Storyboard Assets Plc

April 30, 2010 02:00 ET

Audited Results for the Period Ended 30 November 2009

                                                  Storyboard Assets Plc
                                             ("Storyboard" or "the Company")

                                  Audited Results for the Period Ended 30 November 2009

           The  Directors of Storyboard Assets Plc are delighted to announce their audited results  for  the
           period ended 30 November 2009.
           The  period under review has seen the Company complete its development phase. The Company now has
           a  world  class  portfolio  of original book illustration assets which will  generate  meaningful
           lease  income  going forward. Later this year the Company will complement its lease  income  with
           the sale of exhibition programmes.
           The  year  under  review  has  seen  the Company host a single exhibition  for  the  purposes  of
           profiling  the collection to local authorities. Interest in leasing the portfolio has since  been
           encouraging  and  the directors expect lease income in the current year to be a  modest  £20,000.
           Additionally, the Company expects some portfolio churn during 2010, the combined effect of  which
           will see Storyboard deliver a break even or better performance.
           Storyboard's  fixed overheads are now under £30,000, meaning the Company is now firmly  on  track
           to  achieve  the crucial turning point at which break even is achieved. The past two  years  have
           been  essential  in  the  development of Storyboard's proposition.  Next  year  and  beyond,  the
           directors  expect  lease income to rise significantly with local authority  controlled  galleries
           and  exhibitions being complemented by lease income from commercial organisations.  Additionally,
           Storyboard's stated aim of exploiting the potential held within the iconic nature of  its  world-
           class  portfolio, should see significant progress. The first product from the Company will  be  a
           non  time  sensitive  catalogue for sale to visitors of leasing galleries. Other  low  risk,  non
           time sensitive products will be launched in due course.
           Storyboard  is  to  all  intents and purposes an art vehicle. Its principle  aim  is  to  deliver
           capital  appreciation whilst not incurring unnecessary and potentially burdensome overheads.  The
           Company's  business model will be proven in the current year and the directors expect  meaningful
           revenues  and  profits to be delivered next year and beyond. Meanwhile, Storyboard  continues  to
           develop  its collection of iconic illustration art. The Company expects to announce news  on  new
           purchases in the near future.
           The  financial  results  announced  today, which show a  loss  of  £70,328,  represent  what  the
           directors  expect  to  be  the  last negative position recorded at the  full  year  stage.  Going
           forward,  aided  by  a  low fixed cost base and further anticipated rises in  asset  values,  the
           Company  is  well placed to benefit from useful trading profits from leasing, product  sales  and
           occasional sales of works from its portfolio.
           The  directors  expect a small loss in the first half of the current year  with  a  breakeven  or
           better performance to be recorded for the full year to end of November 2010.
           I  thank  shareholders for their support of the Company to date and I look forward  to  reporting
           further developments with both our portfolio and our exhibition plans in due course.
           Marcus Yeoman
           No dividends will be distributed for the year ended 30 November 2009.
           Profit and Loss Account
           for the Year Ended 30 November 2009
                                                                                 Year Ended              to
                                                                                  30.11.09            30.11.08
                                                                                      £                   £
           TURNOVER                                                                   3,500                  -
           Administrative expenses                                                   82,184            116,740
           OPERATING LOSS                                                           (78,684)          (116,740)
           Profit/loss on sale of tangible fixed assets                               8,356                  -
           BEFORE TAXATION                                                          (70,328)          (116,740)
           Tax on loss on ordinary activities                                             -                  -
           AFTER TAXATION                                                           (70,328)          (116,740)
           Earnings per share expressed
           in pence per share:
           Basic                                                                     -11.16             -38.84
           Diluted                                                                   -11.16             -38.84
           None  of  the  company's  activities were acquired or discontinued during  the  current  year  or
           previous period.
           The  company  has  no recognised gains or losses other than the losses for the  current  year  or
           previous period.
           Balance Sheet - 06436259
           30 November 2009
                                                               30.11.09                        30.11.08
                                                           £               £               £               £
           FIXED ASSETS
           Tangible assets                                                916                          1,519
           Investments                                                291,363                        269,189
                                                                      292,279                        270,708
           Debtors                                      2,659                         11,693
           Cash at bank and in hand                        96                         60,266
                                                        2,755                         71,959
           Amounts falling due within one year         11,350                         13,405
           NET CURRENT (LIABILITIES)/ASSETS                             (8,595)                       58,554
           TOTAL ASSETS LESS CURRENT LIABILITIES                       283,684                       329,262
           Called up share capital                                     126,902                       125,102
           Share premium                                               343,850                       320,900
           Profit and loss account                                    (187,068)                     (116,740)
           SHAREHOLDERS' FUNDS                                         283,684                       329,262
           The financial statements were approved by the Board of Directors

           The above figures are an abridged version of the Company's audited accounts.
           The Directors of Storyboard are responsible for the contents of this announcement.
           Contact Information:
           Storyboard Assets Plc
           Luke Heron                                               Tel: 07912 044 941
           Corporate Adviser:
           St Helens Capital Partners LLP
           Duncan Vasey or Mark Anwyl                               Tel: 020 7368 6959

Contact Information

  • Storyboard Assets Plc