MAGNUM POWER PLC 
ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 MAY 2003
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2003
 
 2003 2002
  £ £
 
Administrative expenses (182,637) (204,691)
 
Operating loss
Continuing operations - -
Discontinued activities (182,637) (204,691)
 
 (182,637) (204,691)
 
Profit on sale of property 12,170 -
in discontinued
operations
Loss on disposal of
discontinued (20,071,273) -
operations
 
 (20,071,273) -
 
Loss on ordinary activities
before (20,241,740) (204,691)
interest
 
Other interest receivable 644 3,774
and similar income
Interest payable and (18,532) (29,331)
similar charges
 
Loss on ordinary activities
before  (20,259,628) (230,248)
taxation
 
Tax on loss on ordinary - -
activities
 
Loss on ordinary activities (20,259,628) (230,248)
after taxation
 
Loss per share
Basic and diluted loss per share (20.3p) (0.2p)
 
The profit and loss account has been prepared on the basis that all operations
have been discontinued.
 
 
 
 
 
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 MAY 2003
 
 2003 2002
 £ £
 
Loss on ordinary activities  (20,259,628) (230,248)
after taxation
 
Unrealised deficit on revaluation of
properties - (231,410)
 
Total recognised gains and losses relating
to the year  (20,259,628) (461,658)
 
Note of historical cost profits and losses
 
 2003 2002
 £ £
 
Reported loss on ordinary activities before
taxation (20,259,628) (230,248)
 
Difference between an historical cost 747 7,121
depreciation charge and the actual
depreciation charge of the year calculated on
the revalued amount
 
Historical cost loss on ordinary activities
before taxation (20,258,881) (223,127)
 
Historical cost loss for the year retained
after taxation, extraordinary items and
dividends (20,258,881) (223,127)
 
 
BALANCE SHEET
AS AT 31 MAY 2003 
 
 2003 2002
 £ £ £ £
 
Fixed assets
Tangible assets - 957,455
Investments - 3,618,498
 
 - 4,575,953
Current assets
Debtors 4,270 16,341,223
Cash at bank and in hand 18,294 -
 
 22,564 16,341,223
Creditors: amounts falling
due within (22,062) (50,384)
one year
 
Net current assets 502 16,290,839
 
Total assets less current liabilities 502 20,866,792
 
Creditors: amounts falling
due after - (393,133)
more than one year 502 20,473,659
 
Capital and reserves
Called up share capital 9,993,440 9,993,440
Share premium account 10,793,236 10,793,236
Revaluation reserve - 213,529
Profit and loss account (20,786,174) (526,546)
 
Shareholders' funds - 502 20,473,659
equity interests
 
 
 
 
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2003
 
 2003 2002
  £ £ £ £
 
Net cash inflow/(outflow) from operating
activities (158,196) (354,073)
 
Returns on investments and servicing
of finance
Interest received  644 3,774
Interest paid (18,532) (29,331)
 
Net cash inflow for returns on
investments and (17,888) (25,557)
servicing of finance
 
Disposal of fixed assets
Receipts from sales of tangible assets 744,095 -
 
Net cash inflow/(outflow) for capital
expenditure
 
Cost on disposal of subsidiary undertakings (215,636) -
 
Net cash inflow/(outflow) before
management of  352,375 (379,630)
liquid resources and financing
 
Repayments of loan to subsidiary. 99,352
 
Increase/(Decrease) in cash in the 451,727 (379,630)
year