RNS Number:7872B
Riceman Insurance Investments PLC
27 September 2002
RICEMAN INSURANCE INVESTMENTS PLC
PRELIMINARY ANNOUNCEMENT OF RESULTS
YEAR ENDED 31ST MARCH 2002
CHAIRMAN AND CHIEF EXECUTIVE'S REVIEW
As shareholders will be aware, the disposal of your Company's insurance
operations was completed on
15 March 2001. Following the disposal, the Company's premises were vacated and
overheads were cut to a minimal level. The attached financial statements
therefore cover a year when the Company's funds were maintained on deposit
throughout although, with relatively low market rates of interest, interest
income was insufficient to cover the unavoidable costs of operating the Company.
As a result, the Company incurred an audited loss after taxation for the year
ended 31 March 2002 of #48,202, against a profit of #312,487 for the period
ended 31 March 2001. The comparative figures include a dividend of #850,000 from
a subsidiary which was subsequently disposed of, and relate to the holding
company only.
Cash on deposit currently amounts to approximately #220,000 at the date of this
report. The Directors continue to review all possible opportunities for the
further development of the Company, and will write further to shareholders as
soon as any firm proposals can be placed before them.
Kamran Amin
Chairman and Chief Executive
27 September 2002
RICEMAN INSURANCE INVESTMENTS PLC
Profit and Loss Account
Year Ended 31 March 2002
1 February 2000
Year ended 31 to 31 March
March 2002 2001
Continuing Discontinued Continuing Discontinued
Operations Operations Total Operations Operations Total
Note # # # # # #
TURNOVER - - - - - -
Administration (57,646) - (57,646) - (570,632) (570,632)
expenses
------------- ------------ ------------ ------------ ------------ ------------
OPERATING LOSS 2 (57,646) - (57,646) - (570,632) (570,632)
Interest 3 9,447 - 9,447 36,479 - 36,479
receivable
Investment - - - - 850,000 850,000
income
Interest
payable
and similar 4 (3) - (3) - (34) (34)
charges
------------ ------------ ------------ ------------- ------------ -----------
(LOSS)/PROFIT
ON ORDINARY
ACTIVITIES
BEFORE (48,202) - (48,202) 36,479 279,334 315,813
TAXATION
Taxation 6 - - - - (3,326) (3,326)
------------ ------------ ------------- ------------ ------------ ------------
(LOSS)/PROFIT
ON ORDINARY
ACTIVITIES
AFTER TAXATION 11 (48,202) - (48,202) 36,479 276,008 312,487
======== ======== ======== ======== ======== ========
BASIC
(LOSS)/EARNINGS
PER SHARE 12 (0.07)p 0.47p
======== ========
There are no recognised gains or losses other than the loss attributable to
shareholders disclosed in the above profit and loss account.
RICEMAN INSURANCE INVESTMENTS PLC
BALANCE SHEET
31 March 2002
31 March 31 March
2002 2001
Note # #
CURRENT ASSETS
Debtors 7 17,552 22,277
Cash at bank 236,539 322,265
------------ ------------
254,091 344,542
CREDITORS: amounts falling due within one year 8 (7,445) (49,694)
------------ ------------
NET CURRENT ASSETS 246,646 294,848
------------ ------------
TOTAL NET ASSETS 246,646 294,848
======= =======
CAPITAL AND RESERVES
Called up share capital 9 65,939 65,939
Share premium account 10 1,896,685 1,896,685
Profit and loss account 11 (1,715,978) (1,667,776)
------------ ------------
TOTAL EQUITY SHAREHOLDERS' FUNDS 13 246,646 294,848
======= =======
RICEMAN INSURANCE INVESTMENTS PLC
CASH FLOW STATEMENT
Year ended 31 March 2002
1 February 2000
31 March to 31 March
2002 2001
Note # #
NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES 14(a) (90,862) (1,659,508)
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE 14(b) 9,444 886,445
Taxation 14(b) - 96,674
Net cash outflow from capital
expenditure and financial investment 14(b) - 358,629
----------- ------------
CASH INFLOW/(OUTFLOW) BEFORE THE USE OF
LIQUID RESOURCES AND FINANCING (81,418) (317,760)
------------ ------------
Increase/(decrease) in cash 14(c) (81,418) (317,760)
======= =======
RICEMAN INSURANCE INVESTMENTS PLC
Notes to the Financial Statements - Year ended 31 March 2002
1. ACCOUNTING POLICIES
The financial statements are prepared in accordance with applicable accounting
standards. The particular accounting policies adopted are described below.
Accounting convention
The financial statements are prepared under the historical cost convention.
Depreciation of tangible fixed assets
Depreciation is provided on an equal annual instalment basis over the
anticipated useful working lives of the assets at the following rates:
Office equipment - at 20% on cost
Office furniture - at 20% on cost
Translation of foreign currencies
Assets and liabilities denominated in a foreign currency are translated into
sterling at the rate of exchange ruling on the balance sheet date. Revenue and
expense items are translated at average rates of exchange for the year.
Resulting exchange gains and losses are taken to the profit and loss account.
Leases
Rental costs under operating leases are charged to the profit and loss account
in equal annual amounts over the period of the lease.
2. OPERATING LOSS
2002 2001
# #
Operating loss is shown after charging:-
Depreciation on tangible fixed assets
- Owned assets - 14,597
Auditors' remuneration - audit 3,713 9,350
- other services 344 1,950
Operating leases - rent - 30,503
Loss on exchange - (13,200)
======== =======
3. INTEREST RECEIVABLE
2002 2001
# #
Bank interest receivable 9,447 27,802
Other interest - 8,677
------------ ------------
9,447 36,479
======= =======
4. INTEREST PAYABLE AND SIMILAR CHARGES
2002 2001
# #
Bank interest on overdraft 3 34
======= =======
5. INFORMATION REGARDING DIRECTORS AND EMPLOYEES
2002 2001
# #
Chairman's emoluments 25,000 41,666
Emoluments of other Directors not included above - 46,833
------------ -----------
25,000 88,499
======= =======
The following table shows a breakdown of the remuneration of individual
Directors for the year ended 31 March 2002:
Salaries and fees 2002 2001
# #
K Amin 25,000 41,666
A F Moshiri - 8,333
M A Roberts (resigned 15.3.01) - 35,000
F Mathew (resigned 15.3.01) - 3,500
------------ -----------
25,000 88,499
======= =======
Directors' interests
The Directors' interests, as defined by the Companies Act 1985, in the shares
of the Company were as follows:
Ordinary 0.1p Shares
Note 31.3.02 31.3.01
K Amin 100,000 100,000
A F Moshiri 1 8,700,000 8,700,000
======= =======
Directors' share options
No Directors held any unexercised options over ordinary shares under the
Executive Share Option Scheme during the year. There have been no changes since
31 March 2002.
The mid-market price of the Company's shares at 31 March 2002 was 1.25p and the
range during the year was 1p to 1.5p.
Under the rules of the Executive Share Option Scheme, options may be exercised
at any time during the period commencing on the first and expiring on the day
preceding the seventh anniversary of the date of grant.
There have been no other changes in Directors' interests in the Ordinary share
capital of the Company since 31 March 2002.
Notes:-
(1) 4,000,000 Ordinary Shares are held beneficially, the remaining
4,700,000 Ordinary Shares being held by the Trustees of the Caspian Settlement
for the benefit of A F Moshiri's children.
Staff costs, including Directors remuneration:-
Staff costs, including Directors remuneration:- 2002 2001
# #
Wages and salaries 25,000 165,620
Social security costs 2,706 17,575
----------- ------------
27,706 183,195
====== =======
The average weekly number of persons employed, excluding Directors:
Administration - 3
======= =======
6. TAXATION
There is no charge to UK Corporation tax due to losses incurred during the year.
Notes to the Financial Statements - (Continued)
7. DEBTORS
2002 2001
# #
Other debtors 16,943 22,277
Prepayments and accrued income 609 -
----------- ------------
17,552 22,277
======= =======
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2002 2001
# #
Trade creditors - 2,880
Other creditors 2,125 34,027
Other taxes and social security - 1,579
Accruals and deferred income 5,320 6,900
Bank overdraft - 4,308
------------ ------------
7,445 49,694
======= =======
9. CALLED UP SHARE CAPITAL
2002 2001
# #
Authorised
1,000,000,000 Ordinary Shares of 0.1p each 1,000,000 1,000,000
======= =======
Allotted, Called up and Fully Paid
65,938,530 Ordinary Shares of 0.1p each 65,939 65,939
======= =======
The following Option in respect of Ordinary Shares exercisable at 12p per share
had been granted under the Share Option Scheme and was outstanding at 31 March
2002:-
Date Outstanding Granted Lapsed Outstanding Exercise Exercise Dates:
of Grant 1.4.01 during year during year 31.3.02 Price From To
15.9.95 100,000 - - 100,000 12p 15.9.96 14.9.02
The above option lapsed on 14 September 2002. There are no unexercised share
options held by Directors.
10. SHARE PREMIUM ACCOUNT
#
As at 31 March 2001 and 31 March 2002 1,896,685
=======
The Share Premium arose as a result of the proceeds derived from the allotment
of 15,938,530 Ordinary shares of 0.1p under the terms of subscription agreements
dated 15 September, 1995.
11. PROFIT AND LOSS ACCOUNT
2002 2001
# #
Profit and loss account brought forward (1,667,776) (1,980,263)
Retained (loss)/profit for the financial year (48,202) 312,487
------------ ------------
Profit and loss account carried forward (1,715,978) (1,667,776)
======= =======
12. LOSS PER SHARE
The calculation of basic loss (2001 - earnings) per share is based on the loss
after taxation of #48,202 (2001 - profit #312,487) and on 65,938,530 Ordinary
Shares (2001 - 65,938,530) being the number of shares in issue during the year.
13. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
2002 2001
# #
(Loss)/profit for the financial period (48,202) 312,487
Opening shareholders' funds 294,848 (17,639)
------------ ------------
Closing shareholders' funds 246,646 294,848
======= =======
This amount is all attributable to equity interests
14. CASH FLOW STATEMENT
(a) Reconciliation of operating loss to cash (outflow)/inflow from operating
activities
2002 2001
# #
Operating loss (57,646) (570,632)
Depreciation charge - 14,597
Decrease/(increase) in debtors 4,725 (7,501)
Increase/(decrease) in creditors (37,941) (1,095,972)
------------ ------------
Cash (outflow)/inflow from operating activities (90,862) (1,659,508)
======= =======
(b) Analysis of cash flows from headings netted in the cash flow statement
2002 2001
Returns on investment and servicing of finance # #
Interest received 9,447 36,479
Dividend received - 850,000
Interest paid (3) (34)
------------ ------------
Net cash inflow from returns on investments and servicing of finance 9,444 886,445
======= =======
Taxation
Corporation tax refunded - 96,674
======= =======
Net cash outflow from capital expenditure & financial investment
Sale/(purchase) of tangible fixed assets - 28,403
Sale of associated undertakings - 330,226
------------ ------------
Net cash inflow from capital expenditure and financial investment - 358,629
======= =======
(c) Analysis of cash
At At
1 April Cash 31 March
2001 flow 2002
# # #
Cash at bank and in hand 322,265 (85,726) 236,539
Bank overdraft (4,308) 4,308 -
------------ ------------ ------------
317,957 (81,418) 236,539
======= ======= =======
15. Approval
The Preliminary announcement was approved by the Board on 27 September 2002.
16. Basis of preparation
The results for the year ended 31 March 2002 represent the results of
Riceman Insurance Investments plc, which had no subsidiaries during the year.
The preliminary financial information has been prepared on a basis
consistent with the audited financial statements for the fourteen month period
ended 31 March 2001.
17. Financial statements
This announcement does not constitute a full financial statement of the Company's affairs for the year
ended 31 March 2002. The auditors have reported on the full financial statements for the year ended
31 March 2002 and have accompanied them with an unqualified audit report. The financial statements
have yet to be delivered to the Register of Companies. The report and financial statements will be
posted to shareholders by 30 September 2002, and the Annual General Meeting of the Company will be
held on 21 November 2002.
The financial information for the period ended 31 March 2001 has been extracted from the audited
financial statements for that period, which have been filed with the Registrar of Companies. The
auditors' report on those accounts was unqualified and did not contain any statement under s 237(2) or
(3) of the Companies Act 1985.
The Report and Accounts will be available to the public for a period of one month from I October 2002
(Saturdays, Sundays and bank holidays excepted) from the registered office at 55 Queen Anne Street,
London W1G 9JR
Enquiries:
Kamran Amin, Chairman - (020) 7589 7590
This information is provided by RNS
The company news service from the London Stock Exchange
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