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Worldsec Ld (WSL)

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Wednesday 25 August, 2010

Worldsec Ld

Interim Report

RNS Number : 6041R
Worldsec Ld
25 August 2010
 



Worldsec Limited

 

Interim Report for the six months ended 30 June 2010

 

 

 

 

The Directors submit the interim report on Worldsec Limited (the "Company") and its subsidiaries (collectively known as the "Group") for the six months ended 30 June 2010.

 

For the six months ended 30 June 2010, the Group incurred a net loss of US$106,000. This is comparable with the net loss of US$105,000 for the corresponding period in the previous year. At the end of 30 June 2010, Group  shareholders' funds stood at US$1.30 million as compared to US$1.41 million at the end of December 2009.

 

Since late of last year, the Board continues to explore opportunities in the financial services and other new suitable business, and in the meantime we have engaged a financial adviser and legal adviser in the U.K. to advise us on the reactivation of the Company. Shareholders will be informed as soon as the Board has evaluated a suitable business proposition.

 

 

 

 

 

 

 

 

 

                                                                                                                        By order of the Board

 

 

                                                                                                                        Alastair GUNN-FORBES

                                                                                                                        Non-Executive Chairman

 

                                                                                                                        25 August 2010

 

 

 

 

 


CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2010                                     

 

 



Unaudited


Audited



Six months ended


Year

ended


Notes

30.6.2010


30.6.2009


31.12.2009

 



US$'000


US$'000


US$'000







Interest income

5

-


-


Staff costs


(15)


(17)


(33)

Other expenses


(91)


(88)


(267)








Loss before tax


(106)


(105)


(300)

Income tax expense

6

-


-


-








Loss for the period/year


(106)


(105)


(300)

 

 







Loss per share - basic and diluted

7

(1) cent


(1) cent


(2) cents








 

 

 

 

 



CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE

FOR THE PERIOD ENDED 30 JUNE 2010                                                     

 

 



Unaudited


Audited



Six months ended


Year ended



30.6.2010


30.6.2009


31.12.2009



US$'000


US$'000


US$'000

Loss and total recognized expense for







the period/year


(106)


(105)


(300)








 

 

 

 

 



CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 30 JUNE 2010                                                                                          

 

 



Unaudited


Audited



Six months ended


Year ended


Notes

30.6.2010


30.6.2009


31.12.2009



US$'000


US$'000


US$'000

Current assets







Cash and bank balances


1,541


1,863


1,687










1,541


1,863


1,687

Current liabilities







Other payables and accruals


(242)


(263)


(282)








Net current assets


1,299


1,600


1,405








Net assets


1,299


1,600


1,405















Capital and reserves







Share capital

8

13


13


13

Contributed surplus

9

9,646


9,646


9,646

Special reserve

9

625


625


625

Accumulated losses

9

(8,985)


(8,684)


(8,879)








Equity shareholders' funds


1,299


1,600


1,405








 

 

 

 



CONSOLIDATED STATEMENT OF CASH FLOW

FOR THE PERIOD ENDED 30 JUNE 2010                                               

 

 


Unaudited


Audited


Six months ended


Year ended


30.6.2010


30.6.2009


31.12.2009


US$'000


US$'000


US$'000

Cash flows from operating activities






Loss for the period/year

(106)


(105)


(300)







Interest income

-


-


-








(106)


(105)


(300)

Movement in working capital






(Decrease)/increase in other payables and accruals

(40)


(77)


(58)







Net cash used in operating activities

(146)


(182)


(358)







Cash flow from investing activities






Interest received

-


-


-







Net cash inflow from investing activities

-


-


-













Net decrease in cash and cash equivalents

(146)


(182)


(358)







Cash and cash equivalents at






beginning of the period/year

1,687


2,045


2,045







Cash and cash equivalents at






end of the period/year






Cash and bank balances

1,541


1,863


1,687

 

 

 

 

 



NOTES TO THE INTERIM REPORT

FOR THE PERIOD ENDED 30 JUNE 2010                                   

 

 

1.   GENERAL INFORMATION

 

The Company is a public listed company incorporated in Bermuda and its shares are listed on the London Stock Exchange.  The addresses of the registered office and principal place of business of the Company are disclosed in the corporate information to the interim report.

 

 

2.   ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS

 

In the current period, the Group has adopted all of the new and revised Standards and Interpretations issued by the International Accounting Standards Board (the "IASB") and the International Financial Reporting Interpretations Committee ("IFRIC") of the IASB that are relevant to its operations and effective for accounting periods beginning on or after 1 July 2009. The adoption of these new and revised Standards and Interpretations has no significant impact on the financial statements of the Group.

 

At the date of authorisation of these financial statements, the following Standards and Interpretations were in issue but not yet effective:

 

IFRS (Amendments)

Improvement to IFRSs issued in 20105

IAS 24 (Revised)

Related Party Disclosure 3

IAS 32 (Amendment)

Classification of Right issues 1

IFRS 1 (Amendment)

Limited Exemption from Comparative HKFRS 7 Disclosure for First-time Adopters2

IFRS 9 (Amendment)

Financial Instruments - Classification and Measurement 4

IFRIC - Int 14

Prepayments of a Minimum Funding Requirement3

IFRIC - Int 19

Extinguishing Financial Liabilities with Equity Instruments 2

 

1 Effective for annual periods beginning on or after 1 February 2010.

2 Effective for annual periods beginning on or after 1 July 2010.

3 Effective for annual periods beginning on or after 1 January 2011.

4 Effective for annual periods beginning on or after 1 January 2013.

5 Effective for annual periods beginning on or after 1 July 2010 and 1 January 2011, as appropriate.

 

The directors anticipate that the application of these Standards, Amendmentsand Interpretations in the future periods will have no material financial impact on the financial statements of the Group.

 

Save as disclosed above, the accounting policies adopted in preparing this report are consistent with those adopted in preparing the consolidated financial statements of the Group for the year ended 31 December 2009.

 

 

3.   BASIS OF PREPARATION

 

The financial statements have been prepared in accordance with International Financial Reporting Standards. It has been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the Company's assets to net realizable value.  Provision has also been made for any onerous contractual commitments at the balance sheet date.  The financial statements do not include any provision for the future costs of terminating the business of the Company except to the extent that such costs were committed at the balance sheet date.  Accordingly, all assets are classified as current assets.

 

The Group's financial statements consolidate the financial statements of the Company and the subsidiary undertakings included in the Group.

 

 

The results of subsidiaries disposed of during the periods/year are included in the consolidated income statement up to the effective dates of disposal.

 

 

4.   BUSINESS AND GEOGRAPHICAL SEGMENTS

 

No business and geographical segment analyses are presented for the periods ended 30 June 2010 and 30 June 2009 as the Group has only maintained a minimum operation during the period.

 

 

5.   INTEREST

 


Unaudited


Audited


Six months ended


Year ended


30.6.2010


30.6.2009


31.12.2009


US$'000


US$'000


US$'000







Interest income






Bank interest receivable

-


-


-







 

 

6.   INCOME TAX

 

No provision for taxation has been made as the Group did not generate any assessable profits for UK Corporation Tax, Hong Kong Profits Tax and tax in other jurisdictions.

 

 

7.   LOSS PER SHARE

 

Calculation of loss per share was based on the following:


Unaudited


Audited


Six months ended


Year ended


30.6.2010


30.6.2009


31.12.2009







Loss for the period/year

US$(106,000)


US$(105,000)


US$(300,000)













Weighted average number of shares in issue

13,367,290


13,367,290


13,367,290













Loss per share - basic and diluted

(1) cent


(1) cent


(2) cents







 

 

 

No diluted effect in loss per share as no diluting events existed during the periods/year.

 

 

8.   SHARE CAPITAL


US$

Authorised:


Ordinary shares of US$0.001 each as at 30 June 2009, 31 December    


   2009 and 30 June 2010

50,000,000



Called up, issued and fully paid:


Ordinary shares of US$0.001 each as at 30 June 2009, 31 December 


   2009 and 30 June 2010

13,367



 

 

9.   RESERVES

 


Contributed

surplus


Special reserve


Accumulated losses


US$'000


US$'000


US$'000







Balance at 1 January 2009

9,646


625


(8,579)

Loss for the period

-


-


(105)







Balance at 1 July 2009

9,646


625


(8,684)

Loss for the period

-


-


(195)







Balance at 1 January 2010

9,646


625


(8,879)

Loss for the period

-


-


(106)







Balance at 30 June 2010

9,646


625


(8,985)







 

 

10. INTERIM REPORT

 

      The interim report will be sent to shareholders on or about 31 August 2010.

 

 

 

 

 

 

 

 

 

CORPORATE INFORMATION

 

Board of Directors

 

Non-Executive Chairman

Alastair GUNN-FORBES

 

Executive Directors

Henry Ying Chew CHEONG (Deputy Chairman)

 

Non-Executive Directors

Mark Chung FONG

HO Soo Ching (resigned on 31 July 2010)

 

Company Secretary

May Yim CHAN

 

Registered Office Address

Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda

 

Registration Number

EC21466 Bermuda

 

Principal Bankers

The Hong Kong and Shanghai Banking Corporation Limited

1 Queen's Road, Central, Hong Kong

 

Auditors

HLB Hodgson Impey Cheng

Chartered Accountants, Certified Public Accountants

31st Floor, Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong Kong

 

Solicitors

Linklaters

One, Silk Street, London EC2Y 8HQ, England

 

Principal Share Registrar and Transfer Office

Appleby Management (Bermuda) Ltd

Argle House, 41A Cedar Avenue, Hamilton HM12, Bermuda

 

International Branch Registrar

Capita Registers (Jersey) Limited

12 Castle Street, St Helier, Jersey, JE2 3RT

 

United Kingdom Transfer Agent

Capita Registrars

The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU, England

 

Investor Relations

For further information about Worldsec Limited, please contact:

Henry Ying Chew CHEONG

Executive Director

Worldsec Group

6th Floor, New Henry House, 10 Ice House Street, Central, Hong Kong


This information is provided by RNS
The company news service from the London Stock Exchange
 
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