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Venture Six Plc (VTSO)

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Thursday 26 November, 2009

Venture Six Plc

Interim Results


26 November 2009

               Venture Six Plc ("Venture Six" or the "Company")

             Interim Accounts for the 6 months ended 30 June 2009

Venture Six Plc [PLUS: VTSO] today reports its interim results for
the 6 months ended 30 June 2009

CHAIRMAN'S STATEMENT

For the period ended 30 June 2009

It is only a few weeks since my last report but during that period
we have continued our negotiations with the Loan Note holder and with the
target for the proposed Reverse.

Further funds have been received which have enabled us to compromise a claim
against the Company and settle with our most pressing creditor.

We hope to have further news on the Reverse fairly soon and in the meantime
have to be extremely grateful to our Advisors and our Directors who are moving
matters forward on all fronts without receiving any payment currently or
during this and most of the previous reporting period.

Barry Gold

26 November 2009

Chairman of Venture Six Plc


Consolidated Profit and loss account                     6 months ended 30 June        Year ended
for the 6 months ended 30 June 2009          Notes         2009                 2008  31 Dec 2008
                                                    (unaudited)          (unaudited)    (audited)
                                                              £                    £            £
 
Turnover                                                 10,075                    -        7,316
 
Cost of sales                                                 -                    -        (999)
                                                         10,075                    -        6,317
 
Distribution costs                                            -                    -      (2,999)
Administrative expenses                               (217,442)             (40,824)    (335,146)
 
Operating loss                                        (207,367)             (40,824)    (331,828)
 
Interest receivable and similar income                        -                   84         127
Interest payable                                           (23)                    -         (37)
 
Loss for the financial period                         (207,390)             (40,740)    (331,738)
 
Minority interest                                        13,192                    -      73,736
 
                                                      (194,198)             (40,740)    (258,002)
 
Loss per ordinary share - basic and diluted    4       (16.78)p              (3.52)p     (22.30)p



Consolidated Balance Sheet
as at 30 June 2009                                          30 June            31 December
                                                         2009            2008         2008
                                                  (unaudited)     (unaudited)    (audited)
                                                            £               £            £
Fixed assets
Intangible assets                                     274,509               -      306,643
Tangible assets                                        31,553               -       44,362
                                                      306,062               -      351,005
 
Current assets
Debtors                                                20,485           4,501       23,868
Cash at bank                                           11,110           7,530      143,410
 
                                                       31,595          12,031      167,278
 
Creditors: amounts falling due within
one year                                            (265,120)       (129,993)    (240,245)
 
Net current liabilities                             (233,525)       (117,962)     (72,967)
 
Total assets less current liabilities                  72,537       (117,962)      278,038
 
Creditors: amounts falling due after
more than one year (including
convertible debt)                                   (562,594)       (124,547)    (544,191)
 
                                                    (490,057)       (242,509)    (266,153)
 
Capital and reserves
Called up share capital                               289,244         289,244      289,244
Share premium account                                  81,335          89,442       84,285
Convertible loan note reserve                         200,662          38,709      219,065
Share based reserve                                    26,516          16,450       21,677
Profit and loss account                           (1,087,814)       (676,354)    (893,616)
 
Shareholders' funds                                 (490,057)       (242,509)    (279,345)
 
Minority interest                                 -               -                 13,192
 
                                                    (490,057)       (242,509)    (266,153)



Consolidated Cash Flow statement                                            6 months ended 30 June        Year ended
for the 6 months ended 30 June 2009                                           2009                 2008  31 Dec 2008
                                                                       (unaudited)          (unaudited)    (audited)
                                                                                 £                    £            £
Operating activities
Operating loss                                                            (207,367)             (40,824)    (331,828)
Depreciation of tangible assets                                             12,809               -            18,864
Amortisation of intangible assets                                           32,941               -            21,903
Decrease/(increase) in debtors                                               3,383               (2,162)       9,886
Increase/(decrease) in creditors due within one year                        24,875               (5,617)     (53,098)
Equity settled share based payments                                         4,839                5,225        10,452
Net cash outflow from operating activities                                (128,520)             (43,378)    (323,821)
 
Return on investments and servicing of finance
Interest receivable                                                            -                    84           127
Interest payable                                                              (23)                  -            (37)
 
                                                                              (23)                  84            90
 
Capital expenditure
Payments to acquire tangible assets                                            -                    -         (1,835)
 
Acquisitions and disposals
Purchase of subsidiary undertakings (net of cash acquired)                    (807)                 -       (176,691)
 
Net cash outflow before management of liquid                              (129,350)             (43,294)    (502,257)
resources and financing
 
Financing
Cost of share issue                                                         (2,950)                 -         (5,157)
Other long term loans                                                          -                    -         600,000
 
(Decrease)/increase in cash in the period                                 (132,300)             (43,294)       92,586



Reconciliation of net funds                                  Other non-
                            At 1 January 2009  Cash Flows  cash changes  At 30 June 2009
                                            £           £             £                £
 
Cash at bank                          143,410   (132,300)             -           11,110
Debts falling due after
more than one year                  (544,191)          -       (18,403)        (562,594)
 
                                    (400,781)   (132,300)      (18,403)        (551,484)


Notes to the interim announcement

1 The interim accounts have been prepared in accordance with the accounting
policies set out in the annual accounts for the year ended 31 December 2008,
but they have not been audited nor reviewed by the auditors.

2 The financial information in this report does not constitute full accounts
as defined by Section 240 of the Companies Act 1985. Full accounts for the
year ended 31 December 2008, which contained an unqualified Audit Report and
did not contain a statement under Section 237 of the Companies Act 1985, have
been delivered to the Registrar of Companies.

3 On the basis of these financial statements there is no tax charge for the
period.

4 The loss and number of shares used in the calculation of loss per share are
set out below:

                                     6 months ended  6 months ended   Year ended
                                        30 Jun 2009     30 Jun 2008  31 Dec 2008
                                        (unaudited)     (unaudited)    (audited)
Basic and diluted:
Loss for the financial period             (194,198)        (40,740)    (258,002)
Weighted average of ordinary shares       1,156,977       1,156,977    1,156,977
Loss per share                             (16.78)p         (3.52)p     (22.30)p

There was no dilutive effect from the warrants or options outstanding during
the period.

5 A copy of this report is available from the Company Secretary at
Stonebridge House, Chelmsford Road Hatfield Heath, Essex CM22 7BD.

                                 --- ENDS---

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

Jade Mamarbachi                    Tel: 020 7153 8035

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



                                                                                                                                                                                                                                        

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