Friday 27 June, 2008
Sportswinbet Limited
Final Results
RNS Number : 7171X Sportswinbet Limited 27 June 2008
27 JUNE 2008
PRELIMINARY STATEMENT OF RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2007
Sportswinbet Limited ('SportsWinBet' or the 'Company') has today published its results for the year ended 31 December 2007.
In the year to 31 December 2007, the Group generated revenues of £205,258 (2006:£nil) and recorded a loss of £103,651 (2007: £384,124). As at 31 December 2007 the Group had cash resources of £1,566,608 (2006: £1,488,145).
Mladen Ninkov, Chairman commented as follow:
In the year ended 31 December 2007 the Company generated its first revenue from the trial operation of a Sportswinbet branded sportsbook. Although this trial was terminated it did confirm the market opportunity and helped to identify a number of technical and structural issues which need to be resolved if this venture is to be re-activated. Since the termination of the trial, progress has been made in resolving these issues and work is ongoing with a view to the possibility of re-launching the sportsbook later in the year. Other investment opportunities continue to be assessed in accordance with the Company's stated investment strategy.
Further information
Liam Murray, Nominated Adviser Telephone: +44(0)20 7492 4777
Dowgate Capital Advisers Limited
SportsWinBet Limited
Summarised Consolidated Income Statement
For The Year Ended 31 December 2007
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|
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Year
ended
31 December 2007
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|
Year
ended
31 December 2006
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|
|
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£
|
|
£
|
|
Revenue
|
|
205,258
|
|
-
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|
|
|
|
|
|
|
Administrative expenses
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|
(333,142)
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|
(533,074)
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|
Profit on disposal of property, plant and equipment
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|
-
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|
78,159
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|
Impairment of intangible fixed assets
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(56,100)
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|
-
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|
Operating loss
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|
(183,984)
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|
(454,915)
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|
|
|
|
|
|
|
Finance income
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|
80,333
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|
70,791
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Loss on ordinary activities before taxation
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|
(103,651)
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(384,124)
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|
|
|
|
|
|
|
Income tax expense
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|
-
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|
-
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Loss on ordinary activities after taxation and retained losses carried forward
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(103,651)
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(384,124)
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|
|
|
|
|
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Earnings/(loss) per share
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£(0.002)
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£(0.007)
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SportsWinBet Limited
Summarised Balance SheetsAt 31 December 2007
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Group
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Group
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|
Company
|
Company
|
|
|
|
2007
|
2006
|
|
2007
|
2006
|
|
|
|
£
|
£
|
|
£
|
£
|
|
Non current assets
|
|
|
|
|
|
|
|
Investments
|
|
-
|
-
|
|
3
|
3
|
|
Property, plant and equipment
|
|
-
|
94,439
|
|
-
|
-
|
|
Intangible fixed assets
|
|
-
|
56,100
|
|
-
|
-
|
|
|
|
-
|
150,539
|
|
3
|
3
|
|
Current assets
|
|
|
|
|
|
|
|
Trade and other receivables
|
|
-
|
58,334
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|
318,157
|
312,830
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|
Cash and cash equivalents
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|
1,566,608
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1,488,145
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|
1,245,540
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1,381,238
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|
|
|
1,566,608
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1,546,479
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|
1,563,697
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1,694,068
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Current liabilities
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|
|
|
|
|
|
|
Trade and other payables
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|
(18,087)
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(44,846)
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|
(15,587)
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(42,843)
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|
Net current assets
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|
1,548,521
|
1,501,633
|
|
1,548,110
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1,651,225
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Total net assets
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|
1,548,521
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1,652,172
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|
1,548,113
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1,651,228
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Equity
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|
|
|
|
|
|
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Share premium account
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2,982,826
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2,982,826
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|
2,982,826
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2,982,826
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|
Retained earnings
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(1,434,305)
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(1,330,654)
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(1,434,713)
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(1,331,598)
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Total equity
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|
1,548,521
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1,652,172
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|
1,548,113
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1,651,228
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SportsWinBet Limited
Summarised Cash Flow Statements
For The Year Ended 31 December 2007
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|
Group
|
Group
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Company
|
Company
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|
|
|
2007
|
2006
|
|
2007
|
2006
|
|
|
|
£
|
£
|
|
£
|
£
|
|
Net cash flows from operating activities
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|
|
|
|
|
|
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Loss before taxation
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|
(103,651)
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(384,124)
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|
(103,115)
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(385,068)
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|
Interest received
|
|
(80,333)
|
(70,791)
|
|
(71,421)
|
(67,584)
|
|
Decrease / (increase) in receivables and prepayments
|
|
58,334
|
28,833
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|
(5,327)
|
103,692
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|
(Decrease) / increase in payables
|
|
(26,759)
|
6,455
|
|
(27,256)
|
15,666
|
|
Depreciation
|
|
94,439
|
94,439
|
|
-
|
-
|
|
Profit on disposal of property, plant and equipment
|
|
-
|
(78,159)
|
|
-
|
-
|
|
Provision in respect of Intangibles
|
|
56,100
|
-
|
|
-
|
-
|
|
|
|
(1,870)
|
(403,347)
|
|
(207,119)
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(333,294)
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|
Cash flows from investing activities
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|
|
|
|
|
|
|
Interest received
|
|
80,333
|
70,791
|
|
71,421
|
67,584
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|
Proceeds on disposal of property, plant and equipment
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|
-
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123,502
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|
-
|
-
|
|
Net cash generated by investing activities
|
|
80,333
|
194,293
|
|
71,421
|
67,584
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|
Cash flows from financing activities
|
|
|
|
|
|
|
|
Issue of ordinary share capital
|
|
-
|
-
|
|
-
|
-
|
|
Increase / (decrease) in cash and cash equivalents
|
|
78,463
|
(209,054)
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|
(135,698)
|
(265,710)
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|
Cash and cash equivalents at Beginning of the financial period
|
|
1,488,145
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1,697,199
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|
1,381,238
|
1,646,948
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|
Cash and cash equivalents at end of the financial period
|
|
1,566,608
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1,488,145
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|
1,245,540
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1,381,238
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Cash and cash equivalents consist of:
|
|
|
|
|
|
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Cash at bank and in hand
|
|
1,566,608
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1,488,145
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1,245,540
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1,381,238
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SportsWinBet Limited
Summarised Statement of Changes In Equity
For The Year Ended 31st December 2007
|
|
Group
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Company
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Share Capital
|
Profit and Loss Account
|
Total
|
Share Capital
|
Profit and Loss Account
|
Total
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
At 31st December 2005
|
2,982,826
|
(946,530)
|
2,036,296
|
2,982,826
|
(946,530)
|
2,036,296
|
|
Loss for the period
|
-
|
(384,124)
|
(384,124)
|
-
|
(385,068)
|
(385,068)
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|
Total losses recognised in the period
|
-
|
(384,124)
|
(384,124)
|
-
|
(385,068)
|
(385,068)
|
|
At 31st December 2006
|
2,982,826
|
(1,330,654)
|
1,652,172
|
2,982,826
|
(1,331,598)
|
1,651,228
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|
Loss for the period
|
-
|
(103,651)
|
(103,651)
|
-
|
(103,115)
|
(103,115)
|
|
Total losses recognised in the period
|
-
|
(103,651)
|
(103,651)
|
-
|
(103,115)
|
(103,115)
|
|
At 31st December 2007
|
2,982,826
|
(1,434,305)
|
1,548,521
|
2,982,826
|
(1,434,713)
|
1,548,113
|
Notes:
1. This statement has been prepared using accounting policies and presentation consistent with those applied in the preparation of the statutory accounts of the Company.
2. The summary accounts set out above do not constitute statutory accounts as defined by Section 240 of the UK Companies Act 1985. The summarised balance sheets at 31 December 2007 and the summarised income statement and, summarised cash flow statements and summarised statement of changes in equity for the year then ended have been extracted from the Group’s 2007 statutory financial statements upon which the auditors’ opinion is unqualified. The results for the period ended 31 December 2006 have been extracted from the statutory accounts for that period, which contain an unqualified auditors’ report.
3. The annual report and accounts for 2007 together with the notice of the Annual General Meeting will be sent by post to all registered shareholders.
4. The loss per share has been calculated on the basis of the net loss after taxation of £103,651 (2006 £384,124) and the weighted average number of shares in issue in the period ended 31 December 2007 of 57,056,501 (2006 57,056,501). There are no share purchase options.
This information is provided by RNS
The company news service from the London Stock Exchange END FR SEDFSWSASELM
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