Final Results
June 28 2007 - 6:29AM
UK Regulatory
RNS Number:1972Z
Dimension Resources Ld
28 June 2007
Dimension Resources Limited
Results for the year ended 31 December 2006
Chairman's Statement
I regret that progress has once more been slow in transforming your company into
a profitable entity.
I reported to you last year that, following the cessation of its own stone
processing activities, the Company's quarries were being operated by a
contractor. This remains the position but the income from contract quarrying has
fallen short of the level proposed when the contract was entered into. Under
these circumstances it has been decided that the residual assets in South Africa
should be reduced in value to #100,000.
In the event, realisation of the assets by the administrator appointed by the
Company has taken longer than anticipated, primarily due to negotiations with
creditors. Rather than being sold, and the administrator is receiving a royalty
on sales. A small amount of cash has now been remitted back to the United
Kingdom, and it is hoped that further remittances will be possible in the near
future. In this context, I wish to thank our professional advisers for their
understanding through a difficult period.
The loss for the year is #46,000, representing the minimum costs of maintaining
the listing on AIM. As for 2005, the financial statements have been drawn up for
the Company only.
Since 31 December 2006 Jonathan Morley-Kirk has joined the board. Among his
other activities, he is currently chairman of Fox Davies Capital, the London
based stockbroker specialising in the natural resource sector, oil and gas, bio
energy and emerging markets. The Directors continue to consider 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.
Brian Moritz
(Chairman)
26 June 2007
DIMENSION RESOURCES LIMITED
Income statement for the year ended 31 December 2006
2006 2005
GBP GBP
Turnover - -
Cost of sales - -
Gross profit - -
Administrative expenses (46,095) (43,042)
Operating loss (46,095) (43,042)
Interest receivable and similar income 35 38
Interest payable and similar charges - -
Net loss before taxation (46,060) (43,004)
Taxation - -
Net loss for the year (46,060) (43,004)
DIMENSION RESOURCES LIMITED
Balance sheet at 31 December 2006
2006 2005
GBP GBP
ASSETS
Non-current assets 91,986 400,000
Investments 91,986 400,000
Current assets 3,794 3,849
Trade and other receivables 1,085 1,000
Cash at bank and in hand 2,709 2,849
Total assets 95,779 403,849
EQUITY AND LIABILITIES
Shareholders' funds (27,038) 319,022
Called up share capital 6,799,000 6,799,000
Share premium account 11,932,457 11,932,457
Revaluation of investments (300,000) -
-
Profit and loss account (18,458,495) (18,412,435)
Current liabilities 122,817 84,827
Trade and other payables 122,817 84,827
Total equity and liabilities 95,779 403,849
DIMENSION RESOURCES LIMITED
Cash flow statement for the year ended 31 December 2006
2006 2005
GBP GBP
CASH FLOWS FROM OPERATING ACTIVITIES (8,155) (4,610)
Cash absorbed by operations (8,190) (4,648)
Interest received 35 38
CASH FLOWS FROM INVESTING ACTIVITIES 8,015 -
Loans to/from subsidiary companies 8,015 -
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (140) (4,610)
Cash and cash equivalents at the beginning of
the year 2,849 7,459
Cash and cash equivalents at the end of year 2,709 2,849
NOTES
1. The financial information set out above does not constitute the
Company's statutory financial statements for the year ended 31 December
2006, but is derived from those statements. The auditors have reported
on the financial statements to 31 December 2006 and their report was
unqualified.
2. No dividend is proposed for the year.
3. The Company's annual report and accounts for the year ended 31 December
2006 will be posted to shareholders by 28 June 2007. Copies will be
available at the offices of HB-corporate, 40 Marsh Wall, London, E14 9TP.
4. The Annual General Meeting of the Company will be held at 40 Marsh Wall,
London E14 9TP on Tuesday 31 July 2007 at 3.00 p.m.
For further information please contact:
Brian Moritz, Dimension Resources Limited
(tel: 07976 994300)
Gerry Beaney/Colin Aaronson, Grant Thornton Corporate Finance (Nominated
Adviser) (tel: 020 7383 5100)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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