Final Results

RNS Number : 0602A

Premier Management Holdings PLC

29 July 2008

 



For immediate release on 29 July 2008

PREMIER MANAGEMENT HOLDINGS PLC (the 'Company')

Statement of audited results for the year ended 31 January 2007

Key points

• Second consecutive financial year with profitable trading.

• Pre-tax profit for the year of £17,789 (2007: £50,780).

• Good start to the current financial year with some managerial business already concluded and billed.

• Opportunities to increase and expand the range of services offered being pursued.

Chairman Barry Gold said today,

'I am pleased to report that the current financial year has started well. We continue to seek to expand the group by looking to add suitable new businesses.'

Further enquiries:

Barry Gold (Premier Management) -                                     07768 948 928

Richard Evans (Brewin Dolphin, Nominated Adviser) -    0845 213 4853

Chairman's statement

I am please to be able to report an operating and pre-tax profit for the second consecutive financial year, albeit on reduced turnover.  Profit before tax was slightly down at £17,789 (2007: £50,780).

I am pleased to report that the current financial year has started well with some managerial business already concluded and billed.

We continue to seek to expand the group by looking to add suitable new businesses and although I have been involved in discussions to this end, nothing has yet come to fruition, although I am hopeful of being able to find something suitable in due course.

I continue to be grateful to our advisers who are both supportive and helpful, and particularly to our Finance Director, Gerry Desler, whose continued support of the company is not reflected in remuneration from it.

Barry Gold

29 July 2008

Income statement

for the year ended 31 January 2008

		2008	2007
		£	£
Revenue		139,701	224,439
Cost of sales		(60,913)	(94,635)
Gross profit		78,788	129,804
Administrative expenses		(61,479)	(67,932)
Operating profit		17,309	61,872
Finance income		480	166
Finance expense		-	(11,258)
Profit before income tax		17,789	50,780
Income tax expense		-	-
Profit/(loss) for the year		17,789	50,780
Earnings per share		Pence	Pence
Basic and diluted earnings per share		0.02	0.08

Balance sheet

as at 31 January 2008

	2008	2007
	£	£
ASSETS
Current assets
Trade and other receivables	151,565	385,532
Cash and cash equivalents	31,800	1,355
Total assets	183,365	386,887
LIABILITIES
Current liabilities
Trade and other payables	(152,991)	(311,739)
Borrowings	(150,000)	(290,000)
	(224,997)	(601,739)
Non current liabilities
Borrowings	(1,512,001)	(1,617,001)
Total liabilities	(1,814,992)	(2,218,740)
Net liabilities	(1,631,627)	(1,831,853)
EQUITY
Share capital	1,027,180	657,180
Share premium account	2,659,906	2,854,906
Other reserves	43,333	39,333
Profit and loss account	(5,362,046)	(5,383,272)
Total shareholders' equity	(1,631,627)	(1,831,853)

Cash flow statement

for the year ended 31 January 2008

	2008	2007
	£	£
Cash flows from operating activities
Operating profit	17,309	61,872
Decrease/(increase) in trade and other receivables	233,967	(135,988)
(Decrease)/increase in trade and other payables	(158,748)	23,528
Equity-settled share based payments and employee benefits	7,437	7,742
Cash generated from/(used in) operations	99,965	(42,846)
Investing activities
Finance income	480	166
Net cash generated from investing activities	480	166
Financing activities
Finance expense	-	(11,258)
New convertible unsecured loan note	-	150,000
Repayment of debenture loans	(70,000)	(110,00)
Net cash (used in)/generated from financing	70,000	28,742
Net increase/(decrease) in cash and cash equivalents	30,445	(13,938)
Cash and cash equivalents at beginning of the year	1,355	15,294
Cash and cash equivalents at end of the year	31,800	1,355

Notes:

1.    Basis of preparation

The financial statements have been prepared in accordance with International Reporting Standards (IFRS and IFRIC Interpretations) issued by the International Accounting Standards Board (IASB) as adopted by the European Union and with those parts of the Companies Act applicable to companies preparing their financial statements under IFRS. Practice is continuing to evolve on the application and interpretations of IFRS. Further standards may be issued by the International Accounting Standards (IASB) and standards currently in issue and endorsed by the EU may be subject to interpretations issued by IFRIC. 

The financial statements have been prepared using the measurement basis specified by IFRS for each type of asset, liability, income and expense. The measurement bases are more fully described in the detailed accounting policies below.

This is the first time that the company has prepared its financial statements in accordance with IFRS, having previously prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP). Details of the transition from UK GAAP to IFRS are given in note 21.

The company has taken advantage of certain exemptions available under IFRS 1 'First time adoption of International Financial Reporting Standards'. The financial statements have been prepared on the basis of the following exemptions:

- Business combinations prior to February 2006 have not been restated to comply with IFRS 3 Business Combinations.

- The company has applied IFRS 2 Share-based payments exemption to those equity settled awards that were granted on or before 2 November 2002.

The preparation of financial statements, in conformity with general accepted accounting principles under IFRS, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Although these estimates are based on management's best knowledge of the amounts, events or actions, actual results may ultimately differ from those estimates. The accounting policies have been applied consistently throughout the company for the purposes of preparation of these financial statements.

2.    Going concern

The company has a deficit on its profit and loss account amounting to £5,362,046 and it has net liabilities of £1,631,627. The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The directors have prepared projected cash flow information for the period ending 12 months from the date of their approval of these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result should the company no longer be a going concern.

3.    Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. All of the company's subsidiary undertakings were dormant throughout the year. The company has therefore taken advantage of the exemptions provided by Section 229 of the Companies Act 1985 not to prepare group financial statements on the basis that the results and net assets of the subsidiary undertaking are not material for the purposes of the company's financial statements giving a true and fair view.

4.    Sources of estimation uncertainty

The preparation of the financial information in conformity with IFRS requires the use of certain critical accounting estimates that affect the reported amounts of assets and liabilities at the date of the financial information and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amounts, events or actions, actual results ultimately may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

Material estimates and assumptions are made in particular with regard to:

- the carrying value of investments;

- the likelihood that tax assets would be realised; and

- the valuation of equity-settled share-based payments.

5.    Statutory accounts

The preliminary financial statement has been prepared on the basis of the Group's normal accounting policies but does not constitute statutory accounts. The statutory accounts for the year ended 31 January 2007 have been delivered to the Registrar of Companies, the auditors report on which was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. It is anticipated that the Group's Annual Report and Accounts for the year ended 31 January 2008 will be published and posted to shareholders by 31 July 2008. Copies will be made available at the Company's office at 140B High Street, Ongar, Essex CM5 9JH.

ENDS

 

END

 

 

FR UWRBRWORBUAR