Unaudited Final Results for IRB
March 20 2008 - 11:59AM
UK Regulatory
NEWMARKET INVESTMENTS PLC (THE "GROUP")
UNAUDITED FINAL RESULTS FOR INTERNATIONAL RACING BUREAU LIMITED
The board of the Company is pleased to announce the unaudited final results of
International Racing Bureau Limited ("IRB") for the year ended 31 December 2007
which was acquired by the Group on 17 February 2008. The results do not include
trading of the Group.
The Group's annual report and accounts for the year ending 31 March 2008 will
be published in accordance with AIM Rule 19 and will include, inter alia, the
post-acquisition financial information for IRB.
INTERNATIONAL RACING BUREAU
INCOME STATEMENT
FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2007
Year Ended 31 December
2007 2006
� �
Unaudited Unaudited
Revenue 837,107 849,383
Cost of sales (61,402) (63,511)
Gross profit 775,705 785,872
Administrative expenses (779,292) (796,031)
Operating (loss) (3,587) (10,159)
Interest payable and similar charges (4,324) (1,160)
Loss on ordinary activities before (7,911) (11,319)
taxation
Taxation - -
Loss for the financial year (7,911) (11,319)
INTENATIONAL RACING BUREAU
BALANCE SHEET
AS AT 31 DECEMBER 2007
Year Ended 31 December
2007 2006
� �
Unaudited Unaudited
Non-current assets
Property, plant and equipment 4,356 5,555
Current assets
Trade and other receivables due within 141,636 125,464
one year
Cash and cash equivalents 1,780 2,497
143,416 127,961
Current liabilities
Trade and other payables (101,936) (77,230)
Short term borrowings (4,314) (6,853)
Net current assets 37,166 43,878
Net assets 41,522 49,433
Share capital and reserves
Called-up equity share capital 10,000 10,000
Retained earnings 31,522 39,433
Total shareholders equity 41,522 49,433
INTERNATIONAL RACING BUREAU LIMITED
CASH FLOW STATEMENT
AS AT 31 DECEMBER 2007
Year Ended 31 December
2007 2006
� �
Unaudited Unaudited
Cash flows from operating
activities
Operating loss (3,587) (10,159)
Adjustments for:
Depreciation 1,862 1,862
(Increase)/decrease in receivables (16,172) 10,834
Increase in payables 24,657 9,463
6,760 12,000
Cash generated from operations
Interest paid (4,324) (1,160)
2,436 10,840
Net cash from operating activities
Cash flows from investing
Payments to acquire property, plant and (663) (1,082)
equipment
Net cash from investing activities (663) (1,082)
Net increase in cash and cash equivalents 1,773 9,758
Cash and cash equivalents brought forward (4,356) (14,114)
Cash and cash equivalents carried forward (2,583) (4,356)
Reconciliation of cash and cash equivalents
Cash on hand 1,780 2,497
Bank overdraft (4,363) (6,853)
Net cash and cash equivalents (2,583) (4,356)
NOTES TO THE FINANCIAL INFORMATION
1. General information
The principal activities of The International Racing Bureau Limited is that of
the provision of horse racing information to the media, the promotion of
international horse racing, and the provision of marketing and PR services to
clients both in the UK and overseas.
The Company is incorporated in the United Kingdom under the Companies Act 1985.
The financial information in this report has not been audited and does not
constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985.
2. Basis of preparation
The financial statements have been prepared in accordance with International
Financial Reporting Standards ('IFRS') and International Financial Reporting
Interpretations Committee ('IFRIC') interpretations that have been adopted for
use in the European Union and with those parts of the Companies Act 1985
applicable to companies reporting under IFRS.
The financial statements have been prepared under the historical cost
convention.
3. Accounting policies
Basis of accounting
IFRS and IAS have been applied for the first time, which has resulted in the
derecognition of deferred tax assets previously reported under United Kingdom
Generally Accepted Accounting Practise (UK GAAP).
Revenue
Revenue consists of gross fee income from the provision of horse racing
services and income from arranging hospitality and sponsorships at horse racing
events.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation.
Depreciation is calculated so as to write off the cost of an asset, less its
estimated residual value, over the useful economic life of that asset as
follows:
Fixtures and fittings 20% straight line
Motor Vehicles 20% straight line
Computer equipment 20% straight line
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits
and risks of ownership remain with the lessor are charged to the income
statement on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution pension scheme for employees. The
assets of the scheme are held separately from those of the company. The annual
contributions payable are charged to the income statement.
Deferred taxation
Deferred tax assets are recognised for all deductible temporary differences,
carry forward of unused tax assets and unused tax losses, to the extent that it
is probable that taxable profit will be available against which the deductible
temporary differences and the carry forward of unused tax losses can be
utilised.
Where insufficient evidence is available supporting the utilisation of
available tax losses, deferred tax assets have not been recognised.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at
the rates of exchange ruling at the balance sheet date. Transactions in foreign
currencies are translated into sterling at the rate of exchange ruling at the
date of the transaction. Exchange differences are taken into account in
arriving at the operating profit.
Financial instruments
Financial assets and financial liabilities are recognised on the company's
balance sheet when the company becomes party to the contractual provisions of
the instrument.
Cash and cash equivalents
Cash and cash equivalents are comprised of cash on hand. Bank overdrafts are
disclosed within short term borrowings.
Financial liabilities and equity
Financial liabilities and equity instruments issued by the company are
classified in accordance with the substance of the contractual arrangements
entered into and the definitions of a financial liability and an equity
instrument. An equity instrument is any contract that evidences a residual
interest in the assets of the company after deducting all of its liabilities.
The accounting policies for specific financial liabilities and equity
instruments are as follows:
Trade payables
Trade payables are initially measured at fair value, and are subsequently
measured at amortised cost.
Equity instruments
Equity instruments are included on the balance sheet at par.
4. Taxation
On the basis of these accounts there is no provision for taxation.
5. Dividends
The directors do not recommend the payment of a dividend in respect of the
year.
6. Capital expenditure
Year ended 31 December 2007 Tangible assets
�
Opening net book value at 1 January 2007 5,555
Additions 663
Depreciation (1,862)
Closing net book value at 31 December 2007 4,356
Year ended 31 December 2006 Tangible and intangible assets
�
Opening net book value at 1 January 2006 6,335
Additions 1,082
Depreciation (1,862
Closing net book value at 31 December 2007 5,555
For further information please contact:-
Newmarket Investments plc
Jonathan Cohen
Finance Director
Tel: 020 7486 8985
Nominated Adviser
City Financial Associates Limited
Liam Murray
Tel: 020 7492 4777
Broker
Ellis Stockbrokers Limited
Neil Badger
Tel: 012 9351 7744
END
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