Sperati C.A.: Final Results | Company Announcements

Tuesday 09 February, 2010

Sperati C.A.

Final Results

C.A. Sperati PLC

C. A. SPERATI (THE SPECIAL AGENCY) P.L.C.

PRELIMINARY STATEMENT OF ANNUAL RESULTS

FOR THE 12 MONTH PERIOD ENDED

31 OCTOBER 2009

C. A. SPERATI (THE SPECIAL AGENCY) P.L.C.

MANAGEMENTS' COMMENTARY

FOR THE 12 MONTH PERIOD ENDED 30 OCTOBER 2009

REVIEW OF THE BUSINESS

The better trend signalled at the half year has materialised, and the company is pleased to report a profit of £17,767 before tax and £13,418 after tax for the full year.

Shareholders will recall that the company had suatained a loss of £22,690 at the half year, and your directors are encouraged by the performance in the second half of the year. However, turnover for the full year was £621,907 against £678,446 in the previous year.

Margins have improved a little and savings have been made wherever possible.

Your directors are recommending that the dividend be maintained at 25p per share as the company has a strong balance sheet with ample liquidity.

By order of the board

A. Lilley

Managing Director

9 February 2010

C. A. SPERATI (THE SPECIAL AGENCY) P.L.C.


UNAUDITED PROFIT AND LOSS ACCOUNT

FOR THE PERIOD ENDED 31 OCTOBER 2009

	Year to 31 October 2009		Year to 31 October 2008

	£		£

TURNOVER	621,907		678,446

Cost of Sales	(298,978	)	(340,773	)

Gross Profit	322,929		337,673

Other Operating Expenses	(318,635	)	(376,107	)


OPERATING PROFIT/(LOSS)	4,294		(38,434)

Investment Income	13,473		20,417


PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION	17,767		(18,017)

Taxation	(4,349)		1,179

PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION	13,418		(16,838)
EARNINGS/(LOSS) PER ORDINARY SHARE OF 50p	13.4p		(16.8p)

All activities are continuing.

No separate statement of total recognised gains and losses is presented as all such gains and losses have been dealt with in the profit and loss account.

C. A. SPERATI (THE SPECIAL AGENCY) P.L.C.

UNAUDITED BALANCE SHEET

AS AT 31 OCTOBER 2009


	As at 31 October 2009		As at 31 October 2008

	£		£
FIXED ASSETS

Tangible Assets	66,531		74,369

CURRENT ASSETS

Stocks	238,005		245,114
Debtors	174,020		125,800
Investment	4,099		4,099
Cash at Bank and in Hand	421,814		449,472

	837,938		824,485

CREDITORS:
Amounts falling due within one year	(88,298	)	(70,781	)

NET CURRENT ASSETS	749,640		753,704

TOTAL ASSETS LESS CURRENT LIABILITIES	816,171		828,073

PROVISION FOR LIABILITIES AND CHARGES	(691	)	(1,011	)

NET ASSETS	815,480		827,062

CAPITAL AND RESERVES

Called up Share Capital	50,000		50,000
Revaluation Reserve	22,128		22,128
Profit and Loss Account	743,352		754,934

SHAREHOLDERS' FUNDS	815,480		827,062

C. A. SPERATI (THE SPECIAL AGENCY) P.L.C.

UNAUDITED CASH FLOW STATEMENT

FOR THE PERIOD ENDED 31 OCTOBER 2009

	Year to 31 October 2009	Year to 31 October 2008

	£	£

Operating profit/(loss)	4,294	(38,434)
Depreciation of tangible assets	8,283	10,389
Decrease/(Increase) in Stocks	7,109	30,770
(Increase)/Decrease in debtors	(50,940)	43,231
Increase/(Decrease) in creditors	12,848	(29,963)
Insurance Claim	9,273	-

Net cash outflow/inflow from operating activities	(9,133)	15,993


Returns on investments and servicing of finance
Interest received	3,968	20,191
Dividends	232	226

	4,200	20,417


Taxation
Corporation tax paid	2,720	(7,645)


Capital Expenditure
Purchase of fixed assets	(445)	(746)



Equity dividends paid	(25,000)	(25,000)


(Decrease)/Increase in cash in period	(27,658)	3,019


Reconciliation of net cashflow to movement in net funds

(Decrease)/Increase in cash	(27,658)	3,019
Net funds at 1 November 2008	449,472	446,453

Net funds at 31 October 2009	421,814	449,472

C. A. SPERATI (THE SPECIAL AGENCY) P.L.C.

PRELIMINARY RESULTS

FOR THE 12 MONTH PERIOD ENDED 31 OCTOBER 2009

1.		The above results for the years ended 31 October 2009 and 2008 do not constitute statutory financial statements within the meaning of Section 435 of the Companies Act 2006.

		The financial information for the year ended 31 October 2008 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors' report on these accounts was unqualified and did not contain statements under section 237 (2) and (3) of the Companies Act 1985.

		The statutory accounts for the year ended 31 October 2009 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the company's Annual General Meeting.

		This preliminary announcement has been prepared on the basis of accounting policies set out in the 2009 accounts. All accounting policies have been applied consistently during the current and prior years.

		This announcement was approved and authorised for issue by the Board on 9 February 2010.

2.		The Directors propose to recommend a dividend of 25p per share for the year to 31 October 2009 payable to shareholders listed on the Register on 16 April 2010. Dividend payment date is 14 May 2010.

		In accordance with FRS21, dividends are accounted for in the period in which they are paid and approved by the shareholders. Accordingly the final dividend proposed in respect of the year ended 31 October 2009 has not been included as a liability as at 31 October 2009.

		During the year, dividends of £25,000 (2008 - £25,000) were paid.

3.		During the year shareholders' equity decreased by £11,582 (2008 - £41,838 decrease) represented by profit for the year of £13,418 (2008 - £16,838 loss) add dividends paid of £25,000 (2007 - £25,000).

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