Final Results
May 20 2004 - 10:00AM
UK Regulatory
RNS Number:9083Y
OverNet Data PLC
20 May 2004
OverNet Data Plc
Preliminary Announcement for the year ended 31 December 2003
20 May 2004
Chairman's Report
For the year ended 31 December 2003, the Group had a turnover of #8,000 (2002:
#80,000) and had a net loss of #140,000 (2002: #1,387,000). During the year the
Company itself operated as a holding company with one trading subsidiary which
received license income in respect of certain software rights.
Consolidated profit and loss account
for the year ended 31 December 2003
2003 2002
#000 #000
__________________________
Turnover 8 80
Administration expenses (148) (1,500)
__________________________
Operating loss (140) (1,420)
Interest receivable and si+milar income - 15
__________________________
Loss on ordinary activities before taxation (140) (1,405)
Taxation credit on loss on ordinary activities - 18
__________________________
Loss for the year for group (140) (1,387)
__________________________
Loss per ordinary share - Basic (2.4p) (56.0p)
- Diluted (1.4p) (56.0p)
A statement of total recognised gains and losses has not been included as part
of these financial statements as the Company made no gains or losses in the
period other than disclosed above in the profit and loss account.
A note on historical gains or losses has not been included as part of the
financial statements as the results as disclosed in the profit and loss account
are prepared on an unmodified historical cost basis.
The results stated above are derived from continuing operations.
Consolidated balance sheet
at 31 December 2003
2003 2002
#000 #000
__________________________
Fixed assets
Tangible assets - -
Current assets
Debtors 208 34
Cash at bank and in hand 28 32
__________________________
236 66
Creditors: amounts falling due within one year (15) (46)
__________________________
Net current assets 221 20
__________________________
Total assets less current liabilities 221 20
Creditors: amounts falling due after more than one (200) -
year including convertible debt
__________________________
Net assets 21 20
__________________________
Capital and reserves
Called up share capital 46 139
Share premium account 3,532 3,423
Capital redemption reserve 2,415 2,290
Merger reserve (844) (844)
Profit and loss account (5,128) (4,988)
__________________________
Equity shareholders' funds 21 20
__________________________
Notes
1. Basis of Preparation
The financial information set out in this announcement does not constitute
the company's statutory financial statements within the meaning of section
240 of the Companies Act 1985, for the years ended 31 December 2003 or 31
December 2002. The statutory financial statements for the year ended 31
December 2003 will be finalised on the basis of the financial information
presented by the directors in this preliminary announcement and will be
delivered to the Registrar of Companies following the company's Annual
General Meeting. The results for the year ended 31 December 2002 have been
extracted from the full accounts for that year which have been delivered to
the Registrar of Companies on which the auditors have given an unqualified
report and which do not contain a statement under sections 237(2) or (3) of
the Companies Act 1985.
This announcement is prepared on the basis of the accounting policies as
stated in the previous year's financial statements.
This preliminary announcement was approved by the Board of directors on 20
May 2003.
Copies of this announcement are available from the company's registered
office at Finsgate, 5-7 Cranwood Street, London EC1V 9EE.
2. Loss per share
2003 2002
Pence Pence
Loss per ordinary share
- Basic (2.4) (56.0)
- Diluted (1.4) (56.0)
__________________________
Loss per ordinary share is based on the Group's loss for the financial year of
#140,000 (2002: #1,387,000).
The weighted average number of shares used in the calculation are - basic
5,757,057 (2002: 2,478,716); diluted 10,257,057 (2002: 2,478,716).
3. The Annual Report and Accounts for the year ended 31 December 2003 have
been posted to shareholders today and further copies are available at the
Company's registered office at Finsgate, 5-7 Cranwood Street, London
EC1V 9EE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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