Final Results
June 29 2006 - 3:01AM
UK Regulatory
RNS Number:3390F
Twenty PLC
29 June 2006
29 JUNE 2006
TWENTY PLC
(AIM: TWE)
FINAL RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2005
AND
NOTICE OF AGM
The Board of Twenty ('Twenty' or 'the Group), an investment vehicle focusing on
the marketing services sector, is pleased to present their audited report and
financial statement for the period ended 31 December 2005.
Notice is also given in the report and accounts that the Annual General Meeting
will be held at the offices of Dataforce Group Limited, 10 Pondwood Close,
Moulton Park, Northampton, NN3 6DF on Wednesday, 26 July 2006, commencing at
11.00 am.
There are a number of items of ordinary and special business that will be dealt
with at the Annual General Meeting. These are set out in resolutions 1 to 11,
which can be found in the Notice of Annual General Meeting at the back of the
report and accounts.
HIGHLIGHTS
* The audited results are for the period ended 31 December 2005;
* As a post balance sheet event the Company has made its first significant
step to achieve its stated ambition of becoming a customer intelligence
centric marketing services group with the acquisition of Dataforce
Holdings Limited on the 5th April 2006.
* There was no turnover for the period.
* The Directors report a loss before tax amounting to #46,514.
* As at 31 December cash balances amounted to #408,269.
Enquiries:
Twenty plc Tel: 07801 212 862
Ian Lancaster, Chief Executive
www.twentyplc.com
Bishopsgate Communications Ltd Tel: 020 7430 1600
Dominic Barretto
Maxine Barnes
ARM Corporate Finance Ltd Tel: 020 7512 0191
John Simpson
CHIEF EXECUTIVE'S REPORT
I am pleased to announce on behalf of the Board of Twenty plc that the company
has made its first significant step to achieve its stated ambition of becoming a
customer intelligence centric marketing services group with the acquisition of
Dataforce Holdings Limited on the 5th April 2006.
Dataforce Holdings Limited was acquired for a total consideration of #10.5m, of
which #9.9m was paid in cash, the remainder being paid in consideration shares.
#8.9m (before expenses) was raised by way of a placing. Twenty moved from Ofex
to the AIM market simultaneously with this transaction, placing 41,790,000 new
shares.
The Dataforce Management team, led by Managing Director Andy Lee and Finance
Director Grant Newton, remained with the business and joined the Twenty Board.
They converted 50% of their share options into new equity in Twenty as a mark of
their commitment to building the Twenty group.
Dataforce provides Twenty with a business from which it can build a data
focussed multi channel marketing services group. Dataforce's operating divisions
provide sixty clients with customer relationship management (CRM) solutions,
analytical data services, contact centres, database services, campaign support
services and marketing fulfilment services.
Because of the proximity to our interim results which will be announced shortly,
we are not providing a trading statement at this time.
Twenty Plc
Profit and Loss Account
For the period ended 31 December 2005
2005
Notes #
Administrative expenses (52,752)
-------
Operating loss 2 (52,752)
Other interest receivable and similar income 6,238
-------
Loss on ordinary activities before taxation (46,514)
Taxation 4 -
-------
Loss on ordinary activities after taxation 8 (46,514)
-------
Basic earnings per share 9 (1.52)p
-------
The profit and loss account has been prepared on the basis that all
operations are continuing operations.
There are no recognised gains and losses other than those passing
through the profit and loss account.
Twenty Plc
Balance Sheet
As at 31 December 2005
2005
Notes # #
Current Assets
Debtors 5 12,264
Cash at bank and in hand 408,269
-------
420,533
Creditors: Amounts falling due within one 6 (29,031)
year
-------
Net Assets 391,502
-------
Capital and Reserves
Called up share capital 7 340,000
Share premium account 8 98,016
Profit and loss account 8 (46,514)
-------
Shareholders' Funds - Equity Interests 391,502
-------
Twenty Plc
Cash Flow Statement
For the period ended 31 December 2005
2005
# #
Net Cash Outflow from Operating Activities (Note 1) (35,985)
Returns on Investments and Servicing of Finance
Interest received 6,238
-------
Net Cash Inflow for Returns on Investments and 6,238
Servicing of Finance
-------
Net Cash Outflow before Management of Liquid (29,747)
Resources and Financing
Financing
Issue of ordinary share capital 438,016
-------
Net Cash Inflow from Financing 438,016
-------
Increase in Cash (Note 2) 408,269
-------
Twenty Plc
Notes to the Cashflow Statement
For the period ended 31 December 2005
1 Reconciliation of Operating Loss to Net Cash Outflow from 2005
Operating Activities
#
Operating (loss) (52,752)
Increase in debtors (12,264)
Increase in creditors within one year 29,031
-------
Net Cash Outflow from Operating Activities (35,985)
-------
2 Reconciliation of Net Cash Flow to Movement in Net Funds 2005
(Note 3)
#
Increase in cash in the period 408,269
-------
Movement in net funds in the period 408,269
Opening net debt -
-------
Closing net funds 408,269
-------
3 Analysis of Net Funds 13 May Cash Other 31 December
2005 flow non-cash 2005
changes
# # # #
Net cash:
Cash at bank and in hand - 408,269 - 408,269
------- ------- ------- -------
Net funds - 408,269 - 408,269
------- ------- ------- -------
Twenty Plc
Notes to the Financial Statements
For the Period ended 31 December 2005
1 Accounting Policies
a) Accounting basis and standards
The financial statements have been prepared under the historical cost
convention.
b) Compliance with accounting standards
The financial statements are prepared in accordance with applicable
accounting standards.
c) Deferred taxation
Deferred taxation is accounted for under the liability method in respect
of the taxation effects of all timing differences which are expected to
reverse in the future, calculated at the rate at which it is estimated
that tax will be payable. Deferred tax is not discounted.
2 Operating Loss 2005
#
Operating loss is stated after charging:
Auditors' remuneration 3,000
-------
An additional #5,000 was paid to the auditors during the period in
respect of the Company's admission to Ofex. This fee has been written
off against the share premium account.
3 Employee Information
There were no employees during the period apart from the directors, who
received no remuneration.
4 Taxation
No liability to UK corporation tax arose on ordinary activities for the
period ended 31 December 2005.
Factors affecting the tax charge for the period
Loss on ordinary activities before taxation (46,514)
-------
Loss on ordinary activities before taxation multiplied by (8,838)
standard rate of UK corporation tax of 19.00%
-------
Effects of:
Non deductible expenses 359
Tax losses carried forward 8,479
-------
8,838
-------
Current tax charge -
-------
The company has estimated losses of # 44,625 available for carry
forward against future trading profits.
At the period end there is a theoretical deferred tax asset of #8,479
resulting from the losses during the period. This asset is not being
recognised as the timing of its recovery is uncertain.
Twenty Plc
Notes to the Financial Statements
For the Period ended 31 December 2005 (continued)
5 Debtors 2005
#
Other debtors 12,264
-------
6 Creditors: Amounts Falling Due Within One Year 2005
#
Trade creditors 16,834
Accruals and deferred income 12,197
-------
29,031
-------
7 Share Capital 2005
#
Authorised
10,000,000 Ordinary shares of 10p each 1,000,000
-------
Allotted, called up and fully paid
3,400,000 Ordinary shares of 10p each 340,000
-------
On incorporation 2 ordinary shares of #0.01 each were issued, one each to
Ian Lancaster and Martin Clarke.
On 3 June 2005, 2,999,998 shares of #0.01 each were issued to the 4
directors at a premium of #0.09 per share. On 8 June 2005 a special
resolution was passed to issue 9 bonus shares for every 1 share in issue.
Following this, another special resolution was passed to consolidate
every 10 issued and unissued #0.01 shares into 1 share of #0.10. The net
effect of the above resolutions was to change the issued share capital
from #30,000 to #300,000 and to change the par value of the ordinary
shares from #0.01 to #0.10 each.
On 18 June 400,000 shares were issued at a premium of #0.40 through a
placing on Ofex. Costs associated with this share issue amounted to
#63,483.
8 Shareholders' funds
2005 Share Share Profit and Total
capital premium loss
account account
# # # #
Retained loss for - - (46,514) (46,514)
the period
Increase in share 340,000 - - 340,000
capital
Premium on shares - 160,000 - 160,000
issued during the
period
Charges on share - (61,984) - (61,984)
premium account
------- ------- ------- -------
Balance at 31 340,000 98,016 (46,514) 391,502
December 2005
------- ------- ------- -------
Twenty Plc
Notes to the Financial Statements
For the Period ended 31 December 2005 (continued)
9 Earnings Per Share
The basic earnings per share is based on the loss after tax of
#46,514 and the weighted average number of ordinary shares in issue
during the period 3,054,701.
No fully diluted earnings per share figure is presented as there are
no dilutive elements in existence at present.
10 Capital Commitments
There were no capital commitments contracted for but not provided for
at the balance sheet date.
11 Transactions with Directors
During the period the company was charged #3,500 by Mr Ian Lancaster,
a director, for the rental of office space in his house. At the year
end #1,500 was owing to Mr Ian Lancaster.
12 Financial Instruments
The only financial instruments at the balance sheet date are the bank
balances.
The company is not currently exposed to foreign currency or liquidity
risk at the balance sheet date.
13 Post Balance Sheet Events
On 5 April 2006, the company acquired Dataforce Holdings Limited for
a consideration of #10.5m, payable partly in cash and partly in
shares, and subject to adjustment in the light of the completion
accounts; such adjustments are not expected to be material. This
follows a successful fundraising, and the company's shares were
admitted to trading on AIM on the same day.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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