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.