 532,915 (Including Interest) of their convertible loan into 26,645,670 Ordinary
Shares.
June 2007: AIM floating. A private placing of 40,475,000 Ordinary Shares in the market at £0.04 was completed. An amount of £
1,578,525 was added to the share premium account and this account was reduced by £ 393,233 for costs associated with the Aim floating.
B. Treacy, a director of the Company, controls the Company as a result of controlling, directly or indirectly, 26.37% of the issued
share capital of the Company.
18 Share premium reserve
Year ended 31/12/07 Year ended 31/12/06
£ £
Balance at 1 January 2007 3,495,694 2,751,969
New equity share capital subscribed 2,391,094 743,725
Balance at 31 December 2007 5,886,788 3,495,694
================ ================
19 Accumulated losses
£
Balance at 1 January 2006
as originally stated (2,670,791)
- net losses for the year (1,911,527)
- prior period adjustments 441,668
Balance at 1 January 2007 (4,140,650)
Net loss for the year (711,631)
Balance at 31 December 2007 (4,852,281)
==============
20 Bank overdrafts and loans
2007 2006
£ £
Bank overdrafts 7,742 145,172
Other loans - 215,000
7,742 360,172
================ ================
21 Convertible loan notes
The convertible loan stock at 31 December 2006, which was secured by a debenture over certain assets of the Company, was held by Mr. B.
Treacy, by Noble VCT, by Noble Income & Growth Plc and by Mr. M. van der Weegh & Mr. H. Kruitbosch, was converted into share capital on 30
May 2007.
The options were converted into ordinary share capital at £0.02 per share up to the value of the outstanding amount including any
accrued interest.
22 Other financial liabilities
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period take
for trade purchases is 28 days.
The directors consider that the carrying amount of trade payables approximates to their fair value.
23 Operating lease commitments
Year ended 31/12/07 Year ended 31/12/06
£ £
Minimum lease payments under 147,353 147,353
operating leases recognised in
income for the period
================ ================
At the balance sheet date, the Group had outstanding commitments under non-cancellable leases, which fall due as follows.
Year ended 31/12/07 Year ended 31/12/06
£ £
Land and buildings
Leases expiring after five years 142,440 142,440
================ ================
24 Subsequent events
There have been no events subsequent to the balance sheet date which would cause any alteration to be made to the financial statements.
25 Related party transactions
Directors' and executives' remuneration
Remuneration paid to directors and other members of key management during the year was as follows.
Year ended 31/12/07 Year ended 31/12/06
£ £
Salaries 313,434 398,082
Post retirement benefits 19,512 23,050
The remuneration committee having regard to comparable market statistics decides the remuneration of directors and key executives.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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