Final Results
May 30 2006 - 8:48AM
UK Regulatory
Southern Rock Films plc ("Southern Rock" or "the Company")
30 May 2006
Preliminary results for the period ended 30 November 2005.
CHAIRMANS STATEMENT
I am pleased to present the company's first results since
joining the board in anticipation of the company's AIM admission
at the end of June 2005. These results are the company's first
full results, covering the period from incorporation to 30
November 2005.
The results show a group loss after tax of �158,523, mainly
relating to administrative costs arising from professional fees
relating to admission to AIM and preparing the company's first
film acquisition, "Wish You Were Here", for market.
In late January 2006, the film was launched in Germany and there
has been good press and website coverage. It is intended that
company achieve a return on its investment by allowing the film
be licensed by agents to distributors in suitable territories to
market the film to retail and TV customers.
The company has also held discussions with various companies to
establish pre-sales relationships for future Southern Rock
projects in the UK market and beyond, including Pathe, Optimum
Releasing (Wolf Creek), Tartan Films and Gold Circle (My Big Fat
Greek Wedding; White Noise).
To build a portfolio of films, we have identified and been in
discussion with other producers who can deliver intelligent,
marketable, on-budget, low-budget films, namely Emily Corcoran
from Redfern Films, Joy Mellins at Theta Films, Rick Spalla at
Hip Films and Rob Weston at Straightwire Films Ltd.
We have also been developing relationships with US producers to
acquire UK and/or European rights for higher profile films. For
example the company has been in discussions relating to The
Celestine Prophecy (from James Redfield's book which sold over
10 million copies) and The Alchemist, currently in pre-
production with Samuel L. Jackson.
As the DVD market matures, and alternative methods of
distribution become a reality e.g. in the US, consumers are now
watching complete episodes of Seinfeld on their mobile phones;
Wippit, a UK website, started offering permanent downloads of
independent movies; Virgin Mobile joined forces with NTL and
recently launched a service following a 4 month trial last year;
Steven Soderbergh's film Bubble had a simultaneous launch in the
cinema, cable tv and DVD; the Southern Rock directors have
recognized the need to diversify and are actively seeking
opportunities:
For television, we developed an educational wine concept with
marketing and sponsorship tie-ins; we have been in discussion
with independent producers in the UK for further refinement, and
we have been in direct contact with Sky.
We have been in negotiation for some months with the owners of
Hollywood Backstage - a unique US library of 15,000 hours of
footage and programming including exclusive footage of backstage
at past Oscars awards. We believe there is a consumer and
industry market for this material if pro-actively marketed. We
would test launch in the UK, followed by Germany and the rest of
Europe. This material would be acquired and marketed on a
commission basis and would not therefore require a raising of
working capital.
On a more corporate note, the directors have looked at a number
of proposals that would broaden the business and provide further
capital and, whilst there are currently no specific developments,
will make make announcements about any developments that occur.
The shareholders and directors have taken steps to ensure
that the company has sufficient working capital for its present
requirements.
The company is pleased to welcome Adler Shine LLP, Medium Sized
Accountancy Firm of the Year, as auditors whose report (which
is unqualified) is contained in our full accounts document which
is being posted to shareholders.
M.Pritchett
30 May 2006
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 NOVEMBER 2005
Period
ended
30 November
2005
�
Administrative expenses (158,918)
-------
Operating loss (158,918)
Interest receivable and similar income 395
-------
Loss on ordinary activities before (158,523)
taxation
Tax on loss on ordinary activites -
-------
Loss on ordinary activities after (158,523)
taxation
-------
Loss per share Pence
Basic and diluted (0.1)
The profit and loss account has been prepared on the basis that
all operations are continuing operations.
There are no recognised gains and losses other than those
passing through the profit and loss account.
BALANCE SHEETS
AS AT 30 NOVEMBER 2005
Group Company
2005 2005
� �
Fixed assets
Intangible assets 223,114 -
Investments - 223,114
------- -------
223,114 223,114
------- -------
Current assets
Debtors 26,492 26,492
Cash at bank and in hand 511 511
------- -------
27,003 27,003
Creditors: amounts falling due within (13,640) (13,640)
one year
------- -------
Net current assets 13,363 13,363
------- -------
Total assets less current liabilities 236,477 236,477
------- -------
Capital and reserves
Called up share capital 235,000 235,000
Share premium account 160,000 160,000
Profit and loss account (158,523) (158,523)
------- -------
Shareholders' funds - equity interests 236,477 236,477
------- -------
The financial statements were approved by the board on 30 May
2006
M.Pritchett
Director
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 NOVEMBER 2005
Period
ended
30
November
2005
� �
Net cash outflow from operating activities (171,770)
Returns on investments and servicing of
finance
Interest received 395
-------
Net cash inflow for returns on 395
investments and servicing of finance
Acquisitions and disposals
Purchase of subsidiary undertakings (net of (23,114)
cash acquired)
-------
Net cash outflow for acquisitions and (23,114)
disposals
-------
Net cash outflow before management of (194,489)
liquid resources and financing
Financing
Issue of ordinary share capital 195,000
Net cash inflow from financing 195,000
-------
Increase in cash in the period 511
-------
Copies of the accounts will be available upon request from the companys
registered office at St Annes House, Diadem Court, London W1D 3EF.
These preliminary results have been extracted from audited consolidated
financial statements which will be delivered to the Registrar of Companies in
due course. Information in this preliminary announcement does not constitute
statutory accounts of the Group within the meaning of Section 240 of the
Companies Act 1985. The auditors have reported on the Group's statutory accounts
for the period ended 30 November 2005. The report was unqualified and did not
contain a statement under Section 237 of the Companies Act 1985.
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