MONOTUB INDUSTRIES PLC

UNAUDITED Interim Accounts
 
Consolidated profit and loss account
 
 Discontinued Operations
 
 Six months Six months Year
 ended ended ended
 Notes 30 September 30 September 
  2002 2001 31 March
 GBP'000 GBP'000 2002
 
  (Restated) GBP'000
 Unaudited Unaudited Audited
 
Turnover -  18 34
 _________ _________ __________
Operating loss (3,524) (1,859) (5,193)
Net interest income  10 33 55
 _________ _________ __________
Loss on ordinary activities before taxation (3,514) (1,826) (5,138)
Tax credit on loss on ordinary activities (i) - - 288
 _________ _________ __________
Loss on ordinary activities after taxation, being the loss
for the period  (3,514) (1,826) (4,850)
 
Accumulated deficit, beginning of period (9,102) (4,252) (4,252)
  _________ _________ __________
Accumulated deficit, end of period (12,616) (6,078) (9,102)
 _________ _________ __________
Loss per share - basic and diluted (ii) (22.0)p (11.4)p (33.5)p
 _________ _________ __________
 
 
 
There were no recognised gains or losses other than the loss for each period and
a restatement of the opening accumulated deficit for the period ended 30
September 2001 and the year ended 31 March 2002 (see Note 1). This restatement
resulted in the increase in the opening accumulated deficit by £1,938,000.
 
The accompanying notes are an integral part of these consolidated profit and
loss accounts.
 
Notes:
 
i Tax credit in the period was £nil (2001: £nil).
 
ii Basic and diluted loss per share have been calculated by
reference to the weighted average of 15,987,738 Ordinary Shares in issue during
the period to 30 September 2002 (2001: 13,583,891 Ordinary Shares). Since the
Group made a loss in the period diluted loss per share is equal to the basic
loss per share.
 
 
 
Consolidated balance sheet
 As at As at As at
 30 September 30 September 31 March
  2002 2001 2002
 £'000 £'000 £'000
 (Restated)
  Unaudited Unaudited Audited
Fixed assets
Intangible assets - - -
Tangible assets - 2,775 1,883
 __________ __________ __________
 - 2,775 1,883
 __________ __________ __________
Current assets
Fixed assets - - -
Stocks - 582 92
Debtors - due within one year 411 367 491
 - due after one year - 87 -
Cash at bank and in hand 367 681 1,593
  __________ __________ __________
 778 1,717 2,176
Creditors: Amounts falling due within one year (711) (742) (448)
  __________ __________ __________
Net current assets 67 975 1,728
 __________ __________ __________
Total assets less current liabilities 67 3,750 3,611
Creditors: Amounts falling due after more than one year - (52) (30)
  -
Provisions for liabilities and charges - (87)
 __________ __________ __________
Net assets 67  3,611 3,581
 __________ __________ __________
Capital and reserves
Called-up share capital 799 679 799
Share premium  11,884 9,010 11,884
Profit and loss account (12,616) (6,078) (9,102)
 __________ __________ __________
Equity shareholders' funds 67 3,611 3,581
 __________ __________ __________
 
 
 
 
Consolidated cashflow statement
 Six months Six months Year
 Note ended ended Ended
 30 September 30 September 31 March 
  2002 2001 2002
 £'000 £'000 £'000 
 (Restated)
 Unaudited Unaudited Audited
 
Net cash outflow from operating activities 4 (1,150) (1,655) (3,703)
Returns on investments and servicing of finance  10  60 55
Capital expenditure and financial investment  (54) (231) (298)
Taxation  - - 58
    __________ __________ __________
Cash outflow before management of liquid resources and  (1,194) (1,826) (3,888)
financing
Financing   (32) (18) 2,956
  __________ __________ __________
Decrease in cash in period (1,226) (1,844) (932)
 __________ __________ __________
 
 
The accompanying notes are an integral part of these consolidated cashflow
statements
 
Reconciliation of net funds
 
 
   Six months Six months Year
 ended ended ended
  30 September 30 September 31 March 
 2002 2001   2002
  £'000 £'000 £'000
 Unaudited Unaudited Audited
 
Decrease in cash in the period (1,226) (1,844) (932)
Cash outflow from repayment of loans and capital element of
finance leases 32 18 38
  
Cash inflow from new loans  - - -
 
  __________ __________ __________
Change in net funds resulting from cash flows (1,194) (1,826) (894)
New finance leases   - - -
 __________ __________ _________
Movement in net funds in the period (1,194) (1,826) (894)
At beginning of period 1,518 2,412 2,412
 __________ __________ _________
Net funds at end of period  324 586 1,518
   __________ __________ _________
 
 
 
 
 
Notes to the accounts
 
1. Accounting policies
 
With the exception of the restatement of the comparative figures for 6 months ended 30 September 2001, the interim statement has been prepared on the basis of the accounting policies set out in the Company's statutory accounts for the year ended 31 March 2002.
 
Prior year adjustment
 
 
 
The comparative figures for the 6 months ended 30 September 2001 have been restated to reflect the prior year adjustment in relation to the accounting policy for research and development.
 
 
Since commencing business the accounting policy of the Company in relation to development expenditure has been to write such expenditure off, except where the Directors are satisfied as to the technical, commercial and financial viability of individual projects. This policy was consistent with the requirements of SSAP13 - Accounting for Research and Development.
 
During the year ended 31 March 2002, management reviewed the policy relating to the accounting for development expenditure, in accordance with FRS 18 ' Accounting policies', to ensure that the policy remained appropriate to the Company's circumstances. The Board reviewed the treatment of development costs by other similar companies and decided that expensing development costs as they were incurred was the most appropriate treatment.
 
The impact of the change in policy relating to the prior year was recognised in the accounts as a prior year adjustment and comparative figures have been restated. The effect of implementing this new accounting policy was to decrease the value of opening reserves by £1,937,778.
 
The effects of the change in policy in relation to the comparative figures for the 6 months ended 30 September 2001 are summarised as debit (credit) adjustments as follows:
 
 
 
 £'000
Profit and loss account
Development expenditure 788
Income tax credit  -
 __________
 788
  __________
Balance sheet
Fixed assets - intangible (2,784)
Corporation tax receivable  58
Profit and loss reserve 1,938
 __________
  (788)
 __________
 
 
 
 
2. Basis of preparation
 
The interim report is prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards. On 18 October 2002 the directors determined that the company should seek a buyer of its trade and business assets. The company effectively ceased trading from this date, and therefore the directors believe it most appropriate for this interim report to be prepared on the discontinuance basis as the company is no longer a going
concern. This means that all assets have been written down to net realizable value and full provision made for future operating losses, up to the date the company ceased trading, and for all costs estimated to be incurred in the closure of the business. The directors believe this treatment most fairly represents the state of affairs of the company at the balance sheet date.
 
 
 
The financial information presented in this interim statement does not constitute full financial information within the meaning of section 240 of the Companies Act 1985.
 
 
 
The comparative figures for the financial year ended 31 March 2002 have been extracted from the Company's statutory accounts for the financial year. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985.
 
 
 
3. Segment information
 
All turnover generated relates to the sale of washing machines in the UK.
 
 
 
4. Note to the consolidated cashflow statement
 
Reconciliation of operating loss to operating cash flow
  Six months Six months Year
 ended ended   ended
 30 September 30 September  31 March
 2002 2001   2002
  £'000 £'000 £'000
 (Restated)
 Unaudited Unaudited Audited
 
Operating loss (3,524) (1,859) (5,193)
Depreciation and amounts written off tangible 
fixed assets 1,937 16  975
Increase in stocks  92 (93) 396
Movement in debtors 80 (92) 128
Movement in creditors  (185) 392 96
Movement in provisions  450 (19) (105)
   __________ __________ ________
Net cash outflow from operating activities (1,150) (1,655) (3,703)
  __________ __________ ________