Interim Results
March 17 2005 - 2:00AM
UK Regulatory
RNS Number:8613J
Belgravia Telecom Ltd
17 March 2005
Embargoed until: 07.00 Thursday 17 March 2005
BELGRAVIA TELECOM LTD
UNAUDITED RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2004
The following information has been extracted from the unaudited Reports &
Accounts of Belgravia Telecom Ltd for the period ended 31 December 2004 which
were posted to shareholders on 16 March 2005.
CHAIRMAN'S REPORT
Belgravia Telecom Limited was incorporated in Jersey on 21 January 2004. The
Company was established to investigate suitable acquisition targets and intends
to acquire substantial interests in companies that provide low-cost
telecommunications services principally within the UK & Europe.
The Company has not as yet commenced trading and no acquisitions have been made.
The directors had identified an opportunity which is not now progressing and so
are currently reviewing other opportunities that have been presented and further
announcements will be made over the coming months.
The loss for the period amounts to #23,329 and is as budgeted with no
extraordinary costs to report.
The directors are aware of the proposed amendments to the AIM Rules which could
affect the Company if an acquisition which constitutes a reverse takeover under
the AIM Rules does not take place by 1 September 2005. In the event that such a
transaction does not take place by this date it is the intention of the
directors to convene a meeting of shareholders to determine the future of the
Company.
Duncan Hickman
Chairman
14 March 2005
Enquiries:
Claire Melly
Tavistock Communications
020 7920 3150
BELGRAVIA TELECOM LTD
PROFIT AND LOSS ACCOUNT
PERIOD ENDED 31 DECEMBER 2004
Period from 1 July 2004 Period from 21 January 2004
to 31 December 2004 to 30 June 2004
Notes # #
INCOME
Bank interest 4,265 3,136
EXPENSES 26,741 76,701
------ ------
LOSS BEFORE TAXATION (22,476) (73,565)
TAXATION (2) 853 627
------ ------
ACCUMULATED LOSSES (6) (23,329) (74,192)
====== ======
The company has no recognised gains or losses other than the loss for the
period. A statement of total recognised gains and losses is therefore not
required.
BALANCE SHEET 31 DECEMBER 2004
31 December 2004 30 June 2004
Notes # #
CURRENT ASSETS
Debtors - 3,140
Bank and cash balances (3) 232,261 239,633
------- -------
232,261 242,773
------- -------
CURRENT LIABILITIES
Creditors (4) 20,802 8,838
Taxation (3) 1,480 627
------- -------
22,282 9,465
------- -------
NET CURRENT ASSETS 209,979 233,308
------- -------
TOTAL ASSETS LESS
CURRENT LIABILITIES 209,979 233,308
======= =======
SHAREHOLDERS' FUNDS
Called up share capital (5) 307,500 307,500
Accumulated Losses (6) (97,521) (74,192)
------- -------
209,979 233,308
======= =======
These financial statements were approved by the Board of Directors on 14 March
2005
Duncan Hickman
Timothy Fulton
Directors
BELGRAVIA TELECOM LTD
CASH FLOW STATEMENT
PERIOD ENDED 31 DECEMBER 2004
Note 2004
------ --------
#
NET CASH OUTFLOW FROM
OPERATING ACTIVITIES (A) (7,372)
-------
NET MOVEMENT IN CASH (B) (7,372)
=======
NOTES TO THE CASH FLOW STATEMENT
A. RECONCILIATION OF LOSS TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES
2004
--------
#
Operating loss for the period (23,329)
Decrease in debtors 3,140
Increase in creditors 12,817
--------
Net cash outflow from operating activities (7,372)
========
B. ANALYSIS OF CHANGES IN CASH DURING THE PERIOD
2004
--------
#
Balance at 1 July 2004 239,633
Net movement in cash (7,372)
--------
Balance at 31 December 2004 232,261
========
BELGRAVIA TELECOM LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 DECEMBER 2004
1. ACCOUNTING POLICIES
a) Accounting principles
The financial statements have been prepared in accordance with International
Financial Reporting Standards issued by the International Accounting Standards
Board (IASB), interpretations issued by the Standing Interpretations Committee
of the IASB and applicable requirements of Jersey Company Law. The financial
statements have been prepared under the historical cost convention.
b) Bank interest
Bank interest is recorded on an accruals basis.
2. TAXATION
Provision is made for Jersey income tax assessable on all revenue included in
the profit and loss account for the period.
31 December 30 June
----------- ---------
2004 2004
------ ------
# #
Profit and loss account
2004 Assessment 853 627
====== ======
Balance sheet - due within one year
2004 Assessment 1,480 627
====== ======
3. BANK AND CASH BALANCES
31 December 30 June
----------- ---------
2004 2004
------ ------
# #
Cash at bank 7,261 4,633
Cash held as security 225,000 235,000
------ ------
232,261 239,633
======= =======
On 16 March 2004 a security interest agreement was entered into with HSBC Bank
plc, supporting the overdraft facility granted to Glow Telecom International
Limited ("GTIL") in the sum of #235,000. This was reduced to #225,000 on 11
November 2004. GTIL is under common control.
4. CREDITORS
31 December 30 June
----------- ---------
2004 2004
------ ------
# #
Auditors' remuneration 1,500 2,500
Directors' fees 3,000 2,000
Professional fees 15,917 -
Other 385 4,338
------ ------
20,802 8,838
======= =======
5. CALLED UP SHARE CAPITAL
Authorised Issued Paid
2004 2004 2004
------ ------ ------
#
Ordinary shares of 10p each 100,000,000 3,075,000 307,500
============== ============= ==============
A total of #300,000 was raised through the issue of 3,000,000 10p Ordinary
Shares in the Private Placing and by way of the Subscription. 75,000 10p
Ordinary Shares were issued to Corporate Consultants Limited at par in
settlement of its invoice for #7,500 for consulting services in relation to the
introduction of the Company's Ordinary Shares to AIM.
6. ACCUMULATED LOSSES
31 December 30 June
----------- ---------
2004 2004
------ ------
# #
Accumulated losses brought forward (74,192) -
Transferred from profit and loss account (23,329) (74,192)
-------- --------
At 31 December 2004 (97,521) (74,192)
======== ========
7. RECONCILIATION OF SHAREHOLDERS' FUNDS
31 December 30 June
----------- ---------
2004 2004
------ ------
# #
Shareholders' funds brought forward 233,308 307,500
Transferred from profit and loss account (23,329) (74,192)
-------- --------
At 31 December 2004 209,979 233,308
======== ========
8. RELATED PARTY TRANSACTIONS
On 16 March 2004 a security interest agreement was entered into with HSBC Bank
plc, supporting the overdraft facility granted to Glow Telecom International
Limited ("GTIL") in the sum of #235,000. This was reduced to #225,000 on 11
November 2004. GTIL is under common control.
9. STATUTORY ACCOUNTS
The financial information set out above does not constitute statutory accounts
for the period ended 31 December 2004.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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