RNS Number : 7220V
Timestrip PLC
02 June 2008
TIME:L
Timestrip Plc
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2007
Timestrip Plc ("Timestrip") develops, manufactures and sells two technologies in the field of time and temperature measurement. The
patented Timestrip smart label monitors for how long perishable food and other replaceable products have been open or in use. The patent
pending iStrip undergoes an irreversible colour change when exposed to freezing temperatures and is designed to indicate that the efficacy
of products, such as vaccines, has been compromised.
Key Points
* Solid progress made during the year under review despite lengthy sales cycles.
* Total sales during 2007 already exceeded in first five months of current year, with regular shipments to largest customer, United
Pet Group, and existing customers placing repeat orders with increasing frequency.
* Healthy pipeline of new potential orders boosted by increased market awareness and acceptance.
* Progress being made towards key strategic milestone of licensing manufacturing rights in US market.
For further information:
Paul Freedman, Joint CEO, Timestrip 01462-440700
Shane Dolan, Biddicks 020 7448 1000
Bobbie Hilliam, Evolution Securities 020 7071 4300
TIMESTRIP PLC
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007
2007 was a challenging year for the group in the context of delivering the revenues that we had anticipated. The delay
in revenues led to a shortage of cash, which was addressed by the placing of new shares earlier this month.
I am pleased to report that our efforts during 2007 have delivered sales momentum into 2008. In the first five months
of the new financial year, for example, the group has exceeded its entire sales for 2007.
In order to develop our unique technology and build a strong customer base, the group has established an excellent
Production and R&D facility, as well as a robust sales infrastructure.
Financial Results
Revenue for the year to 31 December 2007, was �176,900 (2006 - �378,975). At the pre-tax level the group recorded a
loss of �1,679,927 (2006 - loss of �1,099,408 as restated) under International Financial Reporting Standards ("IFRS").
Due to a material deferred tax asset being credited to the accounts, the group's loss after tax is �572,617 (2006 -
loss of �1,009,844 as r
S.V.Oakes
Chairman
30th May 2008
TIMESTRIP PLC
JOINT CHIEF EXECUTIVES' STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007
Operating Review
The group has developed, and is now commercialising, two patent protected technologies. Each technology is capable of radically
transforming the markets in which they are targeted. Marketed as Timestrip � and iStrip �, these technologies operate in the fields of time
and temperature measurement and target six international mass markets; Food and Beverage, Appliances, Catering, Medical Devices,
Pharmaceuticals and Cosmetics.
The group continues to invest in the development of these technologies to meet customer and market needs. It has established in-house
production capabilities that make the group able to meet near-term anticipated demand for the products. The group plans to expand production
rapidly and at low additional cost by licensing the rights to manufacture Timestrips to third parties in local markets. This will typically
involve the sale of Production Machines to Licensees, who will purchase raw materials from the group and will also pay a per-unit royalty to
the group based on sales of finished units.
Timestrip �
Timestrips � are smart labels that visually communicate how long a product has been open or how long it has been in use - otherwise
known as the "Period after Opening Date". Timestrips � consist of a patented diffusion system in which a liquid travels across a specialised
membrane inside the label at a controlled and repeatable rate. The level of repeatability in this process is such that, it is possible to
use the progress of the liquid to measure elapsed time - being the time since the label was activated. Timestrips � are activated by either
manual or mechanical pressure exerted on the button in which the liquid is stored.
Timestrips � smart labels are targeted at six international mass markets:
Appliances and Consumables
Timestrip has developed a visual reminder system which is positioned as a cost effective method of improving customer compliance with
manufacturer's instructions such as "replace every three months". Existing customers include; Hamilton Beach/Febreze � (air filters),
Hygolet (washroom devices), DryandStore � (hearing aids), Bioconservacion SA (ethylene filters), and Whirlpool (fridge filters).
Timestrip � has become a standard component for these customers, whose repeat order frequency is evidence that they are experiencing
increased sales of the products to which Timestrip � is attached. Indeed, our growing track record in helping brands to sell more products
through better compliance with replacement instructions is now generating significant interest from manufacturers across a broad range of
sectors. We are very encouraged that Bioconservacion and Whirlpool have extended the number of products using a Timestrip �. In August 2007
the group announced a $3 million, three year deal with United Pet Group to supply Timestrips for use with their market-leading brand of
aquarium filters, Tetra �, to encourage monthly replacement of filters. Shipments are scheduled to be made monthly and commenced in March
2008.
Food and Beverage
In the F&B sector, Timestrips are positioned as a tool to help consumers gauge the freshness of products, as well as avoid unnecessary
waste by providing the opportunity to consume products before they expire.
We continue to develop relationships with solution providers in the packaging industry such as Plastek, CCL Label and, most recently,
Bedford Industries. We have commenced a high profile trial of the Timestrip � technology with the UK's leading branded food manufacturer,
Premier Foods, which is currently testing the impact of the Timestrip � on their Branston Pickle brand.
The F&B market is characterised by high volume, price sensitive products with related packaging solutions and is therefore one of our
biggest challenges. We are encouraged by the growing importance of product freshness and are positioned to take advantage of the increasing
social awareness of waste and its impact on the environment. It is our belief that F&B companies have yet to fully address the dilemma of
how to help reduce consumer waste without impacting sales and profitability. As a result, the group spends much of its time targeting brands
to view Timestrip � as a device that will boost their "green credentials" by helping consumers to reduce waste through using products
before they pass their best. Part of that effort continues to involve selling Timestrips � to consumers directly in order to generate a
pull effect on the brands.
Catering / Foodservice
Timestrips have two potential applications in the catering and food service industry. Firstly, it can be used as a simple mechanism that
helps catering businesses comply with the food safety (HACCP) principles under the EU Directive on Food Hygiene and in State regulations
across North America. Secondly, it saves money by reducing waste by up to 50%.
In the US market, our partners Daymark continue to invest in the marketing of Timestrip � as part of their range of food safety
solutions. We are no longer in a contractual relationship with Labellord in Northern Europe but we are delighted with the progress being
made in the UK and with the recent announcement of trials with Nando's restaurants in South Africa.
In Europe we have successfully introduced trials of the Timestrip � system to a number of leading contract caterers such as Caterplus.
This effort has culminated in the UK's leading food-service distributor, 3663, ordering a full range of products that will be promoted by
their sales team across multiple markets in the Europe. We are confident that this model for success can be translated to other markets
internationally.
Cosmetics, Pharmaceuticals and Medical Devices
There remains a high level of interest in Timestrip from the cosmetic, pharmaceutical and medical device sectors. We have established
excellent relationships with a number of cosmetic companies, where the challenge is to integrate the Timestrip � in an aesthetically
pleasing format, and with manufacturers of sun creams, where the dangers of using the product beyond its Period after Opening date are well
documented.
Cosmetics, Pharmaceuticals and Medical Devices
We are encouraged that initial tests with a leading medical device company in Europe have been extended into another phase. We have also
succeeded in forging relationships in Europe and the US with a number of leading pharmaceutical and medical device companies and are hopeful
that our efforts during 2007 will be rewarded with some contract wins in 2008.
iStrip �
iStrip is a unique, patent pending label that changes colour irreversibly if an accidental freezing event takes place in the cold chain
for products such as vaccines and agri-chemicals.
The group has focused on entering the market with a case-level solution, developing in parallel the capabilities to manufacture
unit-level products for use with vaccines. During 2007 we established small-scale production in order to seed the market and are now in the
process of scaling up our production capabilities in line with anticipated demand.
We are building relationships with a number of distributors worldwide who will carry iStrips in their existing range of time and
temperature labels. We are particularly pleased to have developed a commercial relationship with DHL Exel as well as a leading
pharmaceutical company, who is using iStrip with their clinical trial activities.
Our work with PATH (the Seattle based international non-profit organisation) is ongoing and directed towards acceptance of the
technology for use by the World Health Organisation in connection with vaccines distributed worldwide.
Staff
We greatly appreciate the efforts of everyone in the organisation, as well as those of our growing team of distributors and agents
across the world.
Strategy
The group's strategy is driven by its revenue model which seeks to license the rights to manufacture and distribute Timestrip and iStrip
in local markets to customers, joint venture partners and distributors. This strategy is shaped by the manufacturing process and prevailing
market dynamics for both Timestrip and iStrip.
The implementation of this strategy requires us to maintain in-house production capacity at a sufficient level to seed markets in the
early stages and ensure production machinery is kept at levels that will enable the group to satisfy initial contracts. Royalty revenues
will be enhanced through the supply of key raw materials and technical support to licensees. The group will enter into such arrangements at
the earliest opportunity.
We also continually seek to broaden our product range and recent successes from our R&D team will enable us to add further products to
our portfolio during 2008. We look forward to unveiling these products in due course.
The group stipulates the use of its registered trademark on all Timestrip� products, and there has been, to date, no objection to this
policy from even the largest of international brand owners. It is the Directors' belief that the exposure to be gained by Timestrip� within
the marketing campaigns of leading brands will in time, lead to the creation of an internationally recognised brand.
Competition
It is anticipated that the ongoing commercialisation of Timestrip will stimulate competition at some point in the future. Currently, the
Directors are not aware of any competing technologies. Although competition exists for the iStrip technology, it is generally represented by
devices that are designed and manufactured for use at case level, not unit level. When used at unit level on products such as vaccines, the
iStrip will enable the product condition to be monitored more accurately and allow brand owners to reduce the cost of rejection.
As the group gains more exposure to the needs of different markets it continually reviews and, if necessary, expands its intellectual
property portfolio to protect the technologies as they evolve.
Results and dividends
The results for the year are set out in the consolidated income
statement.
The directors do not recommend payment of an ordinary dividend.
Paul Freedman Reuben Isbitsky
Joint Chief Executive Officer Joint Chief Executive Officer
30th May 2008 30th May 2008
TIMESTRIP PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007
2007 2006
As restated
Notes � �
Revenue 2 176,900 378,975
Cost of sales (112,918) (281,069)
********* *********
Gross profit 63,982 97,906
Administrative expenses (1,833,099) (1,311,636)
********* *********
Operating loss (1,769,117) (1,213,730)
3
Finance income 98,164 122,651
Finance costs 4 (8,974) (8,329)
********* *********
Loss before taxation (1,679,927) (1,099,408)
Tax on loss on ordinary 1,107,310 89,564
activities
********* *********
Loss for the year (572,617) (1,009,844)
****** *******
Attributable to:
Equity holders of the Company (572,617) (1,009,844)
****** *******
Loss per share (basic & 5 (0.0018) (0.0033)
diluted)
***** ******
The income statement has been prepared on the basis that all operations are continuing
operations.
There is no difference between basic and diluted loss per share.
TIMESTRIP PLC
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2007
Notes 2007 2006
As restated
� �
Non Current assets
Intangible assets 7,441,582 6,969,161
Property plant & equipment 357,223 371,702
Investments - -
7,798,805 7,340,863
Current assets
Inventory 234,525 183,318
Trade and other receivables 161,862 185,610
Cash and cash equivalents 833,903 2,517,341
Current tax receivable 131,891 195,255
1,362,181 3,081,524
Current Liabilities
Bank overdraft and loans (14,280) (20,524)
Trade and other payables (303,042) (403,697)
Obligations under finance (6,244) (6,244)
leases
(323,566) (430,465)
Net current assets 1,038,615 2,651,059
Non current assets
Deferred tax asset 951,742 -
Total assets less current 9,789,162 9,991,922
liabilities
Non Current Liabilities
Bank loans (38,101) (52,386)
Finance lease (8,615) (18,170)
(46,716) (70,556)
9,742,446 9,921,366
Equity
Capital and reserves
attributable to equity holders
of the Group
Called up share capital 3,607,991 3,606,621
Share premium account 27,719,167 27,541,931
Share Option Reserve 395,366 180,274
Profit and loss account (21,980,078) (21,407,460)
Total Equity 9,742,446 9,921,366
The financial statements were approved and authorised for issue by the board on 30th May 2008
S V Oakes
Director
TIMESTRIP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 31 DECEMBER 2007
Deferred shares of Deferred shares of Ordinary shares Share premium Share Options
Retained Losses Total equity
24p 49.8p 0.02p
Reserve
Balance at 1 Jan 2006 3,206,119 337,728 59,484 26,587,956 -
(20,397,616) 9,793,671
Corrections of prior period - - - - 66,308
- 66,308
adjustments
****** ******* ******* ******* ******
********* ********
Restated Balance 3,206,119 337,728 59,484 26,587,956 66,308
(20,397,616) 9,859,979
Loss for the period - - - - -
(1,009,844) (1,009,844)
****** ******* ******* ******* ******
********* ********
Total recognised income and - - - - -
(1,009,844) (1,009,844)
expense for the period
Shares issued during period - - 3,290 953,975 -
- 957,265
Share Option charge - - - - 113,966
- 113,966
****** ******* ******* ******** ******
********* ********
Balance at 31 Dec 2006 3,206,119 337,728 62,774 27,541,931 180,274
(21,407,460) 9,921,366
***** ***** ***** ***** *****
***** *****
Balance at 1 Jan 2007 3,206,119 337,728 62,774 27,541,931 180,274
(21,407,460) 9,921,366
Loss for the period - - - - -
(572,617) (572,617)
****** ******* ******* ****** ******
******** *******
Total recognised income and - - - - -
(572,617) (572,617)
expense for the period
Shares issued during period - - 1,371 177,234 -
- 178,605
Share Option charge - - - - 215,092
- 215,092
******* ******* ******* ******* ******
******** *******
Balance at 31 Dec 2007 3,206,119 337,728 64,144 27,719,167 395,366
(21,980,078) 9,742,446
***** ***** ***** ***** *****
***** *****
Share capital (deferred and ordinary) is the amount subscribed for shares at nominal value.
Share premium represents the excess of the amount subscribed for share capital over the nominal value of the respective shares net of share
issue expenses. There were no share
issue expenses in the period ended 31 December 2007.
Retained loss represents the cumulative loss of the Group attributable to equity shareholders. The balances as at 1 January 2006 and 31
December 2006 have already been
restated as a result of the transition to IFRS. Refer to note 30 for details.
Share options reserve relates to increases in equity for services received in equity-settled share based payment transactions. The prior
period adjustment is in respect of
share options and this has been fully disclosed in the financial Statements for the year ended 31 December 2006.
TIMESTRIP PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007
2007 2006
As restated
Notes
� � � �
Net cash outflow from operating activities (1,837,012) (1,442,280)
1
Investing Activities
Investment in intangible (43,412) (21,885)
assets
Purchase of property plant & (65,502) (53,591)
equipment
Interest received 98,164 122,651
******* *******
Net cash inflow for returns on (10,750) 47,175
investments and servicing of
finance
******* *******
Net cash outflow before (1,847,761) (1,395,105)
management of liquid resources
and financing
Financing activities
Issue of ordinary share 178,608 957,096
capital
Repayment of long term bank (14,285) (23,918)
loan
******* *******
Net cash inflow from financing 164,323 933,178
******* *******
(Decrease) in cash in the
period (1,683,439) (461,927)
Cash and cash equivalents at
the start of the year 2 2,517,341 2,979,268
****** ******
Cash and cash equivalents at 833,903 2,517,341
the end of the year 2
****** ******
TIMESTRIP PLC
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007
1 Reconciliation of operating profit to net cash inflow from 2007 2006
operating activities
As restated
� �
Operating loss (1,769,117) (1,213,730)
Depreciation, amortisation and impairment charges of intangible 120,927 89,728
assets
Depreciation of property plant & equipment 79,981 66,845
Increase in inventories (51,208) (117,252)
Decrease / (Increase) in receivables 23,749 (96,566)
(Decrease) / Increase in payables (104,766) 161,843
Cost of Share Options 215,092 113,966
Research & Development Capitalised (549,936) (438,785)
Interest paid (8,974) (8,329)
Corporation tax 207,240 -
received
******* *******
Net cash outflow from operating activities (1,837,012) (1,442,280)
****** *******
2 Cash and cash equivalents
The amounts disclosed in the cash flow statement in respect of cash and cash equivalents are in respect of these balance sheet
amounts:
Group
2007 2006
� �
Bank accounts 833,903 2,517,341
****** ******
TIMESTRIP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
1 Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have
been applied
consistently to all the years presented, unless otherwise stated, and in preparing an opening IFRS balance sheet at 1 January 2006
for the purpose of
transition to International Financial Reporting Standards (IFRS).
1.1
Financial information
The financial information set out in this announcement does not constitute the Group's statutory accounts for the years ended 31
December 2007 and 2006.
The accounts have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use by
the European Union and
therefore comply with Article 4 of the EU IAS Regulation. The financial statements have been prepared in accordance with IFRS for
the first time with a
transition date of 1 January 2006. The disclosures required by IFRS1 concerning the transition from UK GAAP to IFRS
are given in note 7.
Whilst the financial information included in this preliminary announcement has been prepared in accordance with the recognition and
measurement criteria
of IFRS, it does not include sufficient information to comply with IFRS. The Group expects to publish full financial statements
which comply with IFRS
in June 2008.
The comparative financial information for the year ended 31 December 2006 is derived from the
statutory accounts f
Going concern
This statement has been prepared on the assumption that the
Group is a going concern.
When assessing the foreseeable future, the directors have looked at a period of twelve months from the date of approval of this
report. The forecast
cash-flow requirements of the business are contingent upon the ability of the group to
generate future sales.
The group is still at an early stage of its commercialisation and the success of the business depends on the realisation of
projected sales that are
currently in the pipeline together with existing customers extending the use of Timestrips within
their organisations.
The uncertainty as to the timing of the future growth in sales, require the directors to consider the group's ability to
continue as a going concern.
Notwithstanding this uncertainty, the directors believe that the group has demonstrated progress in achieving its objective of
positioning the group as
a major supplier of smart labels to the industries served by the group.
Therefore the directors cons
2 Revenue
Sales are made by the group in the following geographical markets:
2007 2006
� �
United Kingdom 913 18,094
Europe 58,098 157,975
North America 38,172 181,147
Rest of World 79,717 21,759
******* *******
176,900 378,975
****** ******
Loss for the year
United Kingdom (2,956) (48,215)
Europe (188,062) (420,951)
North America (123,562) (482,697)
Rest of World (258,037) (57,981)
******* *******
(572,617) (1,009,844)
****** ******
There are no separately reportable
business segments
United Kingdom Europe
Net assets 11,874,405 (1,012,950)
Liabilities (185,539) (186,080)
Property plant & equipment acquired 15,725 49,777
Intangible assets acquired 593,348 -
Depreciation 3,950 76,301
Amortisation 120,927 -
3 Operating loss 2007 2006
As Restated
� �
Operating loss is stated after charging:
Depreciation of property plant and equipment 79,981 66,845
Amortisation of Patents 50,633 48,797
Amortisation of Website 5,756 3,871
Amortisation of Development 64,538 37,061
Research and development expenditure recognised as an expense 55,101 75,784
Operating lease rentals - buildings & motor 72,669 65,305
Auditors' remuneration (company �15,000) - audit fees 21,000 20,000
Auditors' remuneration - non-audit fees 6,000 4,500
Profit or loss on foreign currency translation 3,560 4,135
***** ****
4 Interest payable
2007 2006
� �
On bank loans and overdrafts
8,974 8,329
******* *******
8,974 8,329
******* *******
5 Basic and diluted loss per share
Basic and diluted loss per ordinary share has been calculated using the weighted average number of shares in issue during the financial
period. The weighted average number of equity shares in issue was 318,206,472 (2006 - 307,944,104) and the loss after tax, was � 572,617
(2006 - �1,009,844 - as restated).
After the year end the company issued 53,820,000 new shares as part of a placing. They will increase the weighted average number of
equity shares in issue to 356,060,596 for 2008.
Share options
are anti-dilutive as they decrease the loss per share. Therefore, for the period ended 31 December 2007, the diluted loss per share is
equivalent to the basic loss per share.
6 Post Balance Sheet Events
On 6 May 2008 the company raised �1,162,512, before expenses, through a
placing of 53,820,000 new ordinary shares of 0.02 pence each at a price of
2.16 pence per share. The net proceeds from the placing were �1,024,035.
7 Transition to IFRS
Introduction
Timestrip Plc ("Timestrip") has previously prepared its consolidated
Financial Statements under United Kingdom Generally Accepted Accounting
Practice (GAAP). With effect from 1 January 2007, it is required to
prepare its consolidated Financial Statements in accordance within
International Reporting Standards (IFRS) as adopted by the European Union.
The accounting policies set out in Note 1 have been applied in preparing
the financial statements for the year ended 31 December 2007, the
comparative information presented in these financial statements for the
year ended 31 December 2006 and in the preparation of the opening IFRS
balance sheet at 1 January 2006. (transition date).
The IFRS transition statement has been prepared to explain the impact on
the reported result of Timestrip and to set out the changes to the
accounting policies of the group together with provision of
reconciliations of the restatement of previously published comparative
financial information.
References to IFRS thr
Revised Group Accounting policies under IFRS.
The following accounting policies represent changes from the accounting
policies stated in the financial statements for the year ended 31 December
2006. The remaining accounting policies remain the same as in the
financial statements for the year ended 31 December 2006 which are
consistent with IFRS.
Internally-generated Intangible Assets -Research and Development
Expenditure
Expenditure on research activities is recognised as an expense in the
period in which it is incurred.
An internally-generated intangible asset arising is recognised only if all
of the following conditions are met:
* an asset is created that can be identified ;
* it is probable that the asset created will generate future economic
benefits; and
* the development cost of the asset can be measured reliably.
Under UK GAAP, expenditure on research and development was written off in
the period incurred.
Internally-generated intangible assets are amortised on a straight-line basis
over their useful lives. Where no internally-generated intangible asset can
be recognised, development expenditure is recognised as an expense in the
period in which it is incurred.
Internally-generated Intangible Assets -Trademarks
The cost of trademarks which protect internally generated brands and logos
are specifically prohibited from recognition as an intangible asset under IAS
38. Under UK GAAP, trademarks were capitalised and classified as intangible
assets on the balance sheet and these were amortised over their estimated
useful economic life of 20 years.
TRANSITION STATEMENT FROM UK GAAP TO IFRS - 31
DECEMBER 2006
FOR THE YEAR ENDED 31 DECEMBER 2007
Income statement UK GAAP at 31 Trademarks IAS 38 Research & IFRS at 31 December
December 2006 Development IAS 38 2006
�'000 �'000 �'000 �'000
Revenue 379 - - 379
Cost of sales (281) - - (281)
Gross Profit 98 - - 98
Administrative expenses (1,707) (7) 402 (1,312)
Loss from Operations (1,609) (7) 402 (1,214)
Investment Revenue 123 - - 123
Finance costs (8) - - (8)
Loss before tax (1,495) (7) 402 (1,100)
Taxation 90 - - 90
Loss for the period � (1,405) � (7) � 402 � (1,010)
TRANSITION STATEMENT FROM UK GAAP TO IFRS - 1
JANUARY 2006
FOR THE YEAR ENDED 31 DECEMBER 2007
Consolidated Balance sheet UK GAAP at 1 January Trademarks IAS 38 Research & Development IFRS at 1 January 2006
2006 IAS 38
�'000 �'000 �'000 �'000
Non current assets
Goodwill 5,408 - - 5,408
Other intangible assets 931 (23) 287 1,195
Property, plant & equipment 304 - - 304
6,643 (23) 287 6,907
Current assets
Inventory 67 - - 67
Trade and other receivables 194 - - 194
Corporation tax - - - -
Cash and cash equivalents 2,979 - - 2,979
3,240 - - 3,240
Total Assets 9,883 (23) 287 10,147
Current Liabilities
Trade and other payables (208) - - (208)
Bank overdrafts and loans (14) - - (14)
Obligations under finance - - - -
leases
(222) - - (222)
Non-current Liabilities
Bank Loans (67) - - (67)
Obligations under finance - - - -
leases
Total Liabilities (289) - - (289)
Net Assets �9,594 �(23) �287 �9,858
Equity
Share Capital 3,603 - - 3,603
Share Premium Account 26,588 - - 26,588
Share Options Reserve 66 - - 66
Retained losses (20,663) (23) 287 (20,399)
�9,594 �(23) �287 �9,858
TRANSITION STATEMENT FROM UK GAAP TO IFRS - 31
DECEMBER 2006
FOR THE YEAR ENDED 31 DECEMBER 2007
Consolidated Balance sheet UK GAAP at 31 Trademarks IAS 38 Research & IFRS at 31 December 2006
December 2006 Development IAS 38
�'000 �'000 �'000 �'000
Non current assets
Goodwill 5,408 - - 5,408
Other intangible assets 901 (30) 690 1,561
Property, plant & equipment 372 - - 372
6,680 (30) 690 7,341
Current assets
Inventory 184 - - 184
Trade and other receivables 186 - - 186
Corporation tax 195 - - 195
Cash and cash equivalents 2,517 - - 2,517
3,082 - - 3,082
Total Assets 9,762 (30) 690 10,422
Current Liabilities
Trade and other payables (404) - - (404)
Bank overdrafts and loans (21) - - (21)
Obligations under finance (5) - - (5)
leases
(430) - - (430)
Non-current Liabilities
Bank Loans (52) - - (52)
Obligations under finance (18) - - (18)
leases
-
Total Liabilities (501) - - (501)
Net Assets �9,261 � (30) � 690 � 9,921
Equity
Share Capital 3,607 - - 3,607
Share Premium Account 27,542 - - 27,542
Share Options Reserve 180 - - 180
Retained losses (22,068) (30) 690 (21,408)
�9,261 � (30) � 690 � 9,921
This information is provided by RNS
The company news service from the London Stock Exchange
END
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