Interim Results
November 09 2004 - 2:02AM
UK Regulatory
For immediate Release 9 November 2004
INTERNET MUSIC AND MEDIA PLC
INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2004
CHAIRMAN'S STATEMENT
Re-Admission to Trading on AIM
I am pleased to confirm that following the recent EGM, Leo Knifton, Nigel
Weller and Stephen Oakes have been appointed to the Board. These gentlemen
bring a wealth of experience in managing `shell' companies and we are already
reviewing a number of suitable and exciting businesses. We will of course seek
shareholder approval for such an acquisition at the appropriate time.
I am also pleased to report that trading in the Company's shares has
recommenced on AIM.
The interim results for the six month period ended 30th June 2004, show a
profit before and after taxation for the Company of �2,940. This has resulted
from a trading loss of �12,622 and a write off of share capital of �15,562.
On 3 November 2004, the Company entered into a Creditors Voluntary Arrangement
under which the existing 33,908,535 Ordinary shares of 1p each were
consolidated into 678,170 Ordinary shares of 50p and those shares were divided
into 678,170 ordinary shares of 0.2p each and 678,170 new deferred shares of
49.8p each. Subsequently, 1,586,666 new ordinary shares of 0.2p each were
issued to the creditors under the supervision of the CVA supervisor, together
with 1,040,874 new ordinary shares of 0.2p each to Lloyd Traders Inc at par and
174,059 new ordinary shares of 0.2p each at par to the CVA Supervisor in
respect of their services.
Application has been made to the London Stock Exchange for the total of
3,479,769 ordinary shares of 0.2p each to be admitted to trading on AIM.
The shareholders should note that the interim figures do not include any
adjustment in respect of the Creditors Voluntary Arrangement.
Nicholas Cowan
Chairman
INTERNET MUSIC AND MEDIA PLC
INTERIM STATEMENT
RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2004
Profit and Loss Account
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2003
2004 2003
Unaudited Unaudited Audited
Consolidated
GBP GBP GBP
`000s `000s `000s
Turnover - 1,154 -
Cost of sales - (929) -
Gross Profit - 225 -
-
Administration costs (13) (864) (136)
Amounts written off investments ( 16 - (3,055)
note 2)
Interest payable - (20) (31)
Other operating income - 1 -
Profit/(Loss) on Ordinary 3 (658) (3,222)
Activities before Taxation
Taxation - - -
Profit/(Loss) on Ordinary 3 (658) (3,222)
Activities After Taxation
-
Retained profit/(Loss) 3 (658) (3,222)
Profit/(Loss) per ordinary share 0.009p (1.85)p (9.08)p
INTERNET MUSIC AND MEDIA PLC
INTERIM STATEMENT
RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2004
Summary Balance Sheet
30 June 30 June 31 December
2003
2004 2003
Unaudited Unaudited Audited
Consolidated
GBP GBP GBP
`000s `000s `000s
Fixed assets
Investments - - -
Tangible assets - 613 -
- 613 -
Current assets
Stock - 93 -
Debtors 10 96 10
Cash - - -
10 189 10
Creditors: amounts falling due (2,222) (2,624) (2,209)
within one year
Net current liabilities (2,212) (2,435) (2,199)
Total assets less current (2,212) (1,822) (2,199)
liabilities
Capital and reserves
Called-up share capital 3,545 3,561 3,561
Share premium account 13,638 13,451 13,638
Reserves (19,395) (18,834) (19,398)
(2,212) (1,822) (2,199)
Shareholders' Funds
Equity (5,418) (5,028) (5,405)
Non-equity 3,206 3,206 3,206
(2,212) (1,822) (2,199)
INTERNET MUSIC AND MEDIA PLC
INTERIM STATEMENT
RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2004
Summary Cash Flow Statement
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2003
2004 2003
Unaudited Unaudited Audited
Consolidated
GBP GBP GBP
`000s `000s `000s
Net cash inflow/(outflow) from - 734 1,227
operating activities
Returns on investment and
servicing of finance
Interest paid - (20) (31)
Net cash outflow from returns on - (20) (31)
investments and servicing of
finance
Capital expenditure and financial
investment
Capital contributions to - - (485)
subsidiaries
Payments to acquire fixed assets - (8)
Net cash outflow for capital - (8) (485)
expenditure and financial
investment
Net cash inflow /(outflow) before - 706 711
financing
Financing
Bank loans repaid - (724) (700)
Net cash inflow from financing - (724) (700)
(Decrease)/Increase in cash in - (18) 11
the period
INTERNET MUSIC AND MEDIA PLC
INTERIM STATEMENT
RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2004
Notes to The Cash Flow Statement
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2003
2004 2003
Unaudited Unaudited Audited
Consolidated
GBP GBP GBP
`000 `000 `000
Net cash inflow/(outflow) from
operating activities
Operating profit/(loss) 3 (638) (136)
Depreciation - 248 -
Decrease/(Increase) in stocks - 139 -
Decrease/(Increase) in debtors - (24) -
Increase/(Decrease) in creditors (3) 1,009 1,363
- 734 1,227
Reconciliation of net cash flow
to movement in net debt
(Decrease)/increase in cash - (18) 11
Bank loans - 724 700
Movement in net debt - 706 711
Opening debt - (1,448) (711)
Closing debt - (742) -
INTERNET MUSIC AND MEDIA PLC INTERIM STATEMENT
RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2004
Notes To The Interim Results:-
1. Basis of preparation
The results for the six months ended 30th June 2004 are unaudited and have not
been reviewed by the auditors. They have been prepared on accounting bases and
policies that are consistent with those used in the preparation of the
financial statements of the company for the period ended 31st December 2003.
The results for the six months ended 30th June 2004 do not consolidate the
financial statements of the company's subsidiary undertakings as their
accounting records were transferred to and are held by the Administrative
receivers.
The financial statements contained in this report do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
results for the year ended 31st December 2003 were reported on by the auditors
and received a qualified auditor's report, which included the following;
"As fully explained in note 1 no adjustments have been made in respect of the
company no longer being considered as a going concern. In our opinion,
provision for these adjustments should be made.
In addition, as the company is the parent of a plc group, it is required under
s229(1) Companies Act 1985 to prepare consolidated group accounts as at the
year end. Due to a lack of accounting records in respect of the company's
subsidiary undertakings, which have gone into Administrative Receivership
during September 2003, group accounts have not been prepared as required by
s229(1) Companies Act 1985.
In view of the effect of the above points in our opinion the financial
statements do not give a true and fair view of the state of the company and the
group's affairs as at 31 December 2003 and of the loss of the company and the
group for the year then ended, and have not been prepared in accordance with
the Companies Act 1985".
Full accounts for the period ended 31st December 2003 have been delivered to
the Registrar of Companies.
2. Share capital
Included with share capital are 1,556,190 Ordinary shares of 1p each deemed to
have been issued in respect of 28% of the Groovetech LLC investment not owned
at the balance sheet date but subject to an unconditional put and call option.
Since Groovetech LLC has ceased trading the directors are of the opinion that
the additional 1,556,190 will not be issued. The share capital in respect of
these shares has therefore been written of to the profit and loss account.
3. Dividends
No dividend is proposed for the period ended 30th June 2004.
4. Taxation
No taxation is expected to arise on the results for the period.
5. Loss per Share
The loss per share for the six months ended 30th June 2004 has been calculated
on the basis of the profit after taxation for the period of �2,940 (June 2003:
�(658,000) and December 2003: �(3,221,491)) and the weighted average number of
shares in issue during the period of 33,908,535 (2003: 35,464,800).
Contact : Leo Knifton, Internet Music and Media PLC 020 7251 3762
Roland Cornish, Beaumont Cornish Limited 020 7628 3396
END
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