TIDMTIME
RNS Number : 7018T
Timestrip PLC
11 June 2009
TIME:L
11 June 2009
Timestrip Plc
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008
Timestrip Plc is pleased to announce its audited preliminary results for the 12
months to 31 December 2008.
Timestrip Plc ("Timestrip") develops, manufactures and sells technologies in the
field of time and temperature measurement. These technologies comprise Timestrip
, iStrip(TM) and most recently TimestripPlus(TM).
Key Points
* 2008 revenues of GBP673,000, 280% higher than prior year (2007: GBP177,000)
* Reduced pre-tax loss of GBP1.3m (2007 pre-tax loss: GBP1.7m)
* Cash at year end of GBP812,000
* Two placings post year end to raise GBP1m
* Two new product ranges launched - TimestripPlus(TM) and TimestripMedical(TM)
Paul Freedman, Timestrip's joint CEO commented:-
"This has been a very important year for Timestrip. We have achieved substantial
growth whilst reducing our cost base and losses incurred. We have significantly
broadened our product range and thus expanded the appeal of our products into
new markets."
For further information please visit www.timestrip.com or contact:
Paul Freedman, Joint CEO, Timestrip 01462 440700
Geoff Nash/Ed Frisby, Finncap 020 7600 1658
+----+----+------------------------------------------+------------------+------------++
| TIMESTRIP PLC |
+-------------------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------------------+
| CHAIRMAN'S STATEMENT |
+-------------------------------------------------------------------------------------+
| FOR THE YEAR ENDED 31 DECEMBER 2008 |
+-------------------------------------------------------------------------------------+
| The Group has continued to see a marked improvement in sales during 2008 with |
| revenue for the year 280% higher than achieved in 2007. Progression was made |
| throughout the period as demonstrated in the final six months where revenue was |
| four times greater than the comparable period in 2007. I am pleased to report that |
| the group has been consistently achieving increases in its average selling prices |
| and gross profitability, coupled with a reduction in overheads that has been |
| achieved despite the detrimental impact of sterling's weakness on our overseas |
| manufacturing cost base. |
| Since the year end we have further strengthened the cash resources of the group |
| through two share placings as we look to build on sales of our existing products |
| and to roll out recently launched products into the Healthcare and Cold Chain |
| markets. |
| Financial results |
| Revenue for the year to 31st December 2008 grew to GBP673,485 (2007 - GBP176,900). |
| Pre-tax losses narrowed by 22% to GBP1,304,902 (2007 - GBP1,679,927). Included in |
| the pre-tax loss is an additional charge of GBP150,000 against capitalised R&D in |
| respect of iStrip, which is subject to an ongoing patent dispute in the US. The |
| loss per share of 0.55p (2007 - loss of 0.18p) reflects a charge of GBP866,247 |
| (2007 - credit of GBP951,742) relating to a provision against the Group's deferred |
| tax asset in line with recently introduced guidance on the prudent period to be |
| used for recognising tax assets. Cash at the end of 2008 was GBP812,000. The group |
| has since raised an additional GBP1m through placings in March and May 2009. |
| Current Trading and prospects |
| I am pleased to report that, despite the challenging economic climate, our |
| existing customers continue to see Timestrip as a beneficial technology that |
| helps encourage consumers to comply with recommended usage instructions. We are |
| encouraged by repeat orders achieved in our core sectors as well as the addition |
| of new customers and the adoption of the technology by existing customers for new |
| products and markets. |
| The addition of two new product ranges - TimestripPlus(TM) and |
| TimestripMedical(TM) - have significantly increased the revenue potential for the |
| group and early sales into the Cold Chain and Healthcare sectors give us much |
| cause for optimism. These products represent a great achievement by everyone |
| involved in the R&D effort and the group now has a product range that addresses |
| the needs of a wide range of companies interested in communicating time and |
| temperature issues to their customers. |
| There remains a clear focus on reaching the key milestone of profitability as |
| quickly as possible. Accordingly we are concentrating our resources on the |
| products and markets that are capable of yielding profitable orders in the |
| shortest possible timeframe. With a stronger balance sheet and a greater range of |
| products we look forward to continued progress during 2009. |
| |
+------------------------------------------------------------------------------------+
| | | | | |
+----+----+------------------------------------------+------------------+------------+
| S.V.Oakes |
+------------------------------------------------------------------------------------+
| Chairman |
+------------------------------------------------------------------------------------+
| | | | | |
+----+----+------------------------------------------+------------------+------------+
| | | | | |
+----+----+------------------------------------------+------------------+------------+
| | | | | |
+----+----+------------------------------------------+------------------+------------+
| 10th June 2009 |
+----+----+------------------------------------------+------------------+------------++
+--------------------------------------------------------------------------------+
| TIMESTRIP PLC |
+--------------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------------+
| JOINT CHIEF EXECUTIVES' STATEMENT |
+--------------------------------------------------------------------------------+
| FOR THE YEAR ENDED 31 DECEMBER 2008 |
+--------------------------------------------------------------------------------+
Operating Review
The group develops, and commercialises patent protected technologies with the
capability of radically transforming the markets in which they are
targeted. These technologies comprise Timestrip , iStrip(TM) and most recently
TimestripPlus(TM) , all of which operate in the field of time and temperature
measurement and are positioned for adoption within six major mass markets: Food
and Beverage, Appliances, Catering/Foodservice, Medical Devices, Pharmaceuticals
and Cosmetics/Personal Care.
Having reviewed our progress to date, we have now identified the specific
markets and products which offer the group the best way of meeting our key
objective of achieving profitability in the shortest possible timeframe.
Accordingly, we are focusing our resources on markets and products that combine
the shortest sales cycles with the greatest margin potential. This has naturally
led us to concentrate on two specific sectors for our core Timestrip product
range - Consumables and Cosmetics/Personal Care - as well as two sectors in
which to launch our new TimestripMedical(TM) and TimestripPlus(TM) product
ranges - namely the Cold Chain and Healthcare sectors.
Consumables
In this market Timestrip is positioned as a cost effective visual reminder
device to improve customer compliance with manufacturer's instructions such as
"replace every three months". Our technology is currently sold to companies in
connection with a wide range of products including air purifiers, aquariums,
hearing aids, fridges, freezers, domestic water filtration, anti-rust protection
and anti-mould protection. Included in our growing customer base are a number of
international blue-chip brands including Whirlpool , WD40 , and Tetra .
Repeat orders and orders from existing customers to use Timestrip with new
products give us confidence that the Timestrip technology has considerable
traction in this sector. Regular shipments to United Pet Group (Tetra ) started
in March 2008 and have helped our production facility to achieve significant
operational efficiencies across all our products. Timestrip has now been
adopted for use with four different products by Whirlpool and has been extended
to new territories including India. We are delighted that the "3-in-One No Rust
Shield" with integrated Timestrip has been well received in the US leading to
our first repeat order from WD40 Company as part of their roll-out programme
across national retail accounts.
Trade advertising highlighting our relationship with brands such as Tetra has
greatly increased the number of sales opportunities in the consumables sector
and we will continue to devote considerable focus to this market in order to
establish Timestrip as a 'must-have' technology.
Cosmetics and Personal Care
We have been very encouraged by consumer feedback on the new Cargo BluRay lip
gloss with Timestrip technology that is sold in the US and Europe through the
leading retail chain Sephora. We are delighted to have already received and
shipped our first repeat order to Cargo in early 2009. This project has enabled
us to demonstrate our ability to supply a customised Timestrip that can be fully
integrated into a product in an aesthetically pleasing way. The association with
Cargo has raised our profile in the cosmetics sector significantly and we are
actively pursuing a number of other opportunities with companies in the US,
Europe and Japan.
We reported in September 2008 that an order had been received that would result
in Timestrip being used by a leading manufacturer to promote the timely
replacement of toothbrushes in Northern Europe. This order was delivered but the
promotion has not yet taken place. In the meantime we have made significant
progress with another European manufacturer looking to integrate the Timestrip
into a toothbrush handle and we are cautiously optimistic that this will
generate revenues during 2009 and will start to establish the technology in this
global mass market.
Cold Chain
The recently launched TimestripPlus(TM) and DefrostWatch(TM) are premium priced
products based on the patented Timestrip technology platform. They are aimed
specifically at identifying breaches in the cold chain for a wide variety of
products. TimestripPlus(TM) not only shows that one or more predefined
temperatures have been exceeded, it also registers the cumulative time over
which a temperature breach has occurred, making it easy to see if a product is
past its best, or safe to use. It uniquely marries low cost (relative to other
solutions such as data loggers) and high performance, offering an affordable way
to monitor the cold chain with precision and reliability.
Orders have already been taken in the food sector, from Sanipousse (France) and
Daymark (USA) as well as several food manufacturers and food retailers who want
to monitor temperature breaches in a more affordable way than was previously
possible. TimestripPlus(TM) is manufactured on existing production machinery and
with relatively few changes to our production process required, we are
optimistic that Cold Chain will become a significant source of revenue and
profitability for the group.
Healthcare
There are a number of products in the TimestripMedical(TM) range which target
healthcare providers worldwide. TimestripIV(TM) has been designed to help
hospitals comply with existing policy directives that stipulate the need to
change Peripheral Intravenous Cannulae (PVCs) every 72 hours. Up to 60% of cases
of blood infections known as MRSA Bacteraemia are caused by PVC's and the cost
of treating MRSA in the UK alone is estimated at GBP1 billion per annum,
according to the National Audit Office. Two leading NHS hospitals have purchased
TimestripIV(TM) for in-use assessments and we are optimistic that these sites
will roll-out the use of TimestripIV(TM) during 2009. The technology has been
very well received by all key stakeholders in the healthcare sector and there
exists a clear opportunity to supply additional hospitals during the course of
2009. The publicity surrounding the launch has generated leads from the US,
South America, Germany, China and Australia in a relatively short space of time.
Our partnership with Brenmoor Limited has resulted in the BrenmoorTimestrip(TM),
which is fully integrated into a cap that clips onto the market leading Brenmoor
printable wristband. Currently sold in over 100 NHS hospitals the integration of
our technology with Brenmoor provides an excellent route to market.
We have also identified a number of other time related protocols in the
Healthcare sector that would benefit from our TimestripMedical(TM) products and
we hope to provide updates on these in due course.
We are also delighted that TimestripPlus(TM) has been very well received by NHS
hospital pharmacies, three of which are already using the product to help
monitor the storage of temperature sensitive medicines. Other applications for
TimestripPlus(TM) include blood products which are stored at low temperatures,
have strict time protocols for use once exposed to elevated temperatures, and
are very expensive to collect and store.
With reference sites quickly established we are optimistic that the
TimestripMedical(TM) range can be rolled out both within the NHS and with
healthcare providers worldwide.
Food & Beverage and Foodservice
Although we continue to work with a number of companies interested in
incorporating the technology into food packaging, the current economic climate,
long sales cycles and low margin potential (relative to our other products) have
led us to focus our efforts in the Food & Beverage and Foodservice sectors on
selling our premium TimestripPlus(TM) and DefrostWatch(TM) products to help
guarantee and monitor the correct storage of food through the Cold Chain (see
above).
iStrip(TM)
We reported in August 2008 that a court action had been instigated in the US,
claiming that iStrip infringes another US patent. Further to legal advice
received at the time we have temporarily ceased marketing iStrip in North
America pending the outcome of the court action. The plaintiff has only been
granted a patent in the US at this point in time and we are closely monitoring
the progress of their patent application in other territories. Our own patent
application, which covers certain key aspects of the iStrip technology, is
proceeding to national phase and it is therefore likely that a clearer picture
of our respective patents will emerge during the course of 2009. Having
considered the situation carefully the Directors have deemed it prudent to
revise the useful economic life of iStrip resulting in an additional
amortisation charge of GBP150,000.
Staff and Partners
The group has achieved a number of important milestones during 2008 and early
2009 and we would like to highlight the continued dedication of Timestrip
employees and partners who work with great passion and drive to make our
products a success.
Strategy
The group's strategy is driven by its revenue model which seeks to sell products
directly and ultimately license the rights to manufacture and distribute
Timestrip , TimestripPlus(TM) and iStrip(TM) in local markets to customers,
joint venture partners and distributors. This strategy is shaped by the
manufacturing process and prevailing market dynamics for our product portfolio.
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.
We also continually seek to broaden our product range and recent successes from
our R&D team with the launch of TimestripPlus(TM) and DefrostWatch(TM) products
have greatly enhanced the revenue and margin potential of the group as it
strives to reach profitability.
+----------------------------------+------+-------+----------------+----------------+
| 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 OfficerJoint Chief Executive Officer
10th June 2009
10th June 2009
+-----------------------------+-------+-----------+-------------+-----------+--------+----+----+
| TIMESTRIP PLC |
+----------------------------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------------------------+
| CONSOLIDATED INCOME STATEMENT |
+----------------------------------------------------------------------------------------------+
| FOR THE YEAR ENDED 31 DECEMBER 2008 |
+----------------------------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------------------------+
| | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | 2008 | | 2007 |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| |Notes | | GBP | | GBP |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Revenue | 2 | | 673,485 | | 176,900 |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Cost of sales | | | (241,346) | | (112,918) |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | ------ | | ------ |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Gross profit | | | 432,139 | | 63,982 |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Administrative expenses | | | (1,750,619) | | (1,833,099) |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | ------ | | ------ |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Operating loss | 3 | | (1,318,480) | | (1,769,117) |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Finance income | | | 22,789 | | 98,164 |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Finance costs | 4 | | (9,211) | | (8,974) |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | ------ | | ------ |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Loss before taxation | | | (1,304,902) | | (1,679,927) |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Tax on loss on ordinary | 5 | | (717,294) | | 1,107,310 |
| activities | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | ------ | | ------ |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Loss for the year | | | (2,022,196) | | (572,617) |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | ------ | | ------ |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Attributable to: | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Equity holders of the | | | (2,022,196) | | (572,617) |
| Company | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | ------ | | ------ |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| | | | | | |
+-----------------------------+-------+-----------+-------------+-----------+-------------+
| Loss per share (basic & | 7 | | (0.0055) | | (0.0018) |
| 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 |
+---------------------------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------------------------+
| BALANCE SHEET |
+---------------------------------------------------------------------------------------------+
| AS AT 31 DECEMBER 2008 |
+---------------------------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------------------------+
| | Group | |
+----------------------------------------------+---------------+------------------------------+
| | Notes | 2008 | 2007 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | GBP | GBP | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Non Current assets | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Intangible assets | | 7,809,257 | 7,441,582 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Property plant & equipment | | 380,708 | 357,223 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Deferred tax asset | | 85,495 | 951,742 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | 8,275,460 | 8,750,547 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Current assets | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Inventory | | 351,221 | 234,525 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Trade and other receivables | | 308,764 | 161,862 | | |
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Cash and cash equivalents | | 812,186 | 833,903 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Current tax receivable | | 149,017 | 131,891 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | 1,621,188 | 1,362,181 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Current Liabilities | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Bank overdraft and loans | | (14,280) | (14,280) | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Trade and other payables | | (543,876) | (303,042) | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Obligations under finance | | (10,886) | (6,244) | | |
| leases | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | (569,042) | (323,566) | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Net current assets | | 1,052,146 | 1,038,615 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Total assets less current | | 9,327,606 | 9,789,162 | | |
| liabilities | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Non Current Liabilities | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Bank loans | | (23,816) | (38,101) | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Finance lease | | (7,781) | (8,615) | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | (31,597) | (46,716) | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | 9,296,009 | 9,742,446 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Equity | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Capital and reserves | | | | | |
| attributable to equity | | | | | |
| holders of the Group | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Called up share capital | | 3,624,462 | 3,607,991 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Share premium account | | 29,278,455 | 27,719,167 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Share Option Reserve | | 395,366 | 395,366 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Profit and loss account | | (24,002,274) | (21,980,078) | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Total Equity | | 9,296,009 | | | |
| | | | 9,742,446 | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| The financial statements were approved and authorised for issue by the board on 10th |
| June 2009 |
+---------------------------------------------------------------------------------------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| S V Oakes | | | | | |
+-----------------------------+-------+--------------+---------------+-----------+------------+
| Director | | | | | |
+-----------------------------+-------+--------+-----+---------+-----+-----------+------------+
+----------------------------------------------------------------------------------+
| TIMESTRIP PLC |
+----------------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------------+
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| |
+----------------------------------------------------------------------------------+
| AS AT 31 DECEMBER 2008 |
+----------------------------------------------------------------------------------+
+---------------------------+------------+------------+------------+-------------+-----------+--------------+----------------+----------------+----------+
| | Deferred | Deferred | Ordinary | Share | Share | Retained | Total equity | |
| | shares of | shares of | shares | premium | Options | Losses | | |
| | 24p | 49.8p | 0.02p | | Reserve | | | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| Balance at 1 Jan 2007 | 3,206,119 | 337,728 | 62,774 | 27,541,931 | 180,274 | (21,407,461) | 9,921,365 | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| | | | | | | | | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| Loss for the period | - | - | - | - | - | (572,617) | (572,617) | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| | ------ | ------ | ------ | ------ | ------ | ------ | ------ | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| Total recognised income | - | - | - | - | - | (572,617) | (572,617) | |
| and expense for the | | | | | | | | |
| period | | | | | | | | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| | | | | | | | | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| Shares issued during | - | - | 1,370 | 177,236 | - | - | 178,606 | |
| period | | | | | | | | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| 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 | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| | ----- | ----- | ----- | ----- | ---- | ----- | ----- | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| | | | | | | | | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| Balance at 1 Jan 2008 | 3,206,119 | 337,728 | 64,144 | 27,719,167 | 395,366 | (21,980,078) | 9,742,446 | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| | | | | | | | | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| Loss for the period | - | - | - | - | - | (2,022,196) | (2,022,196) | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| | ------ | ------- | ------- | ------ | ------ | -------- | ------- | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| Total recognised income | - | - | - | - | - | (2,022,196) | (2,022,196) | |
| and expense for the | | | | | | | | |
| period | | | | | | | | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| | | | | | | | | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| Shares issued during | - | - | 16,471 | 1,709,248 | - | - | 1,725,719 | |
| period | | | | | | | | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| Share issue expenses in | - | - | - | (149,960) | - | - | (149,960) | |
| the period | | | | | | | | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| Share Option charge | - | - | - | - | - | - | - | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| | ------ | ------ | ------ | ------ | ----- | ------ | ------ | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+---------------------------------+----------+
| Balance at 31 Dec 2008 | 3,206,119 | 337,728 | 80,615 | 29,278,455 | 395,366 | (24,002,274) | 9,296,009 |
+---------------------------+------------+------------+------------+-------------+-----------+-------------------------------+---------------------------+
| | ----- | ----- | ----- | ---- | ----- | ----- | ----- | |
+---------------------------+------------+------------+------------+-------------+-----------+--------------+----------------+----------------+----------+
+-------------------------------------------+-----------+-------------+----------+-------------+
| | 2008 | 2007 |
+-------------------------------------------+-------------------------+------------------------+
| | | | |
+-------------------------------------------+-----------+-------------+------------------------+
| Notes | | | | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| | GBP | GBP | GBP | GBP |
+-------------------------------------------+-----------+-------------+----------+-------------+
| | | | | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Net cash outflow from operating activities | (1,443,245) | | (1,837,012) |
+-------------------------------------------------------+-------------+----------+-------------+
| | | | | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Investing Activities | | | | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Investment in intangible assets | (17,372) | | (43,412) | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Purchase of property plant & equipment | (144,529) | | (65,502) | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Interest received | 22,789 | | 98,165 | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| | | | | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| | -------- | | ------- | |
| | | | | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Net cash outflow for returns on | | (139,112) | | (10,749) |
| investments and servicing of finance | | | | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| | | -------- | | -------- |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Net cash outflow before management of | | (1,582,357) | | (1,847,761) |
| liquid resources and financing | | | | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| | | | | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Financing activities |
+----------------------------------------------------------------------------------------------+
| Issue of ordinary share capital | 1,575,759 | | 178,608 | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Repayment of long term bank loan | (15,119) | | (14,285) | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| | -------- | | ------- | |
| | | | | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Net cash inflow from financing | | 1,560,640 | | 164,323 |
+-------------------------------------------+-----------+-------------+----------+-------------+
| | | -------- | | -------- |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Decrease in cash in the period | | (21,717) | | (1,683,438) |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Cash and cash equivalents at the start of | | 833,903 | | 2,517,341 |
| the year | | | | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| | | ------ | | ------ |
+-------------------------------------------+-----------+-------------+----------+-------------+
| Cash and cash equivalents at the end of | | 812,186 | | 833,903 |
| the year | | | | |
+-------------------------------------------+-----------+-------------+----------+-------------+
| | | ------ | | ------ |
+-------------------------------------------+-----------+-------------+----------+-------------+
+-----+--------------------------------------------+--------------+--------------+--------------+---------------------+----------+
| | |
+---------------------------------------------------------------------------------------------------------------------+----------+
| TIMESTRIP PLC | |
+---------------------------------------------------------------------------------------------------------------------+----------+
| | |
+---------------------------------------------------------------------------------------------------------------------+----------+
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT | |
+---------------------------------------------------------------------------------------------------------------------+----------+
| FOR THE YEAR ENDED 31 DECEMBER 2008 | |
+---------------------------------------------------------------------------------------------------------------------+----------+
| | |
+---------------------------------------------------------------------------------------------------------------------+----------+
| 1 | Reconciliation of operating profit to net cash outflow from operating | 2008 | 2007 |
| | activities | | |
+-----+ +--------------+--------------------------------+
| | | | |
+-----+--------------------------------------------------------------------------+--------------------------------------------+-----------------------------+
| | | | | GBP | GBP |
+-----+--------------------------------------------+--------------+--------------+--------------+--------------------------------+
| | | | | | |
+-----+--------------------------------------------+--------------+--------------+--------------+--------------------------------+
| | Operating loss | (1,318,480) | (1,769,117) |
+-----+--------------------------------------------------------------------------+--------------+--------------------------------+
| | Depreciation, amortisation and impairment charges of intangible assets | 303,180 | 120,927 |
+-----+--------------------------------------------------------------------------+--------------+--------------------------------+
| | Depreciation of property plant & equipment | 121,044 | 79,981 |
+-----+--------------------------------------------------------------------------+--------------+--------------------------------+
| | Increase in inventories | (116,696) | (51,208) |
+-----+--------------------------------------------------------------------------+--------------+--------------------------------+
| | (Increase)/ decrease in receivables | (146,966) | 23,749 |
+-----+--------------------------------------------------------------------------+--------------+--------------------------------+
| | Increase / (decrease ) in payables | 245,476 | (104,766) |
+-----+--------------------------------------------------------------------------+--------------+--------------------------------+
| | Cost of Share Options | - | 215,092 |
+-----+--------------------------------------------------------------------------+--------------+--------------------------------+
| | Research & Development Capitalised | (653,483) | (549,936) |
+-----+--------------------------------------------------------------------------+--------------+--------------------------------+
| | Interest paid | | | (9,211) | (8,974) |
+-----+--------------------------------------------+--------------+--------------+--------------+--------------------------------+
| | Corporation tax received | | | 131,891 | 207,240 |
+-----+--------------------------------------------+--------------+--------------+--------------+--------------------------------+
| | | | | ------- | ------- |
+-----+--------------------------------------------+--------------+--------------+--------------+--------------------------------+
| | Net cash outflow from operating activities | (1,443,245) | (1,837,012) |
+-----+--------------------------------------------------------------------------+--------------+--------------------------------+
| | | | | ------ | ------- |
+-----+--------------------------------------------+--------------+--------------+--------------+--------------------------------+
| | | | | | |
+-----+--------------------------------------------+--------------+--------------+--------------+---------------------+----------+
+-----+--------------+--------------+--------------+--------------+--------------+--------------+--------------+
| 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 |
+-----+--------------+--------------+--------------+-----------------------------+-----------------------------+
| | | | | | | 2008 | 2007 |
+-----+--------------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | | | | | GBP | GBP |
+-----+--------------+--------------+--------------+--------------+--------------+--------------+--------------+
| | | | | | |
+-----+--------------------------------------------+--------------+--------------+--------------+--------------+
| | Bank accounts | | | 812,186 | 833,903 |
+-----+--------------------------------------------+--------------+--------------+--------------+--------------+
| | | | | | | ------ | ------ |
+-----+--------------+--------------+--------------+--------------+--------------+--------------+--------------+
+--------+-------------------+
| TIMESTRIP PLC |
+----------------------------+
| |
+----------------------------+
| NOTES TO THE |
| CONSOLIDATED |
| FINANCIAL |
| STATEMENTS |
+----------------------------+
| FOR THE YEAR |
| ENDED 31 |
| DECEMBER 2008 |
+----------------------------+
| |
+----------------------------+
| 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. |
| | Timestrip |
| | plc ('the |
| | company') is |
| | a public |
| | limited |
| | company |
| | incorporated |
| | in England & |
| | Wales and |
| | quoted on |
| | the |
| | Alternative |
| | Investment |
| | Market of |
| | the London |
| | Stock |
| | Exchange. |
+--------+-------------------+
| 1.1 | Basis |
| | of |
| | Preparation |
+--------+-------------------+
| | The |
| | financial |
| | information |
| | set out in |
| | this |
| | announcement |
| | does not |
| | constitute |
| | the Group's |
| | statutory |
| | accounts for |
| | the year |
| | ended 31 |
| | December |
| | 2008. |
| | These |
| | financial |
| | statements |
| | have been |
| | prepared in |
| | accordance |
| | with IFRS as |
| | adopted by |
| | the European |
| | Union, and |
| | with those |
| | parts of the |
| | Companies |
| | Act 1985 |
| | applicable |
| | to companies |
| | reporting |
| | under IFRS. |
| | |
+--------+-------------------+
| | Measurement |
| | basis |
+--------+-------------------+
| | These |
| | financial |
| | statements |
| | are |
| | prepared |
| | under the |
| | historical |
| | cost |
| | convention. |
+--------+-------------------+
| | |
+--------+-------------------+
| | Going |
| | concern |
| | |
+--------+-------------------+
| | These |
| | financial |
| | statements |
| | have 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 |
| | together with |
| | existing |
| | customers |
| | extending the use |
| | of Timestrips |
| | within their |
| | organisations. |
| | The uncertainty |
| | as to the timing |
| | and volume 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. |
| | After making |
| | enquiries, the |
| | directors have a |
| | reasonable |
| | expectation that |
| | the Company has |
| | adequate |
| | resources to |
| | continue in |
| | operational |
| | existence for the |
| | foreseeable |
| | future. |
| | Accordingly, they |
| | continue to adopt |
| | the going concern |
| | basis in |
| | preparing the |
| | financial |
| | statements. |
| | Were the Group to |
| | be unable to |
| | continue as a |
| | going concern, |
| | adjustments may |
| | have to be made |
| | to the balance |
| | sheet of the |
| | Group to reduce |
| | balance sheet |
| | values of assets |
| | to their |
| | recoverable |
| | amounts, to |
| | provide for |
| | future |
| | liabilities that |
| | might arise and |
| | to reclassify |
| | non-current |
| | assets and |
| | long-term |
| | liabilities as |
| | current assets |
| | and liabilities. |
| | |
+--------+-------------------+
| | Preparation |
| | of |
| | financial |
| | statements |
| | The |
| | preparation |
| | of |
| | financial |
| | statements |
| | under IFRS |
| | requires |
| | the use of |
| | certain |
| | critical |
| | accounting |
| | estimates. |
| | It also |
| | requires |
| | management |
| | to exercise |
| | its |
| | judgment in |
| | the process |
| | of applying |
| | the groups |
| | accounting |
| | policies. |
| | Those areas |
| | involving a |
| | higher |
| | degree of |
| | judgment or |
| | complexity |
| | or areas |
| | where |
| | assumptions |
| | and |
| | estimates |
| | are |
| | significant |
| | to the |
| | consolidated |
| | financial |
| | statements |
| | are |
| | disclosed in |
| | note 1.19. |
| | |
+--------+-------------------+
+-----+------------------------------------------------------+-------------+------------+
| 2 | Revenue |
+-----+---------------------------------------------------------------------------------+
| | | | |
+-----+------------------------------------------------------+-------------+------------+
| | Sales are made by the group in the following geographical markets: |
+-----+---------------------------------------------------------------------------------+
| | | 2008 | 2007 |
+-----+------------------------------------------------------+-------------+------------+
| | | GBP | GBP |
+-----+------------------------------------------------------+-------------+------------+
| | | | |
+-----+------------------------------------------------------+-------------+------------+
| | United Kingdom | 22,658 | 913 |
+-----+------------------------------------------------------+-------------+------------+
| | Europe | 161,969 | 58,098 |
+-----+------------------------------------------------------+-------------+------------+
| | North America | 470,115 | 38,172 |
+-----+------------------------------------------------------+-------------+------------+
| | Rest of World | 18,743 | 79,717 |
+-----+------------------------------------------------------+-------------+------------+
| | | ------- | ------- |
+-----+------------------------------------------------------+-------------+------------+
| | | 673,485 | 176,900 |
+-----+------------------------------------------------------+-------------+------------+
| | | ------ | ------ |
+-----+------------------------------------------------------+-------------+------------+
| | | | |
+-----+------------------------------------------------------+-------------+------------+
| | Loss for the year | | |
+-----+------------------------------------------------------+-------------+------------+
| | | | |
+-----+------------------------------------------------------+-------------+------------+
| | United Kingdom | (21,419) | (2,956) |
+-----+------------------------------------------------------+-------------+------------+
| | Europe | (220,139) | (188,062) |
+-----+------------------------------------------------------+-------------+------------+
| | North America | (1,730,823) | (123,562) |
+-----+------------------------------------------------------+-------------+------------+
| | Rest of World | (49,815) | (258,037) |
+-----+------------------------------------------------------+-------------+------------+
| | | ------- | ------- |
+-----+------------------------------------------------------+-------------+------------+
| | | (2,022,196) | (572,617) |
+-----+------------------------------------------------------+-------------+------------+
| | | ------ | ------ |
+-----+------------------------------------------------------+-------------+------------+
| | | | |
+-----+------------------------------------------------------+-------------+------------+
| | There are no separately reportable business segments | | |
| | | | |
+-----+------------------------------------------------------+-------------+------------+
+----+-----------+-----------+-----------+-----------+---------+----------+-----+----------+
| 3 | Operating loss | 2008 | 2007 |
+----+---------------------------------------------------------+----------+----------------+
| | | | | | | | |
+----+-----------+-----------+-----------+-----------+---------+----------+----------------+
| | | | | | | GBP | GBP |
+----+-----------+-----------+-----------+-----------+---------+----------+----------------+
| | Operating loss is stated after charging: |
+----+-------------------------------------------------------------------------------------+
| | Depreciation of property plant and equipment | 121,044 | 79,981 |
+----+---------------------------------------------------------+----------------+----------+
| | Amortisation of Patents | 49,249 | 50,633 |
+----+---------------------------------------------------------+----------------+----------+
| | Amortisation of Website | 6,697 | 5,756 |
+----+---------------------------------------------------------+----------------+----------+
| | Amortisation of Development | 247,234 | 64,538 |
+----+---------------------------------------------------------+----------------+----------+
| | Research and development expenditure recognised as an | 19,370 | 55,101 |
| | expense | | |
+----+---------------------------------------------------------+----------------+----------+
| | Operating lease rentals - buildings & motor | 83,608 | 72,669 |
+----+---------------------------------------------------------+----------------+----------+
| | Auditors' remuneration (company GBP12,000) - audit fees | 25,959 | 21,000 |
+----+---------------------------------------------------------+----------------+----------+
| | Auditors' remuneration - non-audit fees | 6,780 | 6,000 |
+----+---------------------------------------------------------+----------------+----------+
| | (Profit) or loss on foreign currency translation | (155,638) | 3,560 |
+----+---------------------------------------------------------+----------------+----------+
| | | ----- | --- |
+----+-----------+-----------+-----------+-----------+---------+----------+-----+----------+
+----+-----------+-----------+-----------+----------+----------+-----------+-----------+
| 4 | Finance costs | 2008 | 2007 |
+----+---------------------------------------------------------+-----------+-----------+
| | | | | | | | |
+----+-----------+-----------+-----------+----------+----------+-----------+-----------+
| | | | | | | GBP | GBP |
+----+-----------+-----------+-----------+----------+----------+-----------+-----------+
| | | | | | | | |
+----+-----------+-----------+-----------+----------+----------+-----------+-----------+
| | On bank loans and overdrafts | 9,211 | 8,974 |
+----+---------------------------------------------------------+-----------+-----------+
| | | | | | | ----- | ----- |
+----+-----------+-----------+-----------+----------+----------+-----------+-----------+
| | | | | | | 9,211 | 8,974 |
+----+-----------+-----------+-----------+----------+----------+-----------+-----------+
| | | | | | | ----- | ----- |
+----+-----------+-----------+-----------+----------+----------+-----------+-----------+
| | | | | | | | |
+----+-----------+-----------+-----------+----------+----------+-----------+-----------+
+----------+----------+----------+----------+----------+----------+----------+----------+--------------------------------------------------------------+
| 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 368,499,123 (2007 - 318,206,472) and the loss after tax, was GBP |
| | 2,022,196 (2007 - |
| | GBP 572,617). |
+----------+-------------------------------------------------------------------------------------------------------------------------------------------+
| | Share options as disclosed in Note 17 are anti-dilutive as they decrease the loss per share. Therefore, for the period ended 31 December |
| | 2008, the diluted loss per share is equivalent to the basic loss per share. |
| | |
+----------+-------------------------------------------------------------------------------------------------------------------------------------------+
| | After the year end 93,733,637 ordinary shares of 0.02p were issued as disclosed in Note 29, and these would have changed significantly |
| | the number of ordinary shares in issue had the transaction occurred prior to the year end. |
+----------+----------+----------+----------+----------+----------+----------+----------+--------------------------------------------------------------+
+----+-----------+-----------+-----------+-----------+------+-----------------------------+-----------+
| 6 | Non Current assets |
+----+------------------------------------------------------------------------------------------------+
| | Group | | | | | 2008 | 2007 |
+----+-----------+-----------+-----------+-----------+------+-----------------------------+-----------+
| | | | | | |
+----+-----------------------------------+-----------+------+-----------------------------+-----------+
| | Deferred Tax asset | | | GBP | GBP |
+----+-----------------------------------+-----------+------+-----------------------------+-----------+
| | Balance as at 1 January | | | 951,742 | - |
+----+-----------------------------------+-----------+------+-----------------------------+-----------+
| | | | | | | | |
+----+-----------+-----------+-----------+-----------+------+-----------------------------+-----------+
| | Profit and Loss | | | | (866,247) | 951,742 |
| | account | | | | | |
+----+-----------------------+-----------+-----------+------+-----------------------------+-----------+
| | | | | | | | |
+----+-----------+-----------+-----------+-----------+------+-----------------------------+-----------+
| | Balance as at 31 December | | | 85,495 | 951,742 |
+----+-----------------------------------+-----------+------+-----------------------------+-----------+
| | | | | | | ------- | ------ |
+----+-----------+-----------+-----------+-----------+------+-----------------------------+-----------+
| | | | | | | | |
+----+-----------+-----------+-----------+-----------+------+-----------------------------+-----------+
| | The total potential deferred tax asset calculated at 28% at 31 December 2008 |
| | was GBP (882) (2007: GBP(1,915)) and GBP1,159,713 (2007: GBP953,657) on |
| | depreciation in excess of capital allowances and losses carried forward |
| | respectively. |
| | As discussed in note 1.19, a deferred tax asset of GBP85,495 (2007: |
| | GBP951,742) has been recognised to the extent that it is possible that future |
| | taxable profit will be available within the next two years against which the |
| | unused tax losses can be utilised. This has resulted in a write back of |
| | GBP866,247 in the current year. |
| | If the projected sales do not materialise there is a risk that the total value |
| | of the deferred tax asset shown above would not be recoverable. |
+----+-----------+-----------+-----------+-----------+------+-----------------------------+-----------+
+----+----------------------------------------------------------------------------+
| 7 | Post Balance Sheet Events |
| | |
+----+----------------------------------------------------------------------------+
| | On 12 March 2009 the company issued 53,030,303 ordinary shares of 0.02p. |
| | The financial impact is that share capital will increase by GBP10,606 and |
| | share premium by GBP426,894. |
| | On 8 May 2009 the company issued 40,703,334 ordinary shares of 0.02p. The |
| | financial impact is that share capital will increase by GBP8,141 and share |
| | premium by GBP571,881 net of expenses. |
+----+----------------------------------------------------------------------------+
The annual report and accounts, together with a notice of the annual general
meeting, will be posted to shareholders shortly.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BUGDLUBBGGCG
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