Information  X 
Enter a valid email address

Venture Six Plc (VTSO)

  Print      Mail a friend

Friday 30 May, 2008

Venture Six Plc

Final Results


                                VENTURE SIX PLC                                

                       ("Venture Six" OR THE "Company")                        

               FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2007               

Venture Six Plc [PLUS: VTSO], the home entertainment and leisure industry
investment vehicle, today reports its full year results for the period ended 31
December 2007:

CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2007

Since my last Report, the search for a suitable target for a reverse takeover
has continued. We have tried as a Board to conduct the initial discussions and
investigations into any potential target ourselves, with a view to minimising
professional fees. Whilst we have succeeded in that, we have yet to find a
target sufficiently attractive to the Loan Note Holder.

As a result, the Loan Note Holder has injected further funds to enable the
company to continue to operate. They have agreed, within reason, to continue to
provide working capital to ensure that the Company can complete an acquisition
when the appropriate target is found.

In the meantime, the Company's shares continue to be traded on Plus Markets,
thus giving current and potential new shareholders a market in which to deal in
the Company's stock.

We will keep shareholders appraised of any potential acquisitions once we have
agreed terms.

I look forward to meeting our shareholders at the forthcoming AGM, when
hopefully there will be something further to report.

Gerry Desler
Chairman of Venture Six Plc
29 May 2008

VENTURE SIX PLC                                                                
                                                                              
PROFIT AND LOSS ACCOUNT                                                        
                                                                               
FOR THE YEAR ENDED 31 DECEMBER 2007                                            
                                                                               
                                                    2007                2006   
                                                                               
                                                       £                   £   
                                                                               
Administrative expenses                        (100,484)            (87,998)   
                                                                               
                                                 ───────             ───────   
                                                                               
Operating loss                                 (100,484)            (87,998)   
                                                                               
Other interest receivable                           621                 451    
and similar income                                                             
                                                                               
Interest payable and                                  -                  (2)   
similar charges                                                                
                                                                               
                                                 ───────             ───────   
                                                                               
Loss on ordinary                                (99,863)            (87,549)   
activities before taxation                                                     
                                                                               
Tax on loss on ordinary                               -                   -    
activities                                                                     
                                                                               
                                                 ───────             ───────   
                                                                               
Loss for the year                               (99,863)            (87,549)   
                                                                               
                                                 ═══════             ═══════   
                                                                               
Loss per share - basic and                       (0.17)p             (0.20)p   
diluted                                                                        
                                                                               
                                                 ═══════             ═══════   
                                                                               

VENTURE SIX PLC                                                               
                                                                              
BALANCE SHEET                                                                 
                                                                              
AS AT 31 DECEMBER 2007                                                        
                                                                              
                                               2007                2006       
                                                                              
                                             £         £         £         £  
                                                                              
Current assets                                                                
                                                                              
Debtors                                 2,339               8,383             
                                                                              
Cash at bank and in hand               50,824              92,853             
                                                                              
                                       ───────             ───────            
                                                                              
                                       53,163             101,236             
                                                                              
Creditors: amounts falling           (135,610)           (144,271)            
due within one year                                                           
                                                                              
                                       ───────             ───────            
                                                                              
Total assets less current liabilities           (82,447)            (43,035)  
                                                                              
Creditors: amounts falling                     (124,547)           (113,256)  
due after more than one year                                                  
(including convertible debt)                                                  
                                                                              
                                                 ───────             ───────  
                                                                              
                                               (206,994)           (156,291)  
                                                                              
                                                 ═══════             ═══════  
                                                                              
Capital and reserves                                                          
                                                                              
Called up share capital                         289,244             289,244   
                                                                              
Share premium account                            89,442              89,442   
                                                                              
Convertible loan notes                           38,709                   -   
reserve                                                                       
                                                                              
Share based payment reserve                      11,225                 773   
                                                                              
Profit and loss account                        (635,614)           (535,750)  
                                                                              
                                                 ───────             ───────  
                                                                              
Shareholders' funds                            (206,994)           (156,291)  
                                                                              
                                                 ═══════             ═══════  
                                                                              

VENTURE SIX PLC                                                                
                                                                               
CASH FLOW STATEMENT                                                            
                                                                               
FOR THE YEAR ENDED 31 DECEMBER 2007                                            
                                                                               
                                                   2007                  2006  
                                                                               
                                           £          £          £          £  
                                                                               
Net cash outflow from operating                (92,649)              (70,665)  
activities                                                                     
                                                                               
Returns on investments and                                                     
servicing of finance                                                           
                                                                               
Interest received                       621                   451              
                                                                               
Interest paid                             -                    (2)             
                                                                               
                                     ───────               ───────             
                                                                               
Net cash inflow for returns on                     621                   449   
investments and servicing of                                                   
finance                                                                        
                                                                               
                                                ───────               ───────  
                                                                               
Net cash outflow before management             (92,028)              (70,216)  
of liquid resources and financing                                              
                                                                               
Financing                                                                      
                                                                               
Issue of ordinary share capital           -                86,744              
                                                                               
Cost of share issue                       -               (45,558)             
                                                                               
                                     ───────               ───────             
                                                                               
Net proceeds from issue of shares         -                41,186              
                                                                               
                                     ───────               ───────             
                                                                               
Other new long term loans            50,000               113,256              
                                                                               
                                     ───────               ───────             
                                                                               
Increase in debt                     50,000               113,256              
                                                                               
                                     ───────               ───────             
                                                                               
Net cash inflow from financing                  50,000               154,442   
                                                                               
                                                ───────               ───────  
                                                                               
Decrease in cash in the year                   (42,028)               84,226   
                                                                               
                                                ═══════               ═══════  
                                                                               

VENTURE SIX PLC                                                                 
                                                                                
NOTES TO THE CASH FLOW STATEMENT                                                
                                                                                
FOR THE YEAR ENDED31 DECEMBER 2007                                              
                                                                                
1   Reconciliation of operating loss to net cash               2007       2006  
    outflow from operating activities                                           
                                                                                
                                                                  £          £  
                                                                                
    Operating loss                                        (100,484)   (87,998)  
                                                                                
    Decrease in debtors                                      6,044     31,078   
                                                                                
    Decrease in creditors due within one year               (8,661)   (14,518)  
                                                                                
    Equity-settled share-based payments                     10,452        773   
                                                                                
                                                            ───────    ───────  
                                                                                
    Net cash outflow from operating activities             (92,649)   (70,665)  
                                                                                
                                                            ═══════    ═══════  
                                                                                
2   Analysis of net debt           1 January  Cash flow       Other         31  
                                        2007               non-cash   December  
                                                            changes       2007  
                                                                                
                                           £          £           £          £  
                                                                                
    Net cash:                                                                   
                                                                                
    Cash at bank and in hand         92,853    (42,029)          -     50,824   
                                                                                
                                     ───────    ───────     ───────    ───────  
                                                                                
    Bank deposits                         -          -           -          -   
                                                                                
    Debt:                                                                       
                                                                                
    Debts falling due after one    (113,256)   (50,000)     38,709   (124,547)  
    year                                                                        
                                                                                
                                     ───────    ───────     ───────    ───────  
                                                                                
    Net debt                        (20,403)   (92,029)     38,709    (73,723)  
                                                                                
                                     ═══════    ═══════     ═══════    ═══════  
                                                                                
3   Reconciliation of net cash flow to movement in net         2007       2006  
    debt                                                                        
                                                                                
                                                                  £          £  
                                                                                
    (Decrease)/increase in cash in                         (42,029)    84,226   
    the year                                                                    
                                                                                
    Cash inflow from increase in debt                      (50,000)  (113,256)  
                                                                                
    Convertible loan notes - equity component               38,709          -   
                                                                                
                                                            ───────    ───────  
                                                                                
    Movement in net debt in the year                       (53,320)   (29,030)  
                                                                                
    Opening net (debt)/funds                               (20,403)     8,627   
                                                                                
                                                            ───────    ───────  
                                                                                
    Closing net debt                                       (73,723)   (20,403)  
                                                                                
                                                            ═══════    ═══════  
                                                                                
4    Earnings per ordinary share                                                
                                                                                
     The earnings and number of shares used in the calculation of earnings      
     per ordinary share are set out below:                                      
                                                                                
                                                             2007        2006   
                                                                                
                                                                £           £   
                                                                                
     Basic:                                                                     
                                                                                
     Loss for the financial period                        99,863      87,549    
                                                                                
     Weighted average number of shares                57,848,878  44,777,806    
                                                                                
     Loss per share                                         0.17p       0.20p   
                                                                                
                                                        ═════════   ═════════   

Notes to the preliminary announcement

1 Full accounts for the Company for the year, which received an unqualified
auditors' report however which does contain a statement of uncertainty with
regards to the Company's ability to continue as a going concern, will be posted
to shareholders as soon as is practicable.

2 The directors of the Company do not propose the payment of a dividend.

3 Copies of this announcement are available from the Company Secretary at 140B
High Street, Ongar, Essex CM5 9JH and copies of the Annual Report and Accounts
will also be available.

4 The financial information in this announcement has been extracted from the
Company's audited accounts.

                                  --- ENDS---                                  

Venture Six Plc

Venture Six Plc is an investment vehicle that has been formed to make
acquisitions in the home entertainment and leisure markets in the United
Kingdom, the United States and Canada. The Directors consider that the home
entertainment and leisure markets embrace all media related businesses
including films, television, radio, computer games, hotels and travel services

The Directors of Venture Six Plc accept responsibility for this announcement.

CONTACT DETAILS:

Venture Six Plc: Gerry Desler Tel: 01277 366558

Barry Gold Tel: 07768 948928

Fisher Corporate Plc: Gary Miller Tel: 020 7388 7000

Gth media relations: Toby Hall Tel: 020 7153 8039

Christian Pickel Tel: 020 7153 8035


                                                                                                                                                    

a d v e r t i s e m e n t