Interim Results
September 20 2006 - 3:01AM
UK Regulatory
RNS Number:1832J
Dimension Resources Ld
20 September 2006
Dimension Resources Limited
Chairman's Statement
Six Months Ended 30 June 2006
I have previously reported to you 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 value, either in cash or by way of an income stream.
The realisation of assets is still continuing, and has much taken longer than
anticipated. Rather than being sold, the Company's quarries are being operated
by a contractor, and the administrator is receiving a royalty on sales. The
interim accounts reflect the first amount to be remitted back to the United
Kingdom, but that only amounted to some #8,000. The administrator in South
Africa is still expecting to finalise the arrangements for contract quarrying in
the near future, which should release further cash as well as providing an
income stream for the future.
The loss for the period of #20,000 (2005 - #25,000) represents the minimum costs
of maintaining the listing on AIM. The company continues to be classified as a
trading company due to its quarries remaining active, and is not subject to
delisting from AIM as a shell company.
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.
Brian Moritz
(Chairman)
20 September 2006
Income statement for the six months ended 30 June 2006
Six Months ended Six Months ended
30 June 30 June
2006 2005
Note GBP GBP
Turnover - -
Cost of - -
sales ---------- ---------
Gross - -
profit
Administrative
expenses (20,166) (24,813)
---------- ---------
Operating loss (20,166) (24,813)
Interest
receivable and
similar income 11 28
Interest payable and - -
similar charges ---------- ---------
Net loss
before
taxation (20,155) (24,785)
Taxation - -
---------- ---------
Net loss for
the period 2 (20,155) (24,785)
========== =========
(Loss) per
share 3 (0.010p) (0.013p)
Balance sheet at 30 June 2006
30 June 30 June
2006 2005
GBP GBP
ASSETS
Non-current assets 391,986 400,000
---------- ---------
Investments 391,986 400,000
---------- ---------
Current assets 9,591 9,598
---------- ---------
Trade and other receivables 3,255 6,291
Cash at bank and in hand 6,336 3,307
---------- ---------
---------- ---------
Total assets 401,577 409,598
========== =========
EQUITY AND LIABILITIES
Shareholders' funds 298,867 337,241
---------- ---------
Called up share capital 6,799,000 6,799,000
Share premium account 11,932,457 11,932,457
Profit and loss account (18,432,590) (18,394,216)
---------- ---------
Current liabilities 102,710 72,357
---------- ---------
Trade and other payables 102,710 72,357
---------- ---------
---------- ---------
Total equity and liabilities 401,577 409,598
========== =========
Cash flow statement for the six months ended 30 June 2006
Six months ended Six months ended
30 June 30 June
2006 2005
GBP GBP
CASH FLOWS
FROM OPERATING
ACTIVITIES (4,527) (4,152)
---------- ---------
Cash absorbed
by operations (4,538) (4,180)
Interest
received 11 28
---------- ---------
CASH FLOWS FROM INVESTING
ACTIVITIES
---------- ---------
Loans repaid
by subsidiary
companies 8,014
---------- ---------
NET INCREASE
(DECREASE) IN
CASH AND CASH
EQUIVALENTS 3,487 (4,152)
Cash and cash
equivalents at
the beginning
of the period 2,849 7,459
---------- ---------
Cash and cash
equivalents at
the end of
period 6,336 3,307
========== =========
Notes
1.The financial statements, which are unaudited, have been
drawn up using accounting policies applicable to the year ended 31 December
2005. They do not constitute statutory accounts.
2.No dividend is payable for the period.
3.The loss per share is based on losses of #20,155 (2005 - #24,785), and on
197,042,498 ordinary shares in issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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