St Helens Capital plc
LSE : SHCP

August 11, 2008 02:00 ET

Final Results

            St. Helen's Capital Plc / Epic: SHCP / Market: AIM / Sector: Financial services.
11 August 2008
                         St. Helen's Capital Plc ('St Helen's' or 'the Company')
                                              Final Results
                                                    
St Helen's Capital Plc, an independent institutional stockbroker and corporate finance adviser focused on
companies in the small cap sector, announces its audited results for the year ended 31st March 2008.

CHAIRMAN'S STATEMENT
    
St  Helen's Capital ('St Helen's') has made good progress in its stated objective of becoming  a  leading
small-cap  focused  institutional  stockbroker  and  financial  adviser  albeit  against  a  backdrop  of
deteriorating  markets  for smaller companies.  In particular, the Company is successfully  developing  a
full  range  of institutional broking services to small-cap AIM listed corporate clients and  positioning
itself for when the markets recover.

In order to achieve this, St Helen's has made a number of key appointments across the Corporate, Research
and Broking functions and these additional professionals have integrated well with the existing team.

St  Helen's had 15 AIM brokerage clients as at the end of July 2008, from a standing start in March 2007,
including  Kurawood  Plc, the Company's first AIM IPO.  St Helen's Capital aims to grow  this  number  of
clients substantially over the coming months, capitalising on the need for quality research and brokerage
services to the small-cap market.

In  addition, an encouraging pipeline of business is building up and we anticipate that, whilst  the  IPO
market  is  currently closed, in time, confidence and investors will return to the markets, and  that  St
Helen's strategy to focus on quality businesses will be successful.

St  Helen's  roots are in the PLUS Market where the Company retains its position as the leading  adviser,
acting for 36 companies.  St Helen's was recently awarded the Growth Company Investor PLUS Adviser of the
Year for 2008.

Despite  the downturn in corporate activity generally, the PLUS advisory side of our business  is  seeing
increasing levels of enquiries, particularly from overseas companies exploring the possibility of listing
on  PLUS,  which  in  turn is leading to an improving pipeline of companies using  St  Helen's  corporate
services.

Having  had an excellent first half as reported in September 2007, and although the second half has  been
challenging,  the full year result is a Profit before tax of £141,000 compared to a Loss of  £577,000  in
the year ended 31 March 2007.  Furthermore the Company remains well funded with cash in the bank as at  8
August 2008 of circa £1.4m.

We  continue to focus on identifying opportunities across a number of sectors that are attractive to  our
institutional  investor  base.   Success in identifying these opportunities  will  increase  our  profile
further  towards our ambition of becoming a leading small-cap stockbroking and advisory business  in  the
UK.

Mark Warde Norbury
Chairman
8 August 2008

The  Company expects to post the Report and Accounts to shareholders by the end of August 2008,  and  the
Annual  General Meeting is scheduled to take place at St Helen's Capital offices at 15 St Helen's  Place,
London EC3A 6DE on Tuesday 30th September at 12pm.

DIRECTORS' REPORT

The  Directors present their report together with the audited financial statements of the company for the
year ended 31 March 2008.

Principal Activity

The  Company's principal activities continue to be the provision of Corporate Finance Advice and  Broking
Services to companies.

Review of the Business

St  Helen's  Capital's  ('St  Helen's')  stated objective is  to  become  a  leading  small  cap  focused
institutional stockbroker and financial adviser. In the last year the Company has successfully started to
provide the full range of institutional broking services to small-cap AIM listed corporate clients.

A more comprehensive review may be found in the Chairman's Statement above.

Results, Dividends, and Key Performance Indicators ('KPI's)

There are four financial KPI's: gross margin, administrative expenses, operating profit, and cash.

*       gross profit increased by 202% to £2.45m;
*       administrative expenses increased by 75% to £2.49m, including the cost of admission to AIM of
        c.£200,000;
*       resulting in an operating loss of £34,000 (compared to a loss of £606,000 in 2007);
*       cash at bank amounted to £1.8m (compared to a small overdraft in 2007)

The Directors do not recommend the payment of a dividend.

Position at 31st March 2008

An  investment  of £88,000 has been made in leasehold improvements (to additional offices)  in  order  to
house the greater number of staff, and to provide Meeting Rooms appropriate for AIM brokerage clients.

Available  for sale investments reduced from £438,000 to £358,000 as a result of realising the investment
in St Helen's Finance Plc, and of participating at the IPO (or pre-IPO) stage of certain clients.

Trading  investments  reduced from £143,000 to £68,000 through a combination of modest  realisations  and
depressed market values at year-end.

Trade and other receivables have increased from £152,000 to £282,000 largely as a result of higher levels
of business activity.

Cash  at  bank  stood  at £1.8m (compared to a small overdraft in 2007) largely resulting  from  a  £1.5m
Placing in April 2007, supplemented by positive operating cash-flows and investment income.

Trade  and other payables reduced by a modest 9% from £248,000 to £219,000 (compared to the 75%  increase
in  administrative expenses) reflecting that 70% of administrative costs (excluding the cost of admission
to  AIM)  are  people  related and paid for in the month that they are incurred, compared  to  3rd  party
overheads which generally benefit from a period of credit.

The  share  capital and share premium accounts increased by £1.53m as a result of the £1.5m  Placing  and
issues of shares to staff.

Net assets at 31 March 2008 were £2.36m compared to £0.47m in 2007.

Future Developments

Market conditions are challenging and this has been particularly demonstrated in the general sell off  of
small  cap company shares as investors hunt for liquidity and cash. The loss of confidence in the markets
and  the  investment prospects of companies have made it more difficult to raise equity funding. However,
the  Company  believes  that in time, confidence and investors will return to the markets,  and  that  St
Helen's strategy to focus on quality businesses will be successful.

Principal risks and uncertainties

There  is an inherent risk in any business which depends in part on one off transaction fees in order  to
generate  profits because the earning of such fees can be unpredictable. To overcome this,  a  successful
£1.5m Placing was closed on 26th April 2007.

The  Company  intends to expand its broking activity and as a result there is a risk that the  cost  base
will  increase more quickly than the revenue: however, monthly management accounts and periodic forecasts
are used to monitor financial progress and highlight any imbalance.

There is also a need as the Company undertakes more complicated activities to develop its compliance  and
procedures  accordingly. To meet these challenges the Company employs a full-time Compliance Officer  and
uses specialist external advisors whenever required.

There is risk that the current adverse market conditions continue into 2009 against which the Company has
adequate  cash resources (on the most pessimistic assumption that existing retainer income  is  the  only
source of income).

Supplier payment policy

It  is  the  company's  policy to settle all credit transactions in accordance  with  terms  agreed  with
suppliers.  Creditor days at the year end amounted to 45 days (2007: 18 days), the former being  inflated
by unpaid AIM Admission costs and rent due on a recently acquired property lease.

Charitable Donations

The Company made Charitable Donations of £250 during the year (2006: £Nil).

Employee Share Ownership Plan Trust ('ESOP')

The  ESOP holds 232,603 shares (2006: 232,603) in the Company, of which at 31st March 2008 none had  been
unconditionally granted to any of the Company's employees.

The Trustees are Messrs Howard Flight and Jon Pither, the Company's Non-Executive Directors.

Directors

The Directors who served throughout the year were:

Mark Warde-Norbury               (Chairman)
Barry Hocken                     (PLUS Markets Division)
Howard Flight                    (Non Executive)
Ruari McGirr                     (Chief Executive)
Jon Pither                       (Non Executive)
Sebastian Wykeham                (Head of Broking)

Directors' interests

The Directors' interests in the shares and options of the company were as stated below:

Ordinary shares of 5p each                   At 31 March 2008      At 31 March 2007
M Warde - Norbury                                   3,254,276             3,254,276
H E Flight                                            638,060               250,000
B Hocken                                              402,500               402,500
R McGirr                                            1,457,636             1,457,636
J Pither                                            2,589,682             3,189,682
S G M Wykeham                                       1,457,636             1,457,636

                            Number of   Exercise price      Date of grant    Exercise date       Exercise
                              options          (pence)                                               date
M Warde-Norbury               400,000               10           30/03/07         30/03/07       30/03/12
                              400,000               20           30/03/07         30/03/07       30/03/12
                              200,000               30           30/03/07         30/03/07       30/03/12
                            1,000,000
B Hocken                      200,000               10           30/03/07         30/03/07       30/03/12
                              200,000               20           30/03/07         30/03/07       30/03/12
                              100,000               30           30/03/07         30/03/07       30/03/12
                              500,000
R.McGirr                    4,342,364                5           02/02/07         02/02/10       02/02/17
J Pither                      403,923               10           06/05/04         06/05/05       13/07/09
                              403,923               15           06/05/04         06/05/05       13/07/09
                            1,111,111                9           31/03/05         31/03/05       31/06/08
                              400,000               10           30/03/07         30/03/07       30/03/12
                              400,000               20           30/03/07         30/03/07       30/03/12
                              200,000               30           30/03/07         30/03/07       30/03/12
                            2,918,957
S Wykeham                   4,342,364                5           02/02/07         02/02/10       02/02/17

Substantial Shareholders

As  at 9 July 2008 (being the last practical date prior to the date of this document) and save as set out
below,  the  Company was not aware of any person, who, other than the Directors, directly or  indirectly,
had  an  interest  representing 3 per cent or more of the issued ordinary share capital  in  the  Company
(being  the threshold at or above which, in accordance with the provisions of Section 5 of the Disclosure
and Transparency Directive published by the FSA, any interest must be disclosed by the Company):

3% shareholders                                                  No. shares       %
Keydata Investment Services                                      2,110,000        4.95
New Century AIM VCT                                              2,000,000        4.69
Fort Alice Investments                                           1,810,000        4.24
New Century AIM VCT2                                             1,500,000        3.52
Williams de Broe Clients                                         1,447,512        3.39
JM Finn Nominees Limited                                         1,405,000        3.29
Starvest PLC                                                     1,350,000        3.16
Ansbacher & Co.                                                  1,287,000        3.02

Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year which  give  a
true  and  fair view of the state of affairs of the company and of the profit or loss of the company  for
that period. In preparing those financial statements, the directors are required to:

    *    select suitable accounting policies and then apply them consistently; making judgements  and
        estimates that  are reasonable and prudent;

    *   state  whether applicable accounting standards have been followed, subject to  any  material
        departures disclosed and explained in the financial statements;

    *   prepare  the  financial statements on the going concern basis unless it is inappropriate  to
        presume that the company will continue in business.

The  Directors  are  responsible  for keeping proper accounting records which  disclose  with  reasonable
accuracy  at any time the financial position of the Company and enable them to ensure that the  financial
statements  comply  with the Companies Act 1985 (as amended by the Companies Act  2006).  They  are  also
responsible  for  safeguarding the assets of the Company and hence for taking reasonable  steps  for  the
prevention and detection of fraud and other irregularities.

The  Directors  are  responsible  for  the  maintenance and integrity  of  the  corporate  and  financial
information  included  in  the  Company's  website. Legislation  in  the  United  Kingdom  governing  the
preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Directors' and Officers' Insurance

The  Company  purchases and maintains Liability Insurance for its Directors and Officers as permitted  by
the Companies Act 1985.

Statement of Disclosure to Auditor

So far as the Directors are aware, there is no relevant audit information of which the Company's auditors
are unaware. Additionally, the Directors have taken all the necessary steps that they ought to have taken
as  directors  in order to make themselves aware of all relevant audit information and to establish  that
the company's auditors are aware of that information.

Auditors

In  accordance with section 385 of the Companies Act 1985, a resolution proposing that UHY  Hacker  Young
LLP be reappointed as auditors of the company will be put to the Annual General Meeting.

On behalf of the Board


Mark Warde - Norbury
Chairman
8 August 2008


FINANCIALS

The  preliminary results do not constitute full statutory accounts within the meaning of Section  240  of
the Companies Act 1985.

The  preliminary  results  have  been  prepared in accordance  with  applicable  International  Financial
Reporting Standards.

Income Statement
Year ended 31 March 2008
            Continuing operations                      Notes      31-Mar               31-Mar
                                                                    2008                 2007
                                                                      (£)            Restated
                                                                                           (£)
                                                                                            
Revenue                                                  4     2,718,529              871,360
Cost of sales                                                   (262,239)             (61,212)
                                                              ----------------------------------
                                                                                 
Gross profit                                                   2,456,290              810,148
                                                                                 
Administrative expenses                                       (2,490,510)          (1,415,705)
                                                              ----------------------------------                                                                                 
Operating loss                                           5       (34,220)            (605,557)
                                                                                 
Investment revenues                                      6        96,514                  147
Other gains and losses                                   7        79,067               38,932
Finance costs                                            8          (100)             (10,657)
                                                                                 
                                                              ----------------------------------             
Profit before tax                                                141,261             (577,135)
                                                                                 
Corporation tax charge                                           (19,283)                   0
                                                              
                                                              ----------------------------------                  
Profit/ (loss) for the period                                    121,978             (577,135)
                                                              ----------------------------------
                                                                                 
Earnings per share                                                (Pence)              (Pence)
                                                                                 
Basic                                                               0.30               (2.74p)
                                                              ----------------------------------                                                                                                        
Diluted                                                             0.29               (2.74p)
                                                              ----------------------------------

Balance Sheet
As at 31 March 2008
                                                       Notes  Year ended           Year ended
                                                                  31-Mar               31-Mar
                                                                    2008                 2007
                                                                      (£)            Restated
                                                                                           (£)
                                                                                 
Non current assets                                                               
Property, plant and equipment                             13      77,844                    0
                                                              --------------------------------
                                                                                 
Current assets                                                                   
Available for sale investments                            14     357,709              437,669
Trading investments                                       15      67,629              142,983
Trade and other receivables                               16     282,310              152,613
Cash and cash equivalents                                 17   1,816,395                  206
                                                                                 
                                                               ------------------------------
                                                               2,524,044              733,471
                                                               ------------------------------
Total assets                                                   2,601,888              733,471
                                                               ------------------------------
                                                                                 
Current liabilities                                                              
Bank overdrafts                                                        0              (14,975)
Trade and other payables                                  18    (219,121)            (247,946)
Corporation tax                                                  (19,283)                   0
                                                                                 
                                                                ------------------------------
Total current liabilities                                       (238,404)            (262,921)
                                                                ------------------------------
                                                                                 
Net assets                                                     2,363,484              470,550
                                                               ------------------------------
                                                                                 
                                                                                 
Equity                                                                           
Capital and reserves attributable to equity 
shareholders                         
                                                                                 
Share capital                                             19   2,132,800            1,366,085
Share premium account                                     19   1,171,708              408,432
Revaluation reserves                                             133,712              150,247
Other reserves                                                   363,316              105,816
Retained earnings                                             (1,438,052)          (1,560,030)
                                                                                 
                                                              ----------------------------------
                                                               2,363,484              470,550
                                                              ----------------------------------

Statement of Changes in Equity
Year ended 31 March 2008
                                    Share   Share premium     Revaluation           Other        Retained
                                  capital              (£)        reserve        reserves        earnings
                                       (£)                             (£)             (£)             (£)

Restated balance at 31 March      957,447         326,307         277,943           4,909        (982,895)
2006
                                                                                                   
Loss for the year                                                                                (577,135)
Issue of ordinary share            
 capital                          408,638          82,125                                    
Revaluation during the year                                      (127,696)                   
Provision for share-based                                                          
 payments                                                                         100,907   
                                                                              
                               ----------------------------------------------------------------------------                     
Balance at 31 March 2007        1,366,085         408,432          150,247         105,816     (1,560,030)
                                                                                                   
Profit for the period                                                                             121,978
Issue of ordinary share                                                
 capital                          766,715         763,276
Revaluation during the period                                      (16,535)                   
Provision for share-based                                                              
 payments                                                                          257,500

                               ---------------------------------------------------------------------------   
Balance at 31 March 2008        2,132,800       1,171,708          133,712         363,316     (1,438,052)
                               ---------------------------------------------------------------------------

Movements of the Revaluation                                                            2008            2007
reserve consist of:
                                                                                                   
                                Unrealised gains / (losses)                           46,435        (116,386)
                                Release of unrealised gains to Profit and            (62,970)        (11,310)
                                (Loss)
                                                                                                   
                                                                                     (16,535)       (127,696)
                                                                                                   
Other reserves consist of:                                                              2008            2007
                                                                                                          
                                Reserve for employee share ownership plan            (50,254)        (50,254)
                                ('ESOP')
                                Reserve for share based payments                     413,570         156,070
                                                                                                   
                                                                                     363,316         105,816
                                                                                                   
The Reserve for ESOP comprises 232,603 shares in the Company held in an ESOP Trust. As at 31 March 2008 and 31
March 2007, none of the shares had been unconditionally granted to any of the Company's employees and had an
aggregate market value of £30,820 (2007: £24,423).

Cash Flow Statement
Year ended 31 March 2008
                                                                       Notes       31-Mar           31-Mar
                                                                                     2008             2007
                                                                                       (£)        Restated
                                                                                                        (£)
                                                                                                    
Net cash from operating activities                                                                  
Operating loss                                                                    (34,220)         (605,557)
Depreciation                                                                       10,000                 0
Share based payments                                                              257,500           100,907

                                                                               ------------------------------    
Operating cash flows before movements in working capital                          233,280         (504,650)
                                                                               ------------------------------                                                                                                    
Movement in working capital                                                                         
Decrease / (increase) in receivables                                             (129,697)            52,511
Increase / (decrease) in payables                                                 (28,825)           110,526

                                                                               ------------------------------          
                                                                                 (158,523)           163,037
                                                                               ------------------------------
Operating cash flow                                                                74,758           (341,613)
                                                                               ------------------------------
                                                                                                    
Investment activities                                                                               
Interest receivable                                                                96,514                147
Proceeds from disposal of tangible fixed assets                                         0                  0
Proceeds on disposal of trading investments                                        93,274                  0
Proceeds on disposal of available for sale investments                            228,935            207,667
Expenditure on tangible fixed assets                                              (87,844)                 0
Expenditure on available for sale investments                                    (104,362)          (229,359)
Placing of funds on fixed term deposits                                   17   (1,500,000)                 0

                                                                               ------------------------------
Cash flow from investing activities                                            (1,273,483)           (21,545)
                                                                               ------------------------------
                                                                                                    
Financing                                                                                           
Issue of share capital                                                          1,529,990            490,763
Interest payable                                                                     (100)           (10,657)

                                                                               -----------------------------
Cash flow from financing activities                                             1,529,890            480,106
                                                                               -----------------------------
                                                                                                   
Net increase / (decrease) in cash                                              -----------------------------     
 and cash equivalents                                                     17      331,164            116,948
                                                                               -----------------------------
                                                                                                    
Cash and cash equivalents at start of period                                      (14,769)          (131,717)
Cash and cash equivalents at end of period                                        316,395            (14,769)
                                                                               
                                                                               -----------------------------        
Increase / (decrease) in cash and cash equivalents                                331,164            116,948
                                                                               -----------------------------

Notes to the financial statements
For the year ended 31 March 2008

1.     General information

St  Helen's  Capital Plc is a company registered in England and Wales under the Companies Act  1985.  The
Company's  principal activities are the provision of advice and broking services to companies  listed  on
the  the AIM Market (operated by the London Stock Exchange) and PLUS, the primary market (formerly  known
as Ofex) operated by PLUS Markets Plc.

The  financial  statements are presented in pounds sterling because that is the currency of  the  primary
economic environment in which the company operates.

The company's registered office and principal place of business is 15 St Helen's Place, London, EC3A 6DE.
The company's registered number is 3515836.

2.     Significant accounting policies

a. Basis of accounting
The  financial  statements have been prepared for use in the European Union. Up until 31 March  2007  the
company prepared its financial statements under UK Generally Accepted Accounting Principles (' UK GAAP').
From  1  April  2007 the company's financial statements have been prepared in accordance  with  IFRS  and
International  Financial  Reporting Interpretations Committee ('IFRIC') interpretations  adopted  by  the
European  Union,  and with those parts of the Companies Act 1985 applicable to companies reporting  under
IFRS, with the prior periods being reported on the same basis.

The disclosures under IFRS 1 concerning the transition from UK GAAP to IFRS's are given in Note 24.

The financial statements have been prepared on the historical cost basis as modified by the valuation  of
certain financial instruments, as described below.

The  Company  has  one wholly owned subsidiary undertaking, St Helen's Capital Group Limited,  a  dormant
company,  registered in England and Wales, Registered No. 5814084, with a Share Capital  of  £1.  As  the
group  accounts  are virtually identical to those of the Company, the Directors have  determined  not  to
present separate accounts for the Group on the grounds of materiality.

The principal accounting policies are set out below.

b. Financial risk management objectives and policies
The  Company's principal financial assets are cash and cash equivalents, trade and other receivables  and
investments. The Company's credit risk is primarily attributable to its trade receivables and its  market
risk is primarily attributable to its investments. The amounts presented in the Balance Sheet are net  of
allowances for impairment of receivables.

c. Financial instruments
Available for sale investments
Available  for  sale  investments are initially measured at cost, including transaction  costs.  At  each
reporting date these instruments are measured at their fair values and resultant gains and losses,  after
adjusting for taxation, are recognised directly in equity via the revaluation reserve, until the security
is  disposed  of  or is determined to be impaired, at which time the cumulative gain or  loss  previously
recognised in equity is included in the net profit or loss for the period.

Trading investments
Investments  held for trading consist of options held in quoted companies, which are held at fair  value.
At  each reporting date fair value is re-assessed and resultant gains and losses are included directly in
net profit and loss for the period.

Trade and other receivables
Trade and other debtors are measured at fair value.

Appropriate  allowance  for estimated irrecoverable amounts is recognised in the Income  Statement  where
there  is  objective  evidence that the asset is impaired. The allowance recognised is  measured  as  the
difference between the carrying amount and the present value of estimated future cash flows discounted at
the effective interest rate computed at initial recognition.

Trade and other payables
Trade and other payables are measured at fair value.

Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the company after deducting all of the liabilities.

d. Foreign currencies
Transactions  in foreign currencies are recorded at the rate of exchange at the date of the  transaction.
Monetary  assets and liabilities denominated in foreign currencies at the balance sheet date are reported
at  the  rates  of  exchange  prevailing at that date. Gains and losses  arising  during  the  period  on
transactions  denominated in foreign currencies are treated as normal items of income and expenditure  in
the Income Statement.

e. Operating leases
Rentals  payable under operating leases are charged to income on a straight-line basis over the  term  of
the relevant lease.

f. Property, plant and equipment
Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment.

Depreciation  is  provided at rates calculated to write off the cost, less estimated residual  value,  of
each asset evenly over its estimated useful life as follows:

Leasehold improvements are depreciated over the term of the lease.

Computer equipment and software is written off in the period of purchase.

At  each reporting date the net book value of these assets is compared against their economic value,  and
resulting impairments in value are written off in the Income Statement for the period.

g. Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand deposits and fixed term deposits of less than one
year (see note 17).

h. Taxation
The  company has not achieved taxable profits during the period under review, accordingly there is no tax
liability.

The  company had trading losses available to carry forward at 31 March 2008 of approximately £1.1m (2007:
£1.5m).  No  deferred  tax  has been recognised in respect of trading profit as  there  was  insufficient
evidence available as to the timing of any future recovery.

In future years mainstream corporation tax is likely to be payable, which will be based on taxable profit
for  the  year.  Taxable profit differs from net profits as reported in the Income Statement  because  it
excludes  items  of  income  or expense which are taxable or deductible in other  years  and  it  further
excludes  items which are never taxable or deductible. The Company's liability for current  tax  will  be
calculated using tax rates which have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts
of  assets and liabilities in the Financial Statements and the corresponding tax bases in the computation
of  taxable  profit,  and  is  accounted  for using the Balance  Sheet  Liability  Method.  Deferred  tax
liabilities are generally recognised for all temporary differences and deferred tax assets are recognised
to  the  extent  that  it  is  probable that taxable profits will be available against  which  deductible
temporary  differences  can  be used. Such assets and liabilities are not  recognised  if  the  temporary
difference arises from the initial recognition of goodwill or from the initial recognition (other than in
a  business  combination) of other assets and liabilities in a transaction that effects neither  the  tax
profit nor the accounting profit.

The  carrying  amount of deferred tax assets is reviewed at each Balance Sheet date and  reduced  to  the
extent  that it is no longer probable that sufficient taxable profits will be available to allow  all  or
part of the asset to be recovered.

Deferred  tax  is calculated at the rates that are expected to apply in the period when the liability  is
settled  or the asset realised. Deferred tax is charged or credited to the Income Statement, except  when
it  relates to items charged or credited directly to equity, in which case the deferred tax is also dealt
with in equity.

Deferred  tax  assets and liabilities are offset when there is a legally enforceable  right  to  set  off
current  tax  assets against current tax liabilities and when they relate to income taxes levied  by  the
same  taxauthority  and the Company intends to settle its current tax assets and  liabilities  on  a  net
basis.

i. Revenue recognition
Revenue  is measured at the fair value of the consideration received or receivable and represents amounts
receivable for services provided in the normal course of business, net of discounts, VAT, and other sales
related taxes.

Revenue comprises broking commissions, and retainer fees for corporate finance advisory services.

Where  the revenue is success-fee based, it is taken to the Income Statement on the successful completion
of the transaction. Retainer fees are taken to the Income Statement pro-rata to the period invoiced.

Interest income is based on the effective rate applicable for the period during which demand deposits are
held.

j. Employee Share Ownership Plans Trust ('ESOP')
The ESOP trust is accounted for in line with IAS 32, 'Financial Instruments - Presentation', re: treasury
shares  whereby  shares have been shown at cost in a separate Reserve as a deduction  from  Shareholders'
Funds.

k. Share based payments
The  company  has  made  share-based payments to certain directors and employees  through  the  issue  of
options.  The  fair  value of these payments is calculated at the date of grant  through  the  use  of  a
binomial pricing model. The expense is recognised on a straight-line basis over the vesting period, based
on the Company's estimate of shares that will eventually vest.

l. General information
At  the  date  of  authorisation of the financial statements, the following Standards and Interpretations
(relevant  to the company's activities) which have not been applied in the financial statements  were  in
issue but not yet effective.

IFRS 8 - Operating Segments and the revised IAS 1, Presentation of Financial Statements.

It  is not anticipated that the adoption of these accounting standards will have a significant effect  on
the Financial Standards.

3. Critical accounting judgement and key sources of estimation uncertainty.

Equity-settled share-based payments
The  fair value of share based payments is calculated by reference to a simulation model. Inputs into the
model are based on the Directors' best estimates of appropriate volatility, discount rate and share price
growth.

Valuation of investments
Trading  investments  include  options over securities which have  been  received  as  consideration  for
corporate  finance  services rendered. These assets have been valued according to the mid  market  price,
where  the  share prices of the companies concerned are quoted on a recognised stock exchange,  less  the
exercise price of the options.

Bad debt policy
The   Company  regularly  reviews  all  outstanding  balances  and  provides  for  amounts  it  considers
irrecoverable.

4. Business and geographical segments
The  directors  consider  that there is only one activity undertaken by the company,  that  of  corporate
finance advisory. All of this activity was undertaken in the United Kingdom.


                                                                              2008               2007
                                                                                (£)                (£)
                                                                                                        
Fees earned from corporate finance                                       2,718,529            871,360
                                                                    ----------------------------------                                                                   

5.      Profit for the year
                                                                              2008               2007
                                                                                (£)                (£)
The Operating Loss for the year has been arrived at after                                      
charging:
                                                                                               
Depreciation of property, plant and equipment                               10,000                  0
                                                                                               
Operating lease rentals                                                    137,297             61,197
                                                                                               
Share based payments                                                       257,500            116,376
                                                                                               
Staff costs (Note 9)                                                     1,589,800            677,213
                                                                                               
Auditors' remuneration for audit services                                        0              7,000
                                                                                               
Amounts payable to UHY Hacker Young by the company in respect of
 non-audit services were:      
                                                                                               
Auditors' remuneration:               - for non audit taxation              10,825             11,000
                                      - for non audit other                 34,113             13,245
                                                                    ----------------------------------

6.     Investment revenues
                                                                              2008               2007
                                                                                (£)                (£)
                                                                                               
Bank interest receivable                                                    96,514                147
                                                                    ----------------------------------

7.      Other gains and losses
                                                                              2008               2007
                                                                                (£)                (£)

                                                                                               
Profit on disposal of available for sale investments                        69,397              4,680
Profit on disposal of trading investments                                   57,237             20,668
Increase / (decrease) in the fair value of trading                          
 investments                                                               (43,067)            53,681
Impairment of available for sale investments                                (4,500)           (40,097)
                                                                    ----------------------------------               
                                                                            79,067             38,932
                                                                    ----------------------------------

8.     Finance Costs
                                                                              2008               2007
                                                                                (£)                (£)
                                                                                                        
Interest payable on bank overdraft                                             100             10,657
                                                                    ----------------------------------                                                                                              

9.1.    Staff Costs
                                                                              2008               2007
                                                                                (£)                (£)
                                                                                                        
Wages and salaries                                                       1,216,565            501,926
Social security costs                                                      115,735             55,911
Pension costs                                                                    0              3,000
Share based payments                                                       257,500            116,376

                                                                    ----------------------------------                
                                                                         1,589,800            677,213
                                                                    ----------------------------------

The company does not operate any form of pension scheme. Payments, as outlined below, have been made during the
comparative period are to a director's personal pension plan.


9.2.    Directors' emoluments
                                                                              2008               2007
                                                                                (£)                (£)
                                                                                               
The emoluments of the highest paid Director were:                          162,000             83,667
                                                                                               
The aggregate Directors' remuneration was:                                 550,357            315,800
                                                                                               
Pension contributions - total                                                    0              3,000
Pension contributions - highest paid Director                                    0              3,000
The total benefit of options to employees relating to                                          
Directors was:                                                             180,824                  0

10.    Tax
                                                                              2008               2007
The tax charge comprises:                                                       (£)                (£)
                                                                                               
Mainstream UK corporation tax deriving from profits                         19,283                  0
for the periods           
                                                                     
                                                                    ----------------------------------
Total current tax                                                           19,283                  0
                                                                    ----------------------------------

Deferred tax                                                                                   
Charge in respect of timing differences                                          0                  0

                                                                     ---------------------------------      
Total deferred tax                                                               0                  0
                                                                     ---------------------------------

Total tax on profit / (loss) from ordinary activities                       19,283                  0
                                                                     ---------------------------------                                                                                               
The tax charge for the period differs from that resulting from applying the standard rate of UK Corporation
Tax of 20% (2007:19%) to the profit before tax for the reasons set out in the reconciliation below.
                                                                                                  
Profit / (loss) per financial information                                  121,978           (577,135)
Unrealised (gains) / losses on trading investments                          43,067              1,319
Disallowed items                                                           512,319            159,810
Capital allowances                                                               0                  0
Losses carried forward / (used)                                           (580,949)           416,006

                                                                     --------------------------------
Taxable profit / (loss)                                                     96,415                  0
                                                                     --------------------------------
Tax at 20% (2007:19%)                                                       19,283                  0
                                                                     --------------------------------
Tax expense for the year                                                    19,283                  0
                                                                     --------------------------------

11.    Earnings per share
                                                                              2008               2007
                                                                          Earnings           Earnings
                                                                                                         
Based on profit / (loss) of                                                121,978           (577,135)
                                                                     --------------------------------
                                                                                                         
Where losses are incurred, the diluted earnings per share calculation is showing a lower loss per share, making
the options anti-dilutive. Accordingly the diluted earnings per share and basic earnings per share are the same.

                                                                        No. shares         No. shares
Weighted average number of Ordinary Shares in issue                     41,218,795         21,025,290
for the purpose of basic earnings per share                                                                     
Effect of dilutive potential Ordinary Shares:                                                                   
Share options                                                              442,687            197,329
                                                                                        
                                                                     --------------------------------      
Weighted average number of Ordinary Shares in issue                     41,661,482         21,222,619
for the purpose of diluted earnings per share                                                                   
                                                                     --------------------------------

12.    Property, plant and equipment

13. Property, plant and equipment                                              Leasehold improvements
                                                                              2008               2007
Cost                                                                            (£)                (£)
At 1 April 2007                                                                  0                  0
Additions                                                                   87,844                  0
Disposals                                                                        0                  0

                                                                     -------------------------------- 
At 31 March 2008                                                            87,844                  0
                                                                     --------------------------------                                                                                                   
Accumulated depreciation                                                                          
At 1 April 2007                                                                  0                  0
Provision for the year                                                      10,000                  0
On disposals                                                                     0                  0

                                                                     --------------------------------
At 31 March 2008                                                            10,000                  0
                                                                     --------------------------------                                                                                                 
Net book value                                                                                    
                                                                                                  
At 31 March 2008                                                            77,844                  0
                                                                     --------------------------------
At 31 March 2007                                                                 0                  0
                                                                     --------------------------------

13.    Available for sale investments
                                                                              2008               2007
                                                                                (£)                (£)
                                                                                                  
Quoted investments                                                         331,595            408,055
Unquoted investments                                                        26,114             29,614
                                                                                                  
                                                                     --------------------------------
                                                                           357,709            437,669
                                                                     --------------------------------

Unquoted  investments are initially based on cost. At each reporting date these investments are  measured
at their fair values which if below cost, result in a specific provision for impairment in value.

The available for sale investments included an investment in St Helen's Finance PLC, which represented at
31  March 2007 more than 20% of the net assets of the Company. This investment was realised for  cash  in
June 2007.

14.    Trading investments
                                                                              2008               2007
                                                                                (£)                (£)
                                                                                                  
Quoted Options                                                              67,629            142,983
                                                                                                  
                                                                     --------------------------------                                                                                                  
Quoted options are in listed securities which present the Company with opportunity for return through trading
gains. The fair value of these securities is based on quoted market prices.

15.    Trade and other receivables
                                                                                                        
                                                                              2008               2007
                                                                                (£)                (£)
                                                                                                  
Trade debtors                                                              105,136             51,433
Other debtors                                                               62,829             22,016
Prepayments and accrued income                                             114,345             79,164

                                                                     --------------------------------       
                                                                           282,310            152,613
                                                                     -------------------------------- 

All debtors are receivable within one year of the Balance Sheet date.

The  Directors consider that the carrying amounts of trade and other receivables approximates their  fair
values.

The  Company  does not normally have any significant concentration of credit risk, with  exposure  spread
over  a large number of counterparties and customers. Significant risk does occur at the conclusion of  a
large corporate finance and broking transaction, normally measured in a few days, in anticipation of  the
payment of the Company's fees and commissions. No such risk existed at the reporting date.

16.    Cash and cash equivalents
                                                                              2008               2007
                                                                                (£)                (£)
                                                                                                  
Cash held directly at UK Clearing Banks                                    316,395                206
Funds held on fixed term deposits                                        1,500,000                  0

                                                                     --------------------------------   
                                                                         1,816,395                206
                                                                     -------------------------------- 

As the balances mature over a period greater than three months for the purpose of the cash flow statement
they  do  not  meet  the  definition of cash or a cash equivalent and have therefore  been  shown  as  an
investment.  In all other respects, the deposit meets the definition of a cash balance and has  therefore
been disclosed as such on the face of the Balance Sheet.

17.    Trade and other payables
                                                                              2008               2007
                                                                                (£)                (£)
                                                                                                  
Trade payables                                                             111,706             37,346
Other payables and accruals                                                 71,255            172,520
Taxes and social security                                                   36,160             38,080
                                                                                                  
                                                                     --------------------------------
                                                                           219,121            247,946
                                                                     --------------------------------

18.    Share capital
                                                                                                      
Authorised                                                                                            
Ordinary shares of 5p (number)                                          80,000,000         40,000,000
Value of Ordinary shares                                                 4,000,000          2,000,000
                                                                                                      
Issued                                                                                    Issued          Share
                                                                    Ordinary               share        premium
Ordinary shares of 5p                     Date        Premium         shares             capital        account
                                                                     (number)                         
                                                                                                      
Issued at 31 March 2006                                           19,148,930             957,447        326,307
Issue of shares                      31-Aug-06             3p      2,737,500             136,875         82,125
Issue of shares                      31-Mar-07              0      5,435,272             271,764              0
Issued at 31 March 2007                                           27,321,702           1,366,085        408,432
Issue of shares                      26-Apr-07          5.05p     14,925,374             746,269        753,731
Issue of shares                      30-Jun-07             1p        166,500               8,325          1,665
Issue of shares                      22-Oct-07          3.25p        121,212               6,061          3,939
Issue of shares                      07-Nov-07          3.25p        121,212               6,061          3,939
Issued at 31 March 2008                                           42,656,000           2,132,800      1,171,708

19.    Operating leases
At  the reporting dates, the Company had outstanding commitments for future minimum lease payments  under
non-cancellable operating leases in relation to Leasehold Property, and Other Assets, which fall  due  as
follows:
                                                                                       2008              2007
                                                                                         (£)               (£)
Leasehold Property                                                                                         
Within one year                                                                     106,620            44,250
In the second to fifth year (inclusive)                                             382,230           382,230
                                                                               -------------------------------    
                                                                                    488,850           221,250
                                                                               -------------------------------
Other Assets                                                                                       
Within one year                                                                       2,149             2,538
In the second to fifth year (inclusive)                                               6,447             6,447

                                                                               -------------------------------   
                                                                                      8,596             6,255
                                                                               -------------------------------


20.    Share based payments

The  company  has two share option schemes for all employees. Options are exercisable at a  price  agreed
upon  in  the share option agreement on the date of grant. The vesting period lies between immediate  and
ten years. Each option will lapse if it remains unexercised after a period of ten years from the date  of
grant, or the option holder ceases to be an employee of the Company.

Granted/ (lapsed - date)                      Date of        Latest      Restrictions  Exercise           Number
                                                grant      exercise                       Price        of shares
                                                               date
Unapproved                                  06-May-04     13-Jul-09         Note 4, 6       10p          403,923
Unapproved                                  06-May-04     13-Jul-09         Note 4, 6       10p          403,923
Unapproved                                  06-May-04     13-Jul-09         Note 4, 6       15p          403,923
Unapproved                                  06-May-04     13-Jul-09         Note 4, 6       15p          403,923
Unapproved                                  31-Mar-05     30-Jun-08         Note 4, 6        9p        1,111,111
Granted and not lapsed at 31 March 2006                                                                2,726,803
Approved                                    02-Feb-07     02-Feb-17      Note 1, 3, 4        5p        2,608,500
Unapproved                                  02-Feb-07     02-Feb-17      Note 1, 3, 4        5p        8,108,952
Unapproved - lapsed 12 Feb 07               06-May-04     13-Jul-09         Note 4, 6       10p         -403,923
Unapproved - lapsed 12 Feb 07               06-May-04     13-Jul-09         Note 4, 6       15p         -403,923
Approved                                    05-Mar-07     05-Mar-17         Note 1, 4       10p          500,000
Approved                                    30-Mar-07     30-Mar-12            Note 5       10p          600,000
Unapproved                                  30-Mar-07     30-Mar-12            Note 5       10p          400,000
Approved                                    30-Mar-07     30-Mar-12            Note 5       20p          600,000
Unapproved                                  30-Mar-07     30-Mar-12            Note 5       20p          400,000
Approved                                    30-Mar-07     30-Mar-12            Note 5       30p          169,500
Unapproved                                  30-Mar-07     30-Mar-12            Note 5       30p          330,500
Granted and not lapsed at 31 March 2007                                                               15,636,409
Approved                                    17-May-07     17-May-17         Note 1, 4     11.5p          500,000
Approved                                    15-Jun-07     15-Jun-17         Note 1, 4     11.5p          525,000
Approved                                    24-Sep-07     24-Sep-17         Note 1, 4       11p          250,000
Approved                                    24-Sep-07     24-Sep-17       Note1, 2, 4       11p          250,000
Approved                                    08-Oct-07     08-Oct-17         Note 1, 4     16.5p          250,000
Approved                                    05-Nov-07     05-Nov-17         Note 1, 4     16.5p          250,000
Approved                                    05-Nov-07     05-Nov-17         Note 1, 4     16.5p          100,000
Granted and not lapsed at 31 March 2008                                                               17,761,409

Note  1  Options may be exercised at any time. However, if the option holder ceases to be an employee  of
the Company within 3 years of the date of grant, any gain on options exercised will be forfeited.

Note  2  These options are only exercisable if the Company's share price reaches 30p/share, subject  also
to the restrictions described in Note 1.

Note  3   Dependant on the company achieving four objectives; gaining admission to AIM and the  company's
share price reaching 20p, 30p and 50p respectively.

Note  4   If  the  options remain unexercised after a period of ten years from the  date  of  grant,  the
options expire.

Note  5   Based  on  the share price reaching 10p, 20p and 30p respectively. The shares have  no  further
restrictions and will expire if unexercised five years after the date of grant.

Note  6   If  the  option  holder  ceases to be an employee, his right to exercise  automatically  lapses
(subject to a 12 month extension for compassionate reasons).

To the extent that the options at the exercise price(s) for each individual falls within the EMI limit of
£100,000,  EMI schemes have been written to reflect the above arrangements. To the extent that the  value
exceeds  £100,000,  the  options will be subject to an 'Unapproved Scheme'.  These  limits  were  revised
upwards In April 2008 to £120,000 to reflect the provisions of the 2008 Budget.

Summary share options outstanding during the year
                                                            2008           2008          2007              2007
                                                                         Weighted                        Weighted
                                                                          average                         average
                                                                         exercise                        exercise 
                                                         No. share          price     No. share             price
                                                           options       in pence       options          in pence
                                                                                                     
Outstanding at beginning of the year                    15,636,409           7.9      2,726,803              11.1
Granted during the year                                  2,125,000          12.8     13.717.452               7.6
Lapsed during the year                                           0           0.0       (807,846)             12.5
Exercised during the year                                        0           0.0              0               0.0
Expired during the year                                          0           0.0              0               0.0
                                                                                                     
Outstanding at the end of the year                      17,761,409           8.5     15,636,409               7.9
                                                                                                     
Exerciseable at the end of the year                      4,418,957          15.2      4,418,957              15.2


The Company recognised £257,500 (2006: £116,376) share based payments in relation to the above.

The  weighted average estimated fair value for the share options was calculated using a binomial  pricing
model.  The  expected  volatility was calculated at 40% based on industry  averages  for  the  sector  as
adjusted  to account for the high growth anticipated for the Company during the next five years  and  the
risk  free  interest rate has been taken at 5%. Using these parameters, the calculation of  the  cost  of
share based payments compares the exercise price with the market price on the day of grant.

21.    Capital Risk Management

The  Company  is  not reliant on debt finance, its operations currently being funded  by  equity  finance
(comprising  share capital, share premium, and retained earnings) which totalled £1.9m at the  year  end.
The  Company regularly monitors its capital needs to ensure that sufficient funding is available for  its
operational needs.

As  an  FSA  regulated business [which does not hold client funds], the Company has  to  ensure  that  it
maintains a minimum net asset position of €50,000 (equivalent to £40,000), which it met with ease  at  31
March 2008.

22.    Related party transactions

Companies  in  whom  the Company holds (or held) an investment which have paid fees to,  or  charged  the
Company for services.

St Helen's Finance PLC ('SHF')

The  Company  owned  no  shares  in SHF at 31 March 2008: however, at 31 March  2007  the  Company  owned
2,181,662 shares (15.1%). The Company's entire shareholding was realised for cash in June 2007.

SHF  was a related party through the common directorship of Tony Drury, who was a director of the Company
until his resignation on 30 June 2006.

The  Company had operating leases for its IT and telephone equipment with SHF and paid £1,950 during  the
year ended 31 March 2008, and paid £10,890 during year ended 31 March 2007.

On 12 June 2007, the assets which were the subject of the operating leases were bought by the Company for
£7,600.

SHF rented certain office space from the Company during year ended 31 March 2008 and paid £2,280.

SHF also rented certain office space from the Company during year ended 31 March 2007 and paid £15,494.

On 29 May 2007 SHF moved to separate offices.

The Company charged SHF £12,000 commission in respect of fundraising during the year ended 31 March 2008,
and £2,530 during year ended 31 March 2007.

St Helen's Private Equity PLC ('SHPE')

The Company owned 47,311 shares (3.4%) in SHPE 31 March 2008 and 2007.

SHPE  is  a related party through common directorship of Jon Pither and Mark Warde-Norbury who  are  both
directors of the Company.

During  the  year ended 31 March 2008, SHPE paid management fees to the Company of £23,479,  and  £10,133
during year ended 31 March 2007. This arrangement ceased on 29 February 2008.

With effect from 1 March 2008, SHPE paid an accommodation charge of £1,667.

During  the  year ended 31 March 08 the Company received £25,000 commission on sale of certain  available
for sale investments (2007: £nil).
During  the year ended 31 March 2008 the Company acquired no options over the ordinary shares in SHPE  as
payment  of  fees in respect of fundraising, and it acquired 20,619 options during year  ended  31  March
2007.   The  options have an exercise price of 100pence and at 31 March 2008 the quoted price  of  SHPE's
shares was 70pence per share.

At 31 March 2008 the Company owed SHPE £912 (2007 £nil).

Equity Resources PLC ('ER') (formerly Franchise Investment Strategies PLC)

The Company owned 280,000 shares (0.6%) in ER at 31 March 2008 and 31 March 2007.

ER is a related party through common directorship of Jon Pither who is a director of the
Company.

The  Company charged ER £10,000 for other services rendered during the years ended 31 March 2008  and  31
March 2007.

Creative Entertainment PLC ('CE')

The Company owned 120,000 shares (0.1%) in CE at 31 March 2008 and 2007.

CE is a related party through common directorship of Jon Pither who is a director of the Company.

The Company charged CE £5,087 for other services during theyear ended 31 March 2008 (2007:£5,000).

CE owed the Company £3,231 at 31 March 2008 (2007: £nil).

The  Company disposed of 550,000 Share Options in CE during the year for a consideration of £2,063 (2007:
£nil).

Companies  in  whom the Company holds no investment which have paid fees to, or charged the Company  for,
services.

Bonhote Foster Agencies Ltd ('BFA')

BFA  is  a  related  party through common directorship of Mark Warde-Norbury who is  a  director  of  the
Company.

The  Company charged BFA £5,000 for commission in respect of fundraising during the year ended  31  March
2008, and £17,250 during the year ended 31 March 2007.

The  Company  charged  BFA  for transaction fees during the year ended 31 March  2008  of  £nil  (2007  -
£10,000).

At 31 March 2008 BFA owed the Company £nil (2007: £4,000).

Surrey Management Services Ltd ('Surrey')

Surrey is a related party through common directorship of Jon Pither who is a Director of the Company.

Surrey charged the Company £6,100 for the services of Mr Pither (2007: £6,000)

The Company owed Surrey £1,762 at 31 March 2008 (2007: £nil)

Flight and Partners Ltd ('Flight')

Flight is a related party through the common directorships of Howard Flight and Mark Warde-Norbury.

The Company charged Flight £3,689 for other services rendered during the year (2007: £nil).

At 31st March 2008 Flight owed the Company £3,750 (2007: £nil).

23.    Reconciliation of previously stated financial statements to IFRS accounting policies

Up  until  31  March  2007 the Company's Financial Statements were prepared under UK  Generally  Accepted
Accounting Principles ('UK GAAP'). Following admission onto AIM, the accounts to 31 March 2008 are  being
prepared  in  accordance  with  IFRS  and  International Financial  Reporting  Interpretations  Committee
interpretations adopted by the European Union, and with those parts of the Companies Act 1985  applicable
to  companies  reporting under IFRS for the first time. The date of transition to IFRS  therefore  was  1
April 2006.

Capital and reserves attributable to equity shareholders at 1 April 2007

                                               Previously           Cumulative        Restated
                                                   stated           adjustment      
                                                       (£)                  (£)             (£)
                                                                                  
Share capital                                     957,447                    0         957,447
Share premium account                             326,307                    0         326,307
Revaluation reserves                              422,245             (144,302)        277,943
Other reserves                                    (50,254)              55,163           4,909
Retained earnings                              (1,072,034)              89,139        (982,895)
                                             -------------------------------------------------- 
                                                  583,711                    0         583,711
                                             --------------------------------------------------

The £144,302 adjustment reflects the change in accounting policy for 'Trading Investments' for the period
to  31    March  2006, as more fully described in Note 2c compared to the previous policy of  recognising
unrealised  gains  to the Revaluation Reserve. The £55,163 adjustment reflects the change  in  accounting
policy for 'Share based payments' for new options granted in the year ended 31 March 2005, as more  fully
described in Note 2k above.

Income statement year ended 31st March 2007
                                                 Previously             Adjustment        Restated
                                                     stated              in period     
                                                         (£)                    (£)             (£)
                                                                                                
Revenue                                             871,360                      0         871,360
Cost of sales                                       (61,212)                     0         (61,212)

                                             -------------------------------------------------------
Gross Profit                                        810,148                      0         810,148
                                                                                         
Administrative expenses                          (1,431,174)                15,469      (1,415,705)

                                             -------------------------------------------------------
Operating profit                                   (621,026)                15,469        (605,557)
                                                                                         
Investment revenues                                     147                      0             147
Other gains and losses                              (26,059)                64,991          38,932
Finance costs                                       (10,657)                     0         (10,657)

                                             -------------------------------------------------------            
Profit before tax                                  (657,595)                80,460        (577,135)
                                                                                         
Taxation                                                  0                      0               0
                                                                                         
                                             -------------------------------------------------------                                                                                          
Profit/ (loss) for the period                      (657,595)                80,460        (577,135)
                                             ------------------------------------------------------- 
                                                                                         
Earnings per share                                                                       
                                                                                         
Basic                                                (3.13p)                 0.39p          (2.74p)
                                             ------------------------------------------------------- 
                                                                                                       
Diluted                                             (3.13)p                  0.39p          (2.74p)
                                             ------------------------------------------------------- 

The  £15,469 adjustment reflects the change in accounting policy for 'Share based payments',  re  options
now lapsed, as more fully described in Note 2k above.

The  £64,991 adjustment reflects the change in accounting policy for 'Financial Instruments', more  fully
described  in Note 2c above. £66,310 relates to 'Available for Sale Investments, and a loss of £1,319  to
'Trading Investments'.

                                           Previously            Adjustment        Prior period        Restated
                                               stated             in period          adjustment              (£)
                                                   (£)                   (£)
                                                                                                   
Share capital                               1,366,085                     0                   0        1,366,085
Share premium account                         408,432                     0                   0          408,432
Revaluation reserves                          293,230                 1,319            (144,302)         150,247
Other reserves                                 66,122               (15,469)             55,163          105,816
Retained earnings                          (1,663,319)               14,150              89,139       (1,560,030)
                                          -----------------------------------------------------------------------                                              470,550                     0                   0          470,550
                                          -----------------------------------------------------------------------

Adjustments in the period comprise the adjustments referred to above for the 2007 Income Statement. Prior
period adjustments relate to the adjustments as at 1 April 2007 which are also summarised above.

The  changes in accounting policies described above (following the conversion to IFRS) have had no  cash-
flow impact.

Contact Information

  • St Helens Capital plc