Final Results
June 30 2005 - 3:00AM
UK Regulatory
RNS Number:2430O
Dimension Resources Ld
30 June 2005
Dimension Resources Limited
Chairman's Statement
Year Ended 31 December 2004
I regret to report that the Group's activities, which comprised the quarrying
and processing of dimension stone, ceased in December 2004. Arrangements have
been made for the Group's South African assets to be realised, the local
creditors to be paid and the balance to be remitted back to the United Kingdom.
Following these realisations, the directors have been advised that the Company
will receive approximately #400,000, which is broadly in accordance with the
current share price.
The problems which caused the directors to take this decision are common to a
number of companies operating in the natural resources sector in South Africa.
Its products are priced in US dollars and its costs are incurred in Rands. For
some commodities, for example gold, the world prices in dollars have increased
substantially which has mitigated the problem. For dimension stone this has not
been the case, and the Group has found its net receipts from sales have reduced,
in Rand terms, to only half the level of a few years ago. This in turn made it
impossible to replace and even maintain essential quarrying equipment, reducing
receipts still further. The directors have reduced costs where possible,
including, in particular, the waiver of any right to remuneration for my
services or those of Geoffrey Hoodless. The Managing Director, Steve Taylor,
resigned in January. He had also reduced his entitlement to remuneration to a
level which was not maintainable over any sustained period. I wish to thank him
for his hard work and dedication over a difficult time. Ultimately, however, the
Directors decided that the interests of shareholders would be best served by
realising the assets while value remained in them, and seeking a new activity.
Under the circumstances the financial statements have been drawn up for the
Company only, and the interests in subsidiary companies have been reduced in
value to #400,000.
For the future the Directors are examining new projects to be injected into the
Company. When a suitable project is identified it is likely that the acquisition
will constitute a reverse acquisition and will require a new Admission Document
and shareholder approval. In this context, however, the Company, as a company
registered in Bermuda and managed outside the United Kingdom, is not subject to
the City Code on Takeovers and Mergers. In principle the Directors favour a
project in the natural resources sector in Africa, but any project with the
potential to restore value for shareholders will be considered.
Brian Moritz
(Chairman)
30 June 2005
Dimension Resources Limited
Year ended 31 December 2004
Income statement for the year ended 31 December 2004
2004 2003
GBP GBP
Turnover - -
Cost of sales - -
--------- --------
Gross profit - -
Administrative expenses (41,129) (66,989)
--------- --------
Operating loss (41,129) (66,989)
Interest receivable and similar income 1,390 440
Interest payable and similar charges - -
--------- --------
Net loss before taxation (39,739) (66,549)
Taxation - -
--------- --------
Net loss for the year (39,739) (66,549)
========= ========
Dimension Resources Limited
Balance sheet at 31 December 2004
2004 2003
GBP GBP
ASSETS
Non-current assets 400,000 17,950,380
--------- ---------
Investments 400,000 17,950,380
--------- ---------
Current assets 15,763 182,139
--------- ---------
Trade and other receivables 8,304 3,450
Cash at bank and in hand 7,459 178,689
--------- ---------
--------- ---------
Total assets 415,763 18,132,518
========= =========
EQUITY AND LIABILITIES
Shareholders' funds 362,026 18,103,866
--------- ---------
Called up share capital 6,799,000 6,799,000
Share premium account 11,932,457 11,932,457
Profit and loss account (18,369,431) (627,591)
--------- ---------
Current liabilities 53,737 28,652
--------- ---------
Trade and other payables 53,737 28,652
--------- ---------
--------- ---------
Total equity and liabilities 415,763 18,132,518
========= =========
Dimension Resources Limited
Cash flow statement for the year ended 31 December 2004
2004 2003
GBP GBP
CASH FLOWS FROM OPERATING ACTIVITIES (19,508) (61,185)
-------- --------
Cash absorbed by operations (20,898) (61,625)
Interest received 1,390 440
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES (151,721) (207,280)
-------- --------
Loans to subsidiary companies (151,721) (207,280)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES - 437,600
-------- --------
Proceeds from long term borrowings - (10,000)
Issue of ordinary share capital and share premium - 447,600
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (171,229) 169,135
Cash and cash equivalents at the beginning of
the year 178,688 9,553
-------- --------
Cash and cash equivalents at the end of year 7,459 178,688
======== ========
Notes
1. Financial Information
The financial information set out above does not constitute the Company's
statutory financial statements for the year ended 31 December 2004, but is
derived from those statements. The auditors have reported on the financial
statements to 31 December 2004 and their report was unqualified.
2. Availability of annual report
Copies of the annual report for the year ended 31 December 2004 will be
available from 40 Marsh Wall, Docklands, London E14 9TP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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