Interim Results
Azman PLC
28 October 2005
AZMAN PLC
INTERIM REPORT FOR THE PERIOD
FROM INCORPORATION TO 31 JULY 2005
CHAIRMANS STATEMENT
Dear Shareholder
Since your Company was admitted to trading on AIM on 2 March 2005, your Board
has been evaluating a number of reversion candidates for your company and will
notify shareholders as and when a suitable target is achieved.
The Board are pleased to report that costs have been kept to the bare minimum
and that running costs for your company in the last six months excluding listing
costs are £15,067.
The Directors receive no remuneration at present.
28 October 2005
For further information contact
Leo Knifton, Chairman - 020 7251 3762
Nabarro Wells - 020 7710 7400
AZMAN PLC
PROFIT AND LOSS ACCOUNT TO 31ST JULY 2005
FROM
INCORPORATION
TO
NOTES 31st JULY 2005
(UNAUDITED)
£
Other operating expenses (15,067)
OPERATING LOSS (15,067)
Bank interest receivable 3,714
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (11,353)
Taxation 0
RETAINED LOSS FOR THE FINANCIAL PERIOD (11,353)
Loss per ordinary share (pence) - Basic 3 (0.01p)
- Diluted 3 (0.01p)
AZMAN PLC
BALANCE SHEET AS AT 31 JULY 2005
31st JULY 2005
(UNAUDITED)
£
CURRENT ASSETS
Debtors 14,567
Cash at bank and in hand 456,663
471,230
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR (5,025)
NET ASSETS 466,205
CAPITAL AND RESERVES
Called up share capital 121,750
Share premium account 355,808
Profit and loss account current year (11,353)
EQUITY SHAREHOLDERS FUNDS 466,205
AZMAN PLC
CASH FLOW STATEMENT
FOR THE PERIOD ENDED 31st JULY 2005
FROM
INCORPORATION
TO
31st JULY
2005
(UNAUDITED)
£
Net cash outflow from operating activities 4 (24,609)
Returns on investments and servicing of finance 5 3,714
CASH OUTFLOW BEFORE FINANCING (20,895)
Financing 6 477,558
INCREASE IN CASH IN THE PERIOD 456,663
RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS FOR THE PERIOD ENDED
31st JULY 2005
FROM
INCORPORATION
TO
31st JULY 2005
(UNAUDITED)
£
Loss for the period (11,353)
Proceeds from issue of shares 535,000
Costs of share issue written off to share premium account (57,442)
Net addition shareholders' funds 466,205
Opening equity shareholders' funds -
Closing equity shareholders' funds 466,205
AZMAN PLC
NOTES TO THE INTERIM REPORT
1 The company was incorporated on 13 January 2005 and was admitted to the
Alternative Investment Market (AIM) on 2 March 2005 when it commenced its
business. The un-audited interim accounts for the period ended 31 July 2005
have been prepared on the basis of the accounting policies expected to
apply for the current financial period and also under the historical cost
convention and in accordance with applicable accounting standards. The
company will be required to adopt Financial Reporting Standard 19 'deferred
tax' in its statutory financial statements for the period ending 31 January
2006, but this is not expected to require material adjustments to the
current results.
The financial information contained in this report does not constitute
statutory accounts for the company within the meaning of section 240 of the
Companies Act.
This interim report for the period from incorporation to 31 July 2005 has
been approved by the Board.
2 The directors to not recommend the payment of a dividend
3 The basic earnings per share is based on the loss on ordinary activities
after taxation of the company attributable to ordinary shareholders on
121,750,000 ordinary shares in issue during the period
The diluted earnings per share have been calculated in accordance with
FRS14 'Earnings per share'. The existing warrants are exercisable at 0.1p
per share.
4 Reconciliation of operating loss to net cash outflow from operating
activities
Operating loss (15,067)
Increase in creditors 5,025
Increase in debtors (14,567)
Net cash flow from operating activities (24,609)
5 Returns on investment and servicing of finance
Bank interest 3,714
Net cash outflow from returns on investments and
servicing of Finance 3,714
6 Financing
Proceeds from share issue 535,000
Costs of AIM flotation and share issue (57,442)
Net cash inflow from financing 477,558
7 This interim statement will be sent to all shareholders and is also
available from the company's registered office at Finsgate, 5-7 Cranwood
Street, London, EC1V 9EE.
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