Warthog PLC

Final Results

Warthog PLC
31 August 2007

Warthhog plc

Chairman's Statement

Year ended 31 March 2007


At the AGM held on 9 November 2006, shareholders approved the following active
investing strategy as required under the AIM Rules:

To preserve so far as possible Warthog plc's cash resources whilst it seeks to
find an acquisition of a business of scale, which would constitute a reverse
takeover under the AIM Rules and for which the consideration would probably
comprise principally the issue of new ordinary shares in Warthog plc. The
Directors, whose experience includes both financial and operational matters, are
primarily seeking a UK based business from within the wider technology sector.

Since that time, investment opportunities have been sought, with one in
particular being the subject of lengthy and detailed discussion. Unfortunately,
the target's circumstances changed so that it will not be possible to complete a
transaction in the near future. In view of this, the Board are now evaluating
other opportunities and hope to be able to report on the progress of these to
shareholders shortly.


Ian Templeton
Chairman







Warthog plc
Profit and loss account
for the year ended 31 March 2007


                                                 2007                 2006
                                  Notes             £                    £


Other operating expenses (net)        2        67,973              118,629
                                            _________            _________
OPERATING LOSS                                (67,973)            (118,629)

Impairment loss                       8             -           (3,888,885)
                                            _________            _________
LOSS ON ORDINARY ACTIVITIES
BEFORE INTEREST
                                              (67,973)          (4,007,514)

Investment income                     3         3,390                6,839
                                            _________            _________
LOSS ON ORDINARY ACTIVITIES           4
BEFORE TAXATION
                                              (64,583)          (4,000,675)

Taxation                              6             -                    -
                                            _________            _________

RETAINED LOSS FOR THE YEAR           12       (64,583)          (4,000,675)
                                            _________            _________

(Loss) per ordinary share - basic     7        (0.02)p             (1.19)p
(Loss) per ordinary share -           7        (0.02)p             (1.19)p
diluted



The operating loss for the year arises from the company's continuing operations.

No separate Statement of Total Recognised Gains and Losses has been presented as
all such gains and losses have been dealt with in the Profit and Loss Account.



                                                 2007                2006
                                   Notes            £                   £

FIXED ASSETS
Investments                            8            -                   -
                                            _________            _________

CURRENT ASSETS
Cash at bank and in hand                      124,621              179,391
                                            _________            _________
                                              124,621              179,391

CREDITORS: Amounts falling due         9      (33,585)             (23,772)
within one year
                                            _________            _________

NET CURRENT ASSETS                             91,036              155,619
                                            _________            _________

TOTAL ASSETS LESS CURRENT                      91,036              155,619
LIABILITIES
                                            _________            _________
                                               91,036              155,619
                                            =========            =========

CAPITAL AND RESERVES
Called up share capital               11    3,478,821            3,478,821
Share premium account                 12    9,555,365            9,555,365
Profit and loss account               12  (12,943,150)         (12,878,567)
                                           __________           __________
SHAREHOLDERS' FUNDS                            91,036              155,619
                                           ==========           ==========



Warthog plc
Cashflow statement
for the year ended 31 March 2007

                                                 2007                 2006
                                   Notes            £                    £

Cash flow from operating 
activities                           14a      (58,160)              59,162

Returns on investments and 
servicing of finance                 14b        3,390                6,839
                                            _________            _________
(DECREASE)INCREASE IN CASH 
IN THE YEAR                                   (54,770)              66,001
                                            =========            =========


RECONCILIATION OF NET CASH 
FLOW TO MOVEMENT IN FUNDS

                                                 2007                 2006
                                                    £                    £

(Decrease)/Increase in cash 
in the year                                   (54,770)              66,001

Change in net funds resulting 
from cash flows                                     -                    -
                                            _________            _________

MOVEMENT IN NET FUNDS IN YEAR                 (54,770)              66,001

NET FUNDS AT 1 APRIL 2006                     179,391              113,390
                                            _________            _________

NET FUNDS AT 31 MARCH 2007          14c       124,621              179,391
                                            =========            =========




Warthog plc
Accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention
and in accordance with applicable accounting standards.

Basis of consolidation

The company disposed of all of its subsidiaries in November 2004. The financial
statements present information on the Company alone for the current and
comparative year.

Investments

Fixed asset investments are stated at cost less provision for diminution in
value.

Deferred taxation

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 tax in the future or a right to
pay less tax in the future have occurred at the balance sheet date. Timing
differences are differences between the company's taxable profits and its
results as stated in the financial statements that arise from the inclusion of
gains and losses in tax assessments in periods different from those in which
they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in
the periods in which timing differences are expected to reverse, based on tax
rates and laws that have been enacted or substantially enacted by the balance
sheet date. Deferred tax is measured on a non-discounted basis.

Leased assets and obligations

All leases are 'operating leases' and the annual rentals are charged to the
profit and loss account on a straight line basis over the lease term.





Warthog plc
Notes to the financial statements
for the year ended 31 March 2007


1  TURNOVER AND PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION


   The Company had no turnover in the year (2006: nil) and the loss arose wholly 
   in the United Kingdom from the Company's principal activity.

2  OTHER OPERATING EXPENSES (NET)

                                                      2007                 2006
                                                         £                    £

   Administration expenses                          67,973              118,629
                                                 =========            =========

3  INVESTMENT INCOME

                                                      2007                 2006
                                                         £                    £

   Bank interest receivable                          3,390                6,839
                                                 =========            =========
     

4  LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION        2007                 2006

                                                         £                    £
   Loss on ordinary activities after taxation is
   stated after charging:
   Auditors' remuneration- audit fees                3,900                2,500
   Auditors' remuneration- non-audit fees: further
   assurance services                                2,250                    -
                                                 =========            =========

5  EMPLOYEES                                          2007                 2006
                                                       No.                  No.

   The average monthly number of persons
   (including directors) employed by the Company
   during the year was:

   Administration                                        2                    2
                                                 _________            _________

                                                         2                    2
                                                 =========            =========

                                                      2007                 2006
                                                         £                    £

   Staff costs for above persons:
   Wages and salaries                               35,000               35,000
                                                 _________            _________
                                                    35,000               35,000
                                                 =========            =========


   DIRECTORS' REMUNERATION

   Emoluments                                       35,000               35,000
                                                 _________            _________
   Total emoluments                                 35,000               35,000
                                                 =========            =========


   Emoluments disclosed above include the following amounts paid to the highest
   paid director.

                                                      2007                 2006
                                                         £                    £

   Emoluments for qualifying services               25,000               25,000
                                                 =========            =========


   DIRECTORS' SHARE OPTIONS

   The following directors, including family interests, have option agreements:

   +-----------+--------+------------+---------+------------+------------+
   |           |        |            |         |            |            |
   |           |        |            |         |            |            |
   |           |      At|            |    At 31|            |            |
   |           | 1 April|   Lapsed in|    March|       Date |            |
   |           |    2006|        year|     2007|exercisable |Expiry date |
   +-----------+--------+------------+---------+------------+------------+
   |           |        |            |         |            |            |
   +-----------+--------+------------+---------+------------+------------+
   |D Robinson | 156,250|           -|  156,250|14 Nov 2004 |14 Nov 2010 |
   +-----------+--------+------------+---------+------------+------------+

   No further options were granted or exercised during the year.

   The market price of the shares at 31 March 2007 was 0.11p and the range during
   the year was 0.07p to 0.18p

6  TAXATION

   In view of the losses incurred there is no tax charge for the year (2006: nil).

   TAX RECONCILIATION

   Factors affecting tax charge for the year

   The tax assessed for the year is higher than the
   standard rate of corporation tax in the UK of 30%
   (2006: 30%). The differences are explained below:
                                                           2007            2006
                                                              £               £

   Loss on ordinary activities before tax               (64,583)     (4,000,675)
                                                     __________       _________
   Loss on ordinary activities multiplied by the
   standard rate of corporation tax in the UK of 30%
   (2006: 30%).                                          19,375       1,200,202

   Effects of:
   Unrelieved tax losses                                (19,375)        (33,536)
   Losses not allowable for tax purposes                      -      (1,166,666)
                                                     __________       _________
   Tax charge/ (credit) for the year                          -              -
                                                     ==========       =========

7  EARNINGS PER SHARE

   Earnings and the number of shares used in the calculations of earnings per share
   are set out below:

                                                          2007             2006
                                                             £                £
   Basic:
   loss after tax                                      (64,583)      (4,000,675)
   Weighted average number of shares               347,882,123      336,980,765
   EPS (pence)                                          (0.02)p          (1.19)p
                                                  ============      ===========

   Basic and fully diluted earnings are the same due to the loss for the year, as
   it is assumed that the options would not be exercised.

8  FIXED ASSET INVESTMENTS

                                                                        Listed
                                                                   Investments
                                                                             £
   Cost
   At 1 April 2006 and 31 March 2007                                 3,888,885
                                                                     =========
   Provision for diminution in value
   1 April 2006                                                      3,888,885

   Provision during year                                                     -
                                                                     ---------
   At 31 March 2007                                                  3,888,885
                                                                     =========

   Net book value
   31 March 2007                                                             -
                                                                     =========

   31 March 2006                                                             -
                                                                     =========

   The Company holds 497,866 shares in Tiger Telematics Inc, a company incorporated
   in the USA. These shares are considered by the directors to have no value at the 
   balance sheet date.

9  CREDITORS: Amounts falling due within
   one year                                                2007            2006
                                                              £               £

   Accruals and deferred income                          33,585          23,772
                                                         ======          ======

10 PROVISION FOR LIABILITIES AND CHARGES

   The Company has significant tax losses to carry forward. Unutilised losses and
   other short term timing differences give rise to a deferred tax asset of
   £209,957. No deferred tax asset has been recognised in view of the uncertainty
   of the timing of the recovery of these losses.

11 SHARE CAPITAL
                                                           2007            2006
                                                              £               £

   Authorised:
   600,000,000 shares of 1p each                      6,000,000       6,000,000
                                                      =========       =========
   Allotted, issued and fully paid:
   347,882,123 ordinary shares of 1p each             3,478,821       3,478,821
                                                      =========       =========

   SHARE DISCLOSURES

   The Company has granted the following options to subscribe for ordinary shares
   of 1p each, as follows:

                                        Number of 
                                       shares for
                 Subscription        which rights    
                    price per                 are   Lapsed in
   Grant date           share         exercisable        year   Exercise period

   Unapproved
   share
   options:
   14 November 2000     32.0p             156,250           -  14 Nov 2004-14 Nov 2010 


12 RESERVES                                                          Profit and
                                                           Share           Loss
                                                         premium        account
                                                               £              £

   At 1 April 2006                                     9,555,365    (12,878,567)
   Retained loss for the year                                  -        (64,583)
                                                      __________     __________
   At 31 March 2007                                    9,555,365    (12,943,150)
                                                      ==========     ==========

13 RECONCILIATION OF MOVEMENT IN SHAREHOLDERS'
   FUNDS
                                                            2007           2006
                                                               £              £

   (Loss) for the financial year                         (64,583)    (4,000,675)
                                                      __________     __________

   Net addition/(reduction) to shareholders'
   funds
                                                         (64,583)    (4,000,675)
   Opening shareholders' funds                           155,619      4,156,294
                                                      __________     __________

   Closing shareholders' funds                            91,036        155,619
                                                      ==========     ==========

14 CASH FLOWS                                               2007          2006
                                                               £             £

a  Reconciliation of operating loss to net cash 
   outflow from operating activities
   Operating (loss) on ordinary activities               (67,973)      (118,629)
   Decrease/ (Increase) in debtors                             -        186,059
   (Decrease)/Increase in creditors                        9,813         (8,268)
                                                      __________     __________

   Net cash inflow/(outflow) from operating 
   activities                                            (58,160)        59,162
                                                      ==========     ==========


b  Analysis of cash flows for headings netted in the
   cash flow

   Returns on investments and servicing of finance

   Interest received                                       3,390          6,839
                                                       _________      _________
   Net cash outflow from returns on investments and
   servicing of finance
                                                           3,390          6,839
                                                       =========      =========

c  Analysis of net debt

                                          At 1 April                 At 31 March 
                                                2006     Cash flow          2007
                                                   £             £             £

   Cash in hand and at bank                  179,391       (54,770)      124,621
                                             _______       _______       _______



15 FINANCIAL INSTRUMENTS

   The Company currently has no significant operations other than to research
   potential investments. It has no financial instruments other than cash, which is
   held on short term deposit.

a. Fair values of financial assets and financial liabilities

   The fair value of the Company's financial instruments at 31 March 2007 was:

                                       2007                         2006
                              Book Value   Fair Value      Book Value   Fair Value
                                       £            £               £            £

   Cash at bank and in hand      124,621      124,621         179,391      179,391

   All fair values have been determined using appropriate market rates as at 31
   March 2007 and by discounting relevant cash flows at the prevailing rate.

   As at 31 March 2007 the Company had no borrowings.


b. Financial assets

   Other than cash at bank the Company has no other financial assets as at 31 March
   2007. All financial assets were at floating rates.

c. Financial liabilities

   Other than short-term creditors the Company has no other financial liabilities
   as at 31 March 2007.

d. Currency exposures

   The Company had no currency exposure as at 31 March 2007

e. Borrowing facilities

   The Company had no undrawn committed borrowing facilities at 31 March 2007.


16 CONTROL

   In the opinion of the directors there is no single controlling party.



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