Final Results
July 04 2006 - 6:03AM
UK Regulatory
RNS Number:6186F
Dimension Resources Ld
04 July 2006
Dimension Resources Limited
Chairman's Statement
Year Ended 31 December 2005
I reported to you last year that the Company had ceased quarrying and processing
dimension stone itself, and that arrangements had been made for the Group's
South African assets to be realised, the local creditors to be paid and the
balance to be remitted back to the United Kingdom. Following these realisations,
the directors had been advised that the Company would receive approximately
#400,000.
In the event, realisation of the assets by the administrator appointed by the
Company has taken longer than anticipated, primarily due to negotiations with
creditors. Rather than being sold, the Company's quarries are being operated by
a contractor, and the administrator is receiving a royalty on sales. A small
amount of cash has now been remitted back to the United Kingdom, and it is hoped
that further remittances will be possible in the near future. In this context, I
wish to thank creditors for their patience.
The loss for the year of #43,000 represents the minimum costs of maintaining the
listing on AIM.
Under the circumstances the financial statements have been drawn up for the
Company only, and the interests in subsidiary companies were reduced in value to
#400,000 in 2004. The directors believe that this value is reasonable.
For the future the Directors continue to consider new projects to be injected
into the Company, but are unable to make progress until the position in South
Africa is finalised. When a suitable project is identified it is likely that the
acquisition will constitute a reverse acquisition and will require a new
Admission Document and shareholder approval. In this context, however, the
Company, as a company registered in Bermuda and previously managed outside the
United Kingdom, may not be subject to the City Code on Takeovers and Mergers.
Brian Moritz
(Chairman)
Income statement for the year ended 31 December 2005
2005 2004
GBP GBP
Turnover - -
Cost of sales - -
---------- ---------
Gross profit - -
Administrative expenses (43,042) (41,129)
---------- ---------
Operating loss (43,042) (41,129)
Interest receivable and similar income 38 1,390
Interest payable and similar charges - -
---------- ---------
Net loss before taxation (43,004) (39,739)
Taxation - -
---------- ---------
Net loss for the year (43,004) (39,739)
========== =========
Balance sheet at 31 December 2005
2005 2004
GBP GBP
ASSETS
Non-current assets 400,000 400,000
---------- ---------
Investments 400,000 400,000
---------- ---------
Current assets 3,849 15,763
---------- ---------
Trade and other receivables 1,000 8,304
Cash at bank and in hand 2,849 7,459
---------- ---------
---------- ---------
Total assets 403,849 415,763
========== =========
EQUITY AND LIABILITIES
Shareholders' funds 319,022 362,026
---------- ---------
Called up share capital 6,799,000 6,799,000
Share premium account 11,932,457 11,932,457
Profit and loss account (18,412,435) (18,369,431)
------------ ------------
Current liabilities 84,827 53,737
------------ ------------
Trade and other payables 84,827 53,737
------------ ------------
------------ ------------
Total equity and liabilities 403,849 415,763
============ ============
Cash flow statement for the year ended 31 December 2005
2005 2004
GBP GBP
CASH FLOWS FROM OPERATING ACTIVITIES (4,610) (19,508)
---------- ----------
Cash absorbed by operations (4,648) (20,898)
Interest received 38 1,390
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES (151,721)
---------- ----------
Loans to subsidiary companies (151,721)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES - -
---------- ----------
Proceeds from long term borrowings - -
Issue of ordinary share capital and share - -
premium ---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (4,610) (171,229)
Cash and cash equivalents at the beginning
of
the year 7,459 178,688
---------- ----------
Cash and cash equivalents at the end of year 2,849 7,459
========== ==========
Notes
1. Financial Information
The financial information set out above does not constitute the Company's
statutory financial statements for the year ended 31 December 2005, but is
derived from those statements. The auditors have reported on the financial
statements to 31 December 2005 and their report was unqualified.
2. Availability of accounts
The annual report and accounts are being posted to shareholders today. Copies
will be available at the offices of HB-corporate, 40 Marsh Wall, London E14 9TP.
3. Annual General meeting
The Annual General Meeting of Dimension Resources Limited will be held at 40
Marsh Wall, London E14 9TP on Wednesday 20 September 2006 at 12:00 noon.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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