TIDMWSL
RNS Number : 2677F
Worldsec Ld
20 April 2011
Worldsec Limited
Preliminary Statement of Annual Results
Worldsec Limited is pleased to release today its preliminary
statement of annual results for the year ended 31 December
2010.
The Chairman's Statement and extracts from the audited financial
statements are reproduced below.
Investor Relations
For further information please contact:
In Hong Kong
Mr. Henry Ying Chew CHEONG
Executive Director and Deputy Chairman
+852 2971 4280
CHAIRMAN'S STATEMENT
RESULTS
The audited consolidated loss for the year was US$187,000
compared with a loss of US$300,000 in previous year. Loss per share
was US 1 cent (2009: Loss per share of US 2 cents).
THE YEAR IN REVIEW
For the year ended 31 December 2010, the Group incurred a net
loss of US$187,000. This compares to the net loss of US$300,000 for
the last year. The operating expenses was reduced by US$105,000 as
compared to the last year. At the end of 31 December 2010, Group
shareholders' funds stood at US$1.22 million as compared to US$1.41
million at the end of December 2009.
PROSPECTS
During the year, the Board continued to explore opportunity in
the financial services and other new suitable business.
Shareholders will be informed as soon as the Board has evaluated a
suitable business proposition.
Alastair GUNN-FORBES
Non-Executive Chairman
20 April 2011
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2010
Year ended 31 December
Notes 2010 2009
US$'000 US$'000
Other gain 4 -
Staff costs (24) (33)
Other expenses (167) (267)
----------- -----------
Loss before tax (187) (300)
Income tax expense 3 - -
----------- -----------
Loss for the year (187) (300)
----------- -----------
Total comprehensive income
for the year (187) (300)
----------- -----------
Loss attributable to :
Owners of the Company (187) (300)
=========== ===========
Total comprehensive income
attributable to :
Owners of the Company (187) (300)
=========== ===========
Loss per share - basic and 4 (1) cents (2) cents
diluted
=========== ===========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 DECEMBER 2010
Notes 2010 2009
US$'000 US$'000
Current assets
Cash and bank balances 1,482 1,687
Current liabilities
Other payables and accruals (264) (282)
------- -------
Net current assets 1,218 1,405
------- -------
Net assets 1,218 1,405
======= =======
Capital and reserves
Share capital 5 13 13
Contributed surplus 9,646 9,646
Special reserve 625 625
Accumulated losses (9,066) (8,879)
------- -------
Total equity 1,218 1,405
======= =======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2010
Share Contributed Special Accumulated
capital surplus reserve losses Total
US$'000 US$'000 US$'000 US$'000 US$'000
Balance as at
1 January 2009 13 9,646 625 (8,579) 1,705
Loss for the
year and total
comprehensive
income for the
year - - - (300) (300)
--------- ------------- --------- ------------- ---------
Balance as at
1 January 2010 13 9,646 625 (8,879) 1,405
Loss for the
year and total
comprehensive
income for the
year - - - (187) (187)
--------- ------------- --------- ------------- ---------
Balance as at
31 December
2010 13 9,646 625 (9,066) 1,218
========= ============= ========= ============= =========
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2010
Year ended 31 December
2010 2009
US$'000 US$'000
Cash flows from operating activities
Loss for the year (187) (300)
(187) (300)
Movements in working capital
(Decrease) in other payables and
accruals (18) (58)
Net cash used in operating activities (205) (358)
----------- -----------
Net decrease in cash and cash
equivalents (205) (358)
Cash and cash equivalents as at
1 January 1,687 2,045
----------- -----------
Cash and cash equivalents as at
31 December 1,482 1,687
=========== ===========
NOTES TO THE PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2010
1. Application OF NEW AND REVISED INTERNATIONAL FINANCIAL
REPORTING STANDARDS (IFRSs)
1.1 New and revised IFRSs applied with no material effect on the
consolidated financial statements
The following new and revised IFRSs have also been adopted in
these consolidated financial statements. The application of these
new and revised IFRSs has not had any material impact on the
amounts reported for the current and prior years but may affect the
accounting for future transactions or arrangements.
IFRS 3 (revised in IFRS 3(2008) has been applied
2008) Business Combinations in the current year prospectively
to business combinations for
which the acquisition date
is on or after 1 January 2010
in accordance with the relevant
transitional provisions.
IFRS 3(2008) allows a choice
on a transaction-by-transaction
basis for the measurement of
non-controlling interests at
the date of acquisition (previously
referred to as 'minority' interests)
either at fair value or at
the non-controlling interests'
share of recognised identifiable
net assets of the acquiree.
IFRS 3(2008) changes the recognition
and subsequent accounting requirements
for contingent consideration.
Previously, contingent consideration
was recognised at the acquisition
date only if payment of the
contingent consideration was
probable and it could be measured
reliably; any subsequent adjustments
to the contingent consideration
were always made against the
cost of the acquisition. Under
the revised Standard, contingent
consideration is measured at
fair value at the acquisition
date; subsequent adjustments
to the consideration are recognised
against the cost of the acquisition
only to the extent that they
arise from new information
obtained within the measurement
period (a maximum of 12 months
from the acquisition date)
about the fair value at the
date of acquisition. All other
subsequent adjustments to contingent
consideration classified as
an asset or a liability are
recognised in profit or loss.
IFRS 3(2008) requires the recognition
of a settlement gain or loss
when the business combination
in effect settles a pre-existing
relationship between the Group
and the acquiree.
IFRS 3 (revised in IFRS 3(2008) requires
2008) Business Combinations acquisition-related costs to be
(continued) accounted for separately from the
business combination, generally leading
to those costs being recognised as an
expense in profit or loss as incurred,
whereas previously they were accounted
for as part of the cost of the
acquisition.
IAS 27 (revised in The application of IAS 27(2008) has
2008) Consolidated resulted in changes in the Group's
and Separate Financial accounting policies for changes in
Statements ownership interests in subsidiaries.
Specifically, the revised Standard has
affected the Group's accounting policies
regarding changes in ownership interests
in its subsidiaries that do not result
in loss of control. In prior years, in
the absence of specific requirements in
IFRSs, increases in interests in
existing subsidiaries were treated in
the same manner as the acquisition of
subsidiaries, with goodwill or a bargain
purchase gain being recognised, when
appropriate; for decreases in interests
in existing subsidiaries that did not
involve a loss of control, the
difference between the consideration
received and the adjustment to the
non-controlling interests was recognised
in profit or loss. Under IAS 27(2008),
all such increases or decreases are
dealt with in equity, with no impact on
goodwill or profit or loss. When control
of a subsidiary is lost as a result of a
transaction, event or other
circumstance, the revised Standard
requires the Group to derecognise all
assets, liabilities and non-controlling
interests at their carrying amount and
to recognise the fair value of the
consideration received. Any retained
interest in the former subsidiary is
recognised at its fair value at the date
control is lost. The resulting
difference is recognised as a gain or
loss in profit or loss. These changes in
accounting policies have been applied
prospectively from 1 January 2010 in
accordance with the relevant
transitional provisions.
IAS 28 (revised in The principle adopted under
2008) Investments IAS 27(2008) (see above) that
in Associates a loss of control is recognised
as a disposal and re-acquisition
of any retained interest at
fair value is extended by consequential
amendments to IAS 28. Therefore,
when significant influence
over an associate is lost,
the investor measures any investment
retained in the former associate
at fair value, with any consequential
gain or loss recognised in
profit or loss.
Amendments to IFRS The amendments provide two
1 First-time Adoption exemptions when adopting IFRSs
of International for the first time relating
Financial Reporting to oil and gas assets, and
Standards - Additional the determination as to whether
Exemptions for First-time an arrangement contains a lease.
Adopters
Amendments to IFRS The amendments clarify the
2 Share-based Payment scope of IFRS 2, as well as
- Group Cash-settled the accounting for group cash-settled
Share-based Payment share-based payment transactions
Transactions in the separate (or individual)
financial statements of an
entity receiving the goods
or services when another group
entity or shareholder has the
obligation to settle the award.
Amendments to IFRS The amendments clarify that
5 Non-current Assets all the assets and liabilities
Held for Sale and of a subsidiary should be classified
Discontinued Operations as held for sale when the Group
(as part of Improvements is committed to a sale plan
to IFRSs issued in involving loss of control of
2008) that subsidiary, regardless
of whether the Group will retain
a non-controlling interest
in the subsidiary after the
sale.
Amendments to IAS The amendments provide clarification
39 Financial Instruments: on two aspects of hedge accounting:
Recognition and Measurement identifying inflation as a
- Eligible Hedged hedged risk or portion, and
Items hedging with options.
IFRIC 17 Distributions The Interpretation provides
of Non-cash Assets guidance on the appropriate
to Owners accounting treatment when an
entity distributes assets other
than cash as dividends to its
shareholders.
IFRIC 18 Transfers The Interpretation addresses
of Assets from Customers the accounting by recipients
for transfers of property,
plant and equipment from 'customers'
and concludes that when the
item of property, plant and
equipment transferred meets
the definition of an asset
from the perspective of the
recipient, the recipient should
recognise the asset at its
fair value on the date of the
transfer, with the credit being
recognised as revenue in accordance
with IAS 18 Revenue.
Improvements to IFRSs The application of Improvements
issued in 2009 to IFRSs issued in 2009 has
not had any material effect
on amounts reported in the
consolidated financial statements.
1.2 New and revised IFRSs in issue but not yet effective
The Group has not applied the following new and revised IFRSs
that have been issued but are not yet effective:
Amendments to IFRSs Improvements to IFRSs issued
in 2010(1)
Amendments to IFRS Limited Exemption from Comparative
1 IFRS 7 Disclosures for First-time
Adopters(2)
Amendments to IFRS Disclosures - Transfers of
7 Financial Assets(3)
IFRS 9 (as amended Financial Instruments(4)
in 2010)
Amendments to IAS Deferred Tax: Recovery of Underlying
12 Assets(7)
IAS 24 (revised in Related Party Disclosures(5)
2009)
Amendments to IAS Classification of Rights Issues(6)
32
Amendments to IFRIC Prepayments of a Minimum Funding
14 Requirement(4)
IFRIC 19 Extinguishing Financial Liabilities
with Equity
Instruments(2)
(1 ) Effective for annual periods beginning on or after 1 July
2010 and 1 January 2011, as appropriate
(2 ) Effective for annual periods beginning on or after 1 July
2010.
(3 ) Effective for annual periods beginning on or after 1 July
2011.
(4 ) Effective for annual periods beginning on or after 1
January 2013.
(5 ) Effective for annual periods beginning on or after 1
January 2011.
(6 ) Effective for annual periods beginning on or after 1
February 2010.
(7 ) Effective for annual periods beginning on or after 1
January 2012.
IFRS 9 Financial Instruments issued in November 2009 and amended
in October 2010 introduces new requirements for the classification
and measurement of financial assets and financial liabilities and
for derecognition.
IFRS 9 requires all recognised financial assets that are within
the scope of IAS 39 Financial Instruments: Recognition and
Measurement to be subsequently measured at amortised cost or fair
value. Specifically, debt investments that are held within a
business model whose objective is to collect the contractual cash
flows, and that have contractual cash flows that are solely
payments of principal and interest on the principal outstanding are
generally measured at amortised cost at the end of subsequent
accounting periods. All other debt investments and equity
investments are measured at their fair values at the end of
subsequent accounting periods.
The most significant effect of IFRS 9 regarding the
classification and measurement of financial liabilities relates to
the accounting for changes in fair value of a financial liability
(designated as at fair value through profit or loss) attributable
to changes in the credit risk of that liability. Specifically,
under IFRS 9, for financial liabilities that are designated as at
fair value through profit or loss, the amount of change in the fair
value of the financial liability that is attributable to changes in
the credit risk of that liability is recognised in other
comprehensive income, unless the recognition of the effects of
changes in the liability's credit risk in other comprehensive
income would create or enlarge an accounting mismatch in profit or
loss. Changes in fair value attributable to a financial liability's
credit risk are not subsequently reclassified to profit or loss.
Previously, under IAS 39, the entire amount of the change in the
fair value of the financial liability designated as at fair value
through profit or loss was recognised in profit or loss.
IFRS 9 is effective for annual periods beginning on or after 1
January 2013, with earlier application permitted.
The directors anticipate that IFRS 9 that will be adopted in the
Group's consolidated financial statements for the annual period
beginning 1 January 2013 and that the application of the new
Standard will have no significant impact on amounts reported in
respect of the Groups' financial assets and financial
liabilities.
The amendments to IFRS 7 titled Disclosures - Transfers of
Financial Assets increase the disclosure requirements for
transactions involving transfers of financial assets. These
amendments are intended to provide greater transparency around risk
exposures when a financial asset is transferred but the transferor
retains some level of continuing exposure in the asset. The
amendments also require disclosures where transfers of financial
assets are not evenly distributed throughout the period.
The directors do not anticipate that these amendments to IFRS 7
will have a significant effect on the Group's disclosures. However,
if the Group enters into any transactions involving transfers of
financial assets in the future, disclosures regarding those
transfers may be affected.
The amendments to IAS 12 titled Deferred Tax: Recovery of
Underlying Assets mainly deal with the measurement of deferred tax
for investment properties that are measured using the fair value
model in accordance with IAS 40 Investment Property. Based on the
amendments, for the purposes of measuring deferred tax liabilities
and deferred tax assets for investment properties measured using
the fair value model, the carrying amounts of the investment
properties are presumed to be recovered through sale, unless the
presumption is rebutted in certain circumstances. The directors
anticipate that the amendments to IAS 12 will have no impact on the
consolidated financial statements.
IAS 24 Related Party Disclosures (as revised in 2009) modifies
the definition of a related party and simplifies disclosures for
government-related entities.
The disclosure exemptions introduced in IAS 24 (as revised in
2009) do not affect the Group because the Group is not a
government-related entity. However, disclosures regarding related
party transactions and balances in these consolidated financial
statements may be affected when the revised version of the Standard
is applied in future accounting periods because some counterparties
that did not previously meet the definition of a related party may
come within the scope of the Standard.
The amendments to IAS 32 titled Classification of Rights Issues
address the classification of certain rights issues denominated in
a foreign currency as either an equity instrument or as a financial
liability. To date, the Group has not entered into any arrangements
that would fall within the scope of the amendments. However, if the
Group does enter into any rights issues within the scope ofthe
amendments in future accounting periods, the amendments to IAS 32
will have an impact on the classification of those rights
issues.
IFRIC 19 provides guidance regarding the accounting for the
extinguishment of a financial liability by the issue of equity
instruments. To date, the Group has not entered into transactions
of this nature. However, if the Group does enter into any such
transactions in the future, IFRIC 19 will affect the required
accounting. In particular, under IFRIC 19, equity instruments
issued under such arrangements will be measured at their fair
value, and any difference between the carrying amount of the
financial liability extinguished and the fair value of equity
instruments issued will be recognised in profit or loss.
2. SEGMENT Information
No segment analysis is presented for the years ended 31 December
2010and 31 December 2009 as the Group has only maintained a minimum
operation during the years.
3. INCOME TAX EXPENSE
No provision for taxation has been made as the Group did not
generate any assessable profit for UK Corporation Tax, Hong Kong
Profits Tax and tax in other jurisdictions.
The tax charge for the year can be reconciled to the loss before
tax per the consolidated statement of comprehensive income as
follows:
Year ended 31 December
2010 2009
US$'000 US$'000
Loss before tax 187 300
=========== ===========
Loss before tax calculated
at 16.5% (2009:16.5%) 30 49
Tax effect of estimated
tax losses not recognized (30) (49)
Tax charge for the year - -
=========== ===========
No deferred tax has been recognized in the financial statements
as the Group and the Company did not have material temporary
difference arising between the tax bases of assets and liabilities
and their carrying amounts as at 31 December 2010 (2009: Nil).
4. LOSS PER SHARE
The loss and weighted average number of ordinary shares used in
the calculation of basic and diluted lossper share are as
follows.
Year ended 31 December
2010 2009
Loss for the year attributable
to owners of the Company US$187,000 US$300,000
========== ==========
(
)
Weighted average number
of ordinary shares for
the purposes of basic and
diluted loss per share 13,367,290 13,367,290
========== ==========
(
)
Loss per share - basic 1 cents 2 cents
and diluted
========== ==========
5. SHARE CAPITAL
Number
of shares US$
Authorized:
Ordinary shares of US$0.001 each as
at 1 January 2009,
31 December 2009 and 31 December
2010 50,000,000,000 50,000,000
============== ==========
Called up, issued and fully
paid:
Ordinary shares of US$0.001 each as
at 1 January 2009,
31 December 2009 and 31 December
2010 13,367,290 13,367
============== ==========
6. RESERVES
The contributed surplus of the Company represents the amount
arising from the reduction in the nominal value of the authorised
and issued shares of the Company and the reduction in the share
premium account of the Company pursuant to an ordinary resolution
passed on 23 July 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LLFSISLIIFIL
Worldsec Ld (LSE:WSL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Worldsec Ld (LSE:WSL)
Historical Stock Chart
From Jul 2023 to Jul 2024
