Lottoarena Entertainment PLC Audited Financial Results 2014.
PR Newswire
London February 09
Lottoarena Entertainment PLC (LOTO) released audited financial results for
financial year 2014.
Lottoarena Entertainment PLC (LOTO) released today its audited financial report
for the 2014 financial year ending May 31, 2014.
The report includes consolidated financial statements of Lottoarena
Entertainment PLC, which are comprised of the consolidated statement of
financial position as at May 31, 2014 and the related consolidated statements
of profit or loss and other comprehensive income, balance sheet and cash flows
statement.
The complete audited financial report was posted on the GXG site for further
review.
The audited financial report presents the following results
CONSOLIDATED STATEMENT OF PROFIT & LOSS
May 31, 2014 May 31, 2013
restated
Other operating income € 6,300 -
Operating Expenses
Other operating expenses € 322,407 189,095
Licence fee deposit written off € - 42,016
Platform development costs written off € - 106,614
Total operating expenses € 322,407 337,725
Net operating loss € (316,107) (337,725)
Investment income € 784
Interest payable and similar charges € (11,691) (3,502)
Loss before income taxes € (327,014) (341,227)
Income taxes € (69,800) 27,250
Net loss € (396,814) (313,977)
Basic and diluted loss per share € 0.00 0.00
Basic and diluted weighted average shares 25,000,005 25,000,005
outstanding
CONSOLIDATED BALANCE SHEET
ASSETS May 31, 2014 May 31, 2013
restated
Fixed assets:
Intangible assets € 29,627 8,445
Tangible assets € 1,899 6,567
Total fixed assets € 31,526 15,012
Current assets:
Debtors € 57,788 212,498
Cash at bank and in hand € 621 3,913
Total current assets € 58,409 216,411
Total assets € 89,935 231,423
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities due within one year: € 595,954 340,628
Net current liabilities € 527,454 124,217
Total assets less current liabilities € (506,019) (109,205)
Net Liabilities € (506,019) (109,205)
Capital and Reserves:
Called up share capital € 250,000 250,000
Profit and loss accounts € (756,019) (359,205)
TOTAL SHAREHOLDERS' DEFICIT € (506,019) (109,205)
CONSOLIDATED STATEMENT OF CASH FLOWS
May 31, 2014 May 31, 2013
restated
Cash flows from operating activities:
Net loss € (316,107) (189,094)
Adjustments to reconcile net loss to Net cash
used in operating activities:
Depreciation of tangible assets € 4,668 -
Amortisation of intangible assets € 9,304 -
Decrease/(increase) in debtors € 84,910 (118,775)
Increase in creditors € 211,878 278,846
Net cash used in operating activities € (5,347) (29,023)
Cash flows from financing activities
Returns on investments and servicing of € (10,907) (4,185)
finance
Taxation - 27,200
Capital expenditure € (30,486) 1,261
Net cash inflow before management of liquid € (46,740) (4,747)
resources and financing
Intercompany financing € 43,336 -
Decrease in cash in year € (3,404) (4,747)
The accompanying consolidated financial statements have been prepared assuming
the Company will continue as a going concern, which contemplates, among other
things, the realization of assets and satisfaction of liabilities in the normal
course of business. The Company had a net loss of approximately €397,000 for
the period from April 1, 2013 to May 31, 2014, and net cash used in operating
activities of approximately €5,350 for the period April 1, to May 31, 2014.
The delay in the delivery of these accounts for the period April 1, 2013 to May
31, 2014 has been due to the process of changing auditors. The change of
auditors has resulted in significant delays outside of the company's control
with respect to incomplete handover of key accounting information by the
previous accountants of documents, essential to the smooth running of an audit,
to the newly appointed auditors PricewaterhouseCoopers LLP.
The Directors take responsibility for this announcement.
For further information:
Lottoarena Entertainment PLC
Thomas van Rooij, Director
Tel: +49 213 1760 0449