Final Results
21 Setembro 2005 - 4:01AM
UK Regulatory
For immediate release
21 September 2005
PNC Telecom PLC (the "Company")
Further trading update
In the six week period ended 16 September 2005, the Company's un-audited
management accounts show that sales amounted to �4,628,849 which generated
gross profit in excess of �160,000. The Directors estimate that administrative
expenses of the Company currently run at around �17,000 per month (including
Directors' remuneration which has now commenced).
The Board continues to recover monies which it believes were inappropriate
expenditure; a further �33,000 was received on 19 September 2005.
CHAIRMAN'S STATEMENT
Audited results for the year ended 31 March 2005
FINANCIAL RESULTS
The audited financial results for the year ended 31 March 2005 revealed an
operating loss of �458,000. The basic loss per share is 0.95p.
CHAIRMAN'S STATEMENT
Further to the publication of the audited accounts and my Chairmans statement
released on 6th June 2005, I am pleased to announce that the Company has now
profitably re-established its wholesale, distribution and trade finance
business in the telecoms TV, Video and DVD fields
The Company has raised �620,000 by way of two convertible loans which have
provided the much needed working capital.
The Directors now believe that the Company is in good shape to trade for the
year 2005/06.
L E V KNIFTON
Chairman
PNC Telecom PLC
Profit & Loss Account
for the year ended 31 March 2005
Audited Audited
year ended year ended
31 March 31 March
2005 2004
Note �'000 �'000
Turnover - -
Administration Expenses (465) (710)
____ ____
Operating Loss (465) (710)
Profit on Disposal of - 268
Investments
Other interest receivable and 7 22
similar income
____ ____
Loss on ordinary activities (458) (420)
before taxation
Tax credit on loss on - -
ordinary activities
____ ____
Loss on ordinary activities (458) (420)
after taxation
Dividends - -
____ ____
Retained loss for the period �(458) �(420)
____ ____
Earnings per ordinary share - 2 (0.95p) (0.87p)
basic
____ ____
There were no recognised gains or losses other than those recognised in the
profit and loss account above.
PNC TELECOM PLC
Balance Sheet
as at 31 March 2005
Audited Audited
As at As at
31 March 31 March
2005 2004
Note �'000 �'000
CURRENT ASSETS
Debtors 45 -
Cash at bank and in hand 259 744
____ ____
304 744
Creditors: amounts falling (146) (128)
due within
one year ____ ____
Net current assets 158 616
____ ____
NET ASSETS �158 �616
____ ____
CAPITAL AND RESERVES
Called up share capital 3 2,404 2,404
Share premium account 48,033 48,033
Profit & loss account (50,279) (49,821)
____ ____
Equity Shareholders' Funds �158 �616
____ ____
PNC TELECOM PLC
Cash Flow Statement
for the year ended 31 March 2005
Audited year Audited Year
ended 31 March ended 31
2005 March 2004
Note �'000 �'000
Cash (outflow) from 4 (492) (3,479)
operating activities
Returns on investments and 7 22
servicing of finance
Taxation - 42
Capital expenditure: proceeds - 4,962
from the sale of tangible fixed
assets and investments
Financing:
Hire purchase - (629)
Loan repayment - (150)
____ ____
Cash increase/(decrease) in �(485) �768
the period
____ ____
Reconciliation of net cash flow to movement in net funds
Audited Audited
year ended Year ended
31 March 31 March
2005 2004
Note �'000 �'000
Increase/(decrease) in cash (485) 768
in the period
Cash outflow from decrease in - 779
debt and lease finance
Net funds/(debt) at start of 744 (803)
the period
____ ____
Net funds at end of period �259 �744
____ ____
PNC TELECOM PLC
Reconciliation of movement in Shareholders' Funds
for the year ended 31 March 2005
Audited Audited
year ended Year ended
31 March 31 March
2005 2004
Note �'000 �'000
Retained loss for the period (458) (420)
Opening shareholders' funds 616 1,036
____ ____
Closing shareholders' funds �158 �616
____ ____
PNC TELECOM PLC
NOTES TO THE FINAL REPORT
1. Accounting Policies
Basis of preparation
The report has been prepared using accounting policies consistent with those
set out in the Company's Annual Report and Accounts for the year ended 31 March
2005.
The financial statements and the Annual Report and Accounts for the year ended
31 March 2005 were prepared on a going concern basis.
The report for the year ended 31 March 2005 was approved by the Board on
September 2005.
2. Loss per Share
Year ended Year
31 March ended
2005 31 March
2004
Pence Pence
Earnings per ordinary share - (0.95) (0.87p)
basic
====== ======
Loss per ordinary share is based on the Group's loss for the financial period
of �458,000 (March 2004 - �420,000 ).
The weighted average number of shares used in the calculation is - basic and
diluted 48,084,000 (March 2004 - basic and diluted 48,084,000 )
3. Called up Share Capital
Following a capital reorganisation in January 2005 the issued share capital as
at 31 March 2005 was 48,084,000 ordinary shares of 0.1p. each and 48,084,000
deferred shares of 4.99 each. There has been no allotment since.
PNC TELECOM PLC
NOTES TO THE FINAL REPORT
continued
4. Reconciliation of operating loss to net cash outflow from operating
activities
Audited Audited
year ended Year ended
31 March 31 March
2005 2004
�'000 �'000
Operating loss (458) (442)
Stock - 614
Debtors (45) 4,810
Creditors 11 (7,823)
Provisions for liabilities - (545)
Loss on disposal of fixed - (93)
assets
____ ____
Net cash inflow/(outflow) �(492) �(3,479)
from operating activities
____ ____
5. The information for the year ended 31 March 2004 has been extracted from the
audited accounts for that period which have been delivered to the Registrar of
Companies and received a qualified audit opinion
6. Copies of this statement are available from the Company at its registered
office at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE and are being
posted out to shareholdders.
ENDS
PNC Telecom Plc
Leo Knifton 0207 251 3762
Beaumont Cornish Limited 0207 628 3396
Noelle Greenaway/Roland Cornish
END
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