TIDMPMA
RNS Number : 9225O
Premier Management Holdings PLC
06 July 2010
For immediate release on 6 July 2010
PREMIER MANAGEMENT HOLDINGS PLC
Preliminary results for the year ended 31 January 2010
Premier Management Holdings plc ('the Company') the AIM listed football agency
presents its preliminary results for the 12 months ended 31 January 2010.
Key points
· Turnover of GBP49,632, (2009:GBP100,179)
· Profit before tax of GBP44,945, (2009:loss before tax of GBP6,282)
Contact details:
Premier Management Holdings plc 07768 948 928
Barry Gold
Brewin Dolphin 0845 213 4729
Mark Brady
+----------+---------------------------+----+----+---------+------------+-+
| CHAIRMAN'S REPORT |
+-------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------+
| | All of the turnover for the year to 31 January 2010 | |
| | occurred in the last six months which was sufficient to | |
| | turn the year as a whole into profitability. | |
+----------+------------------------------------------------------------+-+
| | | | | | | |
+----------+---------------------------+----+----+---------+------------+-+
| | The operating profit of GBP44,944 (2009 - loss: GBP6,492) | |
| | was achieved on a turnover of GBP49,632 (2008 - | |
| | GBP100,179). | |
+----------+------------------------------------------------------------+-+
| | | | | | | |
+----------+---------------------------+----+----+---------+------------+-+
| | The improvement in the second half of the year has | |
| | continued into the current financial year. Trading has | |
| | remained brisk, and hopefully will continue to grow during | |
| | the summer transfer window. | |
+----------+------------------------------------------------------------+-+
| | | | | | | |
+----------+---------------------------+----+----+---------+------------+-+
| | Regretfully, as announced, the transaction with Trading | |
| | Sports Limited did not finalise, so I am continuing to | |
| | look on two fronts. Either to find a suitable reverse or | |
| | to bolt on suitable complementary businesses or personnel. | |
+----------+------------------------------------------------------------+-+
| | | | | | | |
+----------+---------------------------+----+----+---------+------------+-+
| | Our advisors continue to be helpful and supportive as does | |
| | Gerry Desler, all of whose efforts are not always fully | |
| | reflected in their rewards. | |
+----------+------------------------------------------------------------+-+
| | | | | | | |
+----------+---------------------------+----+----+---------+------------+-+
| | Barry Gold | |
+----------+------------------------------------------------------------+-+
| | Chairman | |
+----------+------------------------------------------------------------+-+
| | | | | | | |
+----------+---------------------------+----+----+---------+------------+-+
| | 6 July 2010 | |
+----------+---------------------------+----+----+---------+------------+-+
+------------------------+-----+--------+----------+--------+----------+-+
| INCOME STATEMENT |
+------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------+
| FOR THE YEAR ENDED 31 JANUARY 2010 |
+------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------+
| | | | 2010 | | 2009 | |
+------------------------+-----+--------+----------+--------+----------+-+
| | | | GBP | | GBP | |
+------------------------+-----+--------+----------+--------+----------+-+
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| Revenue | | | 49,632 | | 100,179 | |
+------------------------+-----+--------+----------+--------+----------+-+
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| Cost of sales | (13,500) | | (46,582) | |
+---------------------------------------+----------+--------+----------+-+
| | | | ------- | | ------- | |
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| Gross profit | 36,132 | | 53,597 | |
+---------------------------------------+----------+--------+----------+-+
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| Administrative expenses | 8,812 | | (60,089) | |
+---------------------------------------+----------+--------+----------+-+
| | | | ------- | | ------- | |
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| Operating | | | 44,944 | | (6,492) | |
| profit/(loss) | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| Finance income | | | 1 | | 210 | |
+------------------------+-----+--------+----------+--------+----------+-+
| | | | ------- | | ------- | |
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| Profit/(loss) before | | | 44,945 | | (6,282) | |
| income taxation | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| Income tax expense | | | - | | (98) | |
+------------------------+-----+--------+----------+--------+----------+-+
| | | | ------- | | ------- | |
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| Profit/(loss) for the | | | 44,945 | | (6,380) | |
| year attributable to | | | | | | |
| shareholders | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| | | | ------- | | ------- | |
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| Earnings/(loss) per share | Pence | | Pence | |
+---------------------------------------+----------+--------+----------+-+
| Basic and diluted | | | 0.04 | | (0.01) | |
| earnings/(loss) per | | | | | | |
| share | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| | | | ------- | | ------- | |
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
| All amounts relate to continuing operations. | |
+----------------------------------------------------------------------+-+
| | | | | | | |
+------------------------+-----+--------+----------+--------+----------+-+
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| BALANCE SHEET |
+------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------+
| AS AT 31 JANUARY 2010 |
+------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------+
| | | | | | 2010 | | 2009 | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| | | | | | GBP | | GBP | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| ASSETS | |
+----------------------------------------------------------------------------+-+
| Current assets | |
+----------------------------------------------------------------------------+-+
| Trade and other | | | 126,216 | | 47,881 | |
| receivables | | | | | | |
+------------------------+-----+--------+-------------+--------+-------------+-+
| Cash and cash | | | 2,037 | | 25,272 | |
| equivalents | | | | | | |
+------------------------+-----+--------+-------------+--------+-------------+-+
| | | | | | --------- | | --------- | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| Total assets | 128,253 | | 73,153 | |
+---------------------------------------+-------------+--------+-------------+-+
| | | | | | --------- | | --------- | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| LIABILITIES | |
+----------------------------------------------------------------------------+-+
| Current liabilities | |
+----------------------------------------------------------------------------+-+
| Trade and other | | | (75,407) | | (58,222) | |
| payables | | | | | | |
+------------------------+-----+--------+-------------+--------+-------------+-+
| Borrowings | | | (140,000) | | (140,000) | |
+------------------------+-----+--------+-------------+--------+-------------+-+
| | | | | | --------- | | --------- | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| | (215,407) | | (198,222) | |
+---------------------------------------+-------------+--------+-------------+-+
| Non current liabilities | |
+----------------------------------------------------------------------------+-+
| Borrowings | | | (1,487,001) | | (1,499,501) | |
+------------------------+-----+--------+-------------+--------+-------------+-+
| | | | | | --------- | | --------- | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| Total liabilities | (1,706,408) | | (1,697,723) | |
+---------------------------------------+-------------+--------+-------------+-+
| | | | | | --------- | | --------- | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| | | | | | | | | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| Net liabilities | (1,574,155) | | (1,624,570) | |
+---------------------------------------+-------------+--------+-------------+-+
| | | | | | --------- | | --------- | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| | | | | | | | | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| EQUITY | |
+----------------------------------------------------------------------------+-+
| Share capital | | | 1,047,180 | | 1,047,180 | |
+------------------------+-----+--------+-------------+--------+-------------+-+
| Share premium account | 2,649,906 | | 2,649,906 | |
+---------------------------------------+-------------+--------+-------------+-+
| Other reserves | 43,333 | | 43,333 | |
+---------------------------------------+-------------+--------+-------------+-+
| Profit and loss account | (5,314,574) | | (5,364,989) | |
+---------------------------------------+-------------+--------+-------------+-+
| | | | | | --------- | | --------- | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| Total shareholders' equity | (1,574,155) | | (1,624,570) | |
+---------------------------------------+-------------+--------+-------------+-+
| | | | | | --------- | | --------- | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
| | | | | | | | | |
+--+--+------------------+-----+--------+-------------+--------+-------------+-+
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
| STATEMENT OF CHANGES IN EQUITY |
+-------------------------------------------------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------------------------------------------------+
| FOR THE YEAR ENDED 31 JANUARY 2010 |
+-------------------------------------------------------------------------------------------------------------------+
| |
+-------------------------------------------------------------------------------------------------------------------+
| | | | | | | | | |
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
| | | | Share | Share | Retained | Capital | Total | |
| | | | capital | premium | earnings | redemption | | |
| | | | | | | reserve | | |
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
| | | | GBP | GBP | GBP | GBP | GBP | |
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
| | | | | | | | | |
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
| Balance at 1 February | | | 1,027,180 | 2,659,906 | (5,362,046) | 43,333 | (1,631,627) | |
| 2008 | | | | | | | | |
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
| Loss for the financial year | - | - | (6,380) | - | (6,380) | |
+----------------------------------------------+------------+------------+-------------+------------+-------------+-+
| Conversion of loan stock into ordinary | 20,000 | (10,000) | - | - | 10,000 | |
| shares | | | | | | |
+----------------------------------------------+------------+------------+-------------+------------+-------------+-+
| Equity-settled share-based payments | - | - | 3,437 | - | 3,437 | |
+----------------------------------------------+------------+------------+-------------+------------+-------------+-+
| | | | -------- | -------- | -------- | -------- | -------- | |
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
| Balance at 31 January 2009 | 1,047,180 | 2,649,906 | (5,364,989) | 43,333 | (1,624,570) | |
+----------------------------------------------+------------+------------+-------------+------------+-------------+-+
| | | | -------- | -------- | -------- | -------- | -------- | |
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
| Profit for the financial year | - | - | 44,945 | - | 44,945 | |
+----------------------------------------------+------------+------------+-------------+------------+-------------+-+
| | | | -------- | -------- | -------- | -------- | -------- | |
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
| Total recognised income and expense | - | - | 44,945 | - | 44,945 | |
+----------------------------------------------+------------+------------+-------------+------------+-------------+-+
| Equity-settled share-based payments | - | - | 5,470 | - | 5,470 | |
+----------------------------------------------+------------+------------+-------------+------------+-------------+-+
| | | | -------- | -------- | -------- | -------- | -------- | |
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
| Balance at 31 January 2010 | 1,047,180 | 2,649,906 | (5,314,574) | 43,333 | (1,574,155) | |
+----------------------------------------------+------------+------------+-------------+------------+-------------+-+
| | | | ------- | ------- | -------- | ------- | -------- | |
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
| | | | | | | | | |
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
| | | | | | | | | |
+------------------------+----------+----------+------------+------------+-------------+------------+-------------+-+
+------------------------+-----+----------+----------+----------+----------+-+
| CASH FLOW STATEMENT |
+----------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------+
| FOR THE YEAR ENDED 31 JANUARY 2010 |
+----------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------+
| | | | 2010 | | 2009 | |
+------------------------+-----+----------+----------+----------+----------+-+
| | | GBP | GBP | GBP | GBP | |
+------------------------+-----+----------+----------+----------+----------+-+
| | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| Cash flows from operating activities | |
+--------------------------------------------------------------------------+-+
| Operating loss | 44,944 | | (6,492) | |
+-----------------------------------------+----------+----------+----------+-+
| (Increase)/decrease in trade and | (78,335) | | 103,684 | |
| other receivables | | | | |
+-----------------------------------------+----------+----------+----------+-+
| Increase/(decrease) in trade and | 17,185 | | (94,769) | |
| other payables | | | | |
+-----------------------------------------+----------+----------+----------+-+
| Equity-settled share based payments | 5,470 | | 3,437 | |
| and employee benefits | | | | |
+-----------------------------------------+----------+----------+----------+-+
| Taxes paid | - | | (98) | |
+-----------------------------------------+----------+----------+----------+-+
| | | | ------- | | ------- | |
| | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| Net cash (used in)/generated from | (10,736) | | 5,762 | |
| operating activities | | | | |
+-----------------------------------------+----------+----------+----------+-+
| Investing activities | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| Finance income | 1 | | 210 | | |
+------------------------------+----------+----------+----------+----------+-+
| | | ------- | | ------- | | |
| | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| Net cash generated | | | 1 | | 210 | |
| from investing | | | | | | |
| activities | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| Financing activities | |
+--------------------------------------------------------------------------+-+
| Repayment of debenture loans | (12,500) | | (12,500) | | |
+------------------------------+----------+----------+----------+----------+-+
| | | ------- | | ------- | | |
| | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| Net cash used in | | | (12,500) | | (12,500) | |
| financing activities | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| | | | ------- | | ------- | |
| | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| Net | | | (23,235) | | (6,528) | |
| (decrease)/increase in | | | | | | |
| cash and cash | | | | | | |
| equivalents | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| Cash and cash | | | 25,272 | | 31,800 | |
| equivalents at | | | | | | |
| beginning of the year | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| | | | ------- | | ------- | |
| | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| Cash and cash equivalents at end of | 2,037 | | 25,272 | |
| the year | | | | |
+-----------------------------------------+----------+----------+----------+-+
| | | | ------- | | ------- | |
| | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
| | | | | | | |
+------------------------+-----+----------+----------+----------+----------+-+
NOTES:
FOR THE YEAR ENDED 31 JANUARY 2010
+---+--------+--------+--------+--------+--------+----------+--------+
| 1 | Basis of preparation |
+---+----------------------------------------------------------------+
| | The financial statements have been prepared in accordance with |
| | International Financial Reporting Standards as adopted by the |
| | European Union, (IFRSs) and IFRIC Interpretations issued by |
| | the International Accounting Standards Board (IASB) as adopted |
| | by the European Union and with those parts of the Companies |
| | Act 2006 applicable to companies reporting under IFRS. |
+---+----------------------------------------------------------------+
| | | | | | | | |
+---+--------+--------+--------+--------+--------+----------+--------+
| 2 | Going concern |
+---+----------------------------------------------------------------+
| | At the balance sheet date, the company has a deficit on its |
| | profit and loss account amounting to GBP5,314,574 and it has |
| | net liabilities of GBP1,574,155. The nature of the company's |
| | business is such that there can be considerable unpredictable |
| | variation in the timing of cash inflows. The directors have |
| | prepared projected cash flow information for the period ending |
| | 12 months from the date of their approval of these financial |
| | statements. On this basis, the directors consider it |
| | appropriate to prepare the financial statements on the going |
| | concern basis. The financial statements do not include any |
| | adjustments that would result should the company no longer be |
| | a going concern. |
+---+----------------------------------------------------------------+
| | |
+---+----------------------------------------------------------------+
| 3 | Group accounts |
+---+----------------------------------------------------------------+
| | The financial statements present information about the company |
| | as an individual undertaking and not about its group. The |
| | company's subsidiary undertaking was dormant throughout the |
| | year. The company has therefore taken advantage of the |
| | exemptions provided by Section 405 of the Companies Act 2006 |
| | not to prepare group financial statements on the basis that |
| | the results and net assets of the subsidiary undertaking are |
| | not material for the purposes of the company's financial |
| | statements giving a true and fair view. Details of the |
| | subsidiary undertaking is disclosed in note 7. |
+---+----------------------------------------------------------------+
| | | | | | | | |
+---+--------+--------+--------+--------+--------+----------+--------+
| 4 | Sources of estimation uncertainty |
+---+----------------------------------------------------------------+
| | The preparation of the financial information in conformity |
| | with IFRS requires the use of certain critical accounting |
| | estimates that affect the reported amounts of assets and |
| | liabilities at the date of the financial information and the |
| | reported amounts of revenue and expenses during the reporting |
| | period. Although these estimates are based on management's |
| | best knowledge of the amounts, events or actions, actual |
| | results ultimately may differ from these estimates. |
| | |
| | The estimates and underlying assumptions are reviewed on an |
| | ongoing basis. Revisions to accounting estimates are |
| | recognised in the period in which the estimate is revised. |
| | |
| | Material estimates and assumptions are made in particular with |
| | regard to: |
| | - the carrying value of investments; |
| | - the likelihood that tax assets would be realised; and |
| | - the valuation of equity-settled share-based payments. |
+---+----------------------------------------------------------------+
| | |
+---+----------------------------------------------------------------+
| 5 | Statutory accounts |
+---+----------------------------------------------------------------+
| | The preliminary financial statement has been prepared on the |
| | basis of the Group's normal accounting policies but does not |
| | constitute statutory accounts. The Group's Annual Report and |
| | Accounts for the year ended 31 January 2010 have been |
| | published and have been placed on the Company's website |
| | www.premiermgt.info . |
+---+--------+--------+--------+--------+--------+----------+--------+
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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