Storyboard Assets Plc
LSE : STYP
|
April 30, 2010 02:00 ET
Audited Results for the Period Ended 30 November 2009
29/04/2010
GB00B3DBY868/GBP/PLUS-exn
Storyboard Assets Plc
("Storyboard" or "the Company")
Audited Results for the Period Ended 30 November 2009
CHAIRMAN'S STATEMENT
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
Chairman
DIVIDENDS
No dividends will be distributed for the year ended 30 November 2009.
Profit and Loss Account
for the Year Ended 30 November 2009
Period
24.11.07
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 -
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION (70,328) (116,740)
Tax on loss on ordinary activities - -
LOSS FOR THE FINANCIAL YEAR
AFTER TAXATION (70,328) (116,740)
Earnings per share expressed
in pence per share:
Basic -11.16 -38.84
Diluted -11.16 -38.84
CONTINUING OPERATIONS
None of the company's activities were acquired or discontinued during the current year or
previous period.
TOTAL RECOGNISED GAINS AND LOSSES
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
CURRENT ASSETS
Debtors 2,659 11,693
Cash at bank and in hand 96 60,266
2,755 71,959
CREDITORS
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
CAPITAL AND RESERVES
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:
Company:
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