During the year, the Group had average number employees of 34
(2012: 69). The only employees of the Group at the year-end were
the three directors.
During the period the company paid directors' emoluments of
GBP90,000 (2012 - GBP12,742).
The average number of directors during the year was four.
2013 2012
GBP GBP
Directors' remuneration 90,000 12,742
-------------- --------------
90,000 12,742
6. SEGMENTAL ANALYSIS
There is no segmental area of operations as the Group is not
trading at the year end.
7. FINANCE INCOME 2013 2012
GBP GBP
Bank interest received - -
Other interest received - 43,226
-------------- --------------
- 43,226
8. FINANCE EXPENSES 2013 2013
GBP GBP
Interest paid - other - -
9. OPERATING LOSS 2013 2012
GBP GBP
The operating loss is stated after
charging:
(Gain)/Loss on foreign currency translation (6,716) 130,603
Auditors' remuneration 18,750 15,000
Share based payment 6,082 16,742
10. DISCONTINUED OPERATION
The Group disposed of the subsidiary Nova Logistics Holdings
Limited on 27 December 2013.
2013 2012
GBP GBP
Revenue 41,489 1,170,166
Cost of Sales (197,602) (831,797)
-------------- --------------
Gross loss (156,113) 338,369
Administrative expenses (387,469) (646,164)
-------------- --------------
Operating loss (543,582) (307,795)
Finance costs (94,907) (982)
Finance income 51 18,013
Loss on disposal of subsidiary (147,136) -
-------------- --------------
Loss before income tax (785,574) (290,764)
Taxation - (9,998)
-------------- --------------
Loss for the year after tax for discontinued
operations (785,574) (300,762)
Operating loss from discontinued operations is arrived at after
charging:
2013 2012
GBP GBP
(Gain)/Loss on foreign currency translation 6,627 72,722
Depreciation - 96,867
Staff wages 45,780 47,274
Loss on disposal of tangible fixed
assets - 47,546
Cashflow for discontinued operations:
2013 2012
GBP GBP
Operating activities (93,317) 866,587
Investing activities 51 (769,453)
Financing activities - -
Net decrease in cash and cash equivalents (93,266) 97,134
11. TAX
The Company is an exempted company under the laws of Bermuda and
is granted exemption from all forms of taxation in Bermuda until
2016.
12. LOSS PER SHARE
The loss per share for the Group is calculated by dividing the
loss attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the year, which was
111,275,105 (2012 - 101,795,589).
This is summarised as follows:
2013 2012
--------------- ----------------------------------------- -----------------------------------------
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
--------------- ------------ ------------- ------------ ------------ ------------- ------------
Basic loss
per share 0.36p 0.71p 1.07p 2.82p 0.29p 3.11p
Loss for
the year
attributable
to owners
of the
parent 404,798 785,574 1,190,373 2,866,844 300,762 3,167,606
--------------- ------------ ------------- ------------ ------------ ------------- ------------
Weighted
average
number
of ordinary
shares
in issue 111,275,105 101,795,589
--------------- ----------------------------------------- -----------------------------------------
The diluted loss per share is calculated using the weighted
average number of shares adjusted to assume the conversion of all
dilutive potential ordinary shares. For the year ended 31 December
2013, the diluted loss per share is equivalent to the basic loss
per share.
13. FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS - GROUP AND COMPANY
All items held as fair value through profit or loss were
designated as such upon initial recognition. Movements in
investment at fair value through profit or loss are summarised as
follows:
Quoted Investments 2013 2012
GBP GBP
Opening cost 1,827,566 1,827,566
Opening unrealised gain/(loss) (1,174,382) (1,056,595)
---------------- --------------
Opening Valuation 653,184 770,971
Additions at cost - -
Disposal proceeds (700,299) -
Net profit/(loss) realised 47,115 -
on disposal
Changes in fair value in the
year - (117,787)
---------------- --------------
- 653,184
Closing cost - 770,971
Closing unrealised gain/(loss) - (117,787)
---------------- --------------
Closing valuation - 653,184
In May 2008, the Company acquired 21,915,861 ordinary shares in
European Islamic Investment Bank Plc ("EIIB") for a total
consideration of GBP1,845,066. EIIB is traded on the AIM market of
the London Stock Exchange. At 31 December 2012, the share price of
EIIB decreased to 3.05 pence per share resulting to a loss arising
from change in fair value made of GBP117,787.
The shares were sold on 17 September 2013 with the consideration
being warrants over 9,000,000 ordinary shares in the share capital
of Tricor Plc, and exercise of GBP0.005 at any time to 31 December
2017.
The disposal proceeds was determined by reference to market bid
prices as at 17 September 2013, resulting in a realised gain on
disposal above. Valuation for the Tricor Plc warrants is included
in note 13.
14. AVAILABLE-FOR-SALE FINANCIAL ASSET - GROUP AND COMPANY
All items held as available-for-sale financial instruments were
designated as such upon initial recognition. Movements in
investment at fair value are summarised as follows:
Tricor Plc Warrants 2013
GBP
Opening Valuation -
Additions at cost 700,299
Disposal proceeds -
Net profit/(loss) realised -
on disposal
Changes in fair value in the
year (93,512)
----------------
606,787
Closing cost 700,299
Closing unrealised gain/(loss) (93,512)
----------------
Closing valuation 606,787
On 17 September 2013, warrants over 9,000,000 ordinary shares in
the share capital of Tricor Plc, with exercise price of GBP0.005 at
any time to 31 December 2017 were acquired in exchange for EIIB
shares as explained in Note 12.
Tricor is an investment company focussed on the natural
resources sector and its shares are also traded on the AIM market
of the London Stock Exchange.
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