RNS Number:0233S
Dimension Resources Ld
30 September 2005
Dimension Resources Limited
Interim Report
6 months ended 30 June 2005
Chairman's Statement
Six Months Ended 30 June 2005
In my statement on the 2004 accounts I reported that the Group's activities,
which comprised the quarrying and processing of dimension stone, had ceased in
December 2004. I told shareholders that arrangements had 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 had been advised that the Company will receive
approximately #400,000.
This remains the position today. Unfortunately the administrator who the
Directors appointed is still some way from completing his work, although the
offices in Somerset West have been sold. Arrangements have also been made for a
contractor to operate the granite quarries and the contractors have recommenced
operations.
Arrangements have been made to auction the bulk of the assets, and in particular
the freehold factory situated in Vredendal, during the month of October, unless
a satisfactory offer is received prior to then. An announcement will be made at
the appropriate time.
As for the year ended 31 December 2004, the financial statements have been drawn
up for the Company only, and the interests in subsidiary companies are shown at
a value of #400,000. Figures for the six months ended 30 June 2004, were drawn
up on a consolidated basis and are appended below. The loss for the period
results from the costs required to maintain the AIM listing. Neither I nor
Geoffrey Hoodless draws either fees or expenses.
The Directors are examining new projects to be injected into the Company, but it
remains difficult to conclude any arrangements until the cash value of the South
African assets can be ascertained. Once again, shareholders will be informed of
progress as soon as possible.
Brian Moritz
(Chairman)
30 September 2005
Summarised Income Statement
30 June 2005
30 June 2005 Year ended
(Unaudited) 31 Dec 2004
GBP GBP
Administrative expenses (24,813) (41,129)
Operating Loss (24,813) (41,129)
Interest received 28 1,390
Interest payable
Net loss for the period (24,785) (39,739)
Loss per share (0.013p) (0.020p)
Balance sheet at 30 June 2005
30 June 2004 31 December 2004
(Unaudited) (Audited)
GBP GBP30
Non-current assets 400,000 400,000
Investments 400,000 400,000
Current assets 9,598 15,763
Debtors 6,291 8,304
Cash at bank and in hand 3,307 7,459
Total assets 409,598 415,763
EQUITY AND LIABILITIES
Shareholders' funds
Called up share capital 6,799,000 6,799,000
Share premium 11,932,457 11,932,457
Profit and loss account (18,394,216) (18,369,431)
337,241 362,026
Current Liabilities 72,357 53,737
Trade and other payables 72,357 53,737
Total equity and liabilities 409,598 415,763
Cash flow statement for the six months ended 30 June 2005
30 June 2005 Year ended
(Unaudited) 31 Dec 2004
GBP GBP
CASH FLOWS FROM OPERATING
ACTIVITIES (4,152) (19,508)
Cash absorbed by operations (4,180) (20,898)
Interest received 28 1,390
CASH FLOWS FROM INVESTING
ACTIVITIES (151,721)
Loans to subsidiary companies (151,721)
NET INCREASE (DECREASE) IN CASH (4,152) (171,229)
AND CASH EQUIVALENTS
Cash and cash equivalents at the 7,459 178,688
beginning of the year
Cash and cash equivalents at the 3,307 7,459
end of year
Notes
1. The financial statements, which are unaudited, have been drawn up using
accounting policies applicable to the year ended 31 December
2004. They do not constitute statutory accounts.
2. No dividend is payable for the period.
3. The loss per share is based on losses of #24,785 (2004 - #39,739) and on
197,042,498 ordinary shares in issue.
Reported results for the six months ended 30 June 2004.
Summarised Income Statement
30 June 2004
30 June 2004 30 June 2003
(Unaudited) (Unaudited)
GBP GBP
Turnover 88,401 102,146
Cost of Sales 131,205 59,756
Gross (loss) / (42,804) 42,390
Profit
Administrative (80,566) (154,758)
expenses
Operating Loss (123,370) (112,368)
Interest 1,122 907
received
Interest payable (938) (1,013)
Net loss for the (123,186) (112,474)
period
Loss per share -0.06 -0.11
Total number of 197,042,498 104,042,498
shares in issue
Sumarised Balance Sheet
30 June 2004
30 June 2004 30 June 2003
(Unaudited) (Unaudited)
GBP GBP
Non-current assets 15,700,501 15,676,400
Tangible assets 1,365,347 1,338,879
Stone deposits 14,306,101 14,306,101
Pre-production costs 29,053 31,420
Current assets 218,282 276,791
Stocks 119,574 237,341
Debtors 65,886 58,104
Cash at bank and in hand 32,822 (18,654)
Current liabilities
Creditors and Accruals (87,712) (79,663)
Net current assets 130,570 197,128
15,831,071 15,873,528
Capital and reserves
Called up share capital 6,799,000 6,706,000
Share premium 11,932,457 11,577,857
Profit and loss (917,771) (2,580,415)
Shareholders' funds 17,813,686 15,703,442
Foreign currency translation reserve (2,057,853) 9,863
Creditors - amounts falling due after more than 75,238 160,223
1 year
15,831,071 15,873,528
This information is provided by RNS
The company news service from the London Stock Exchange
END
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