Titania Internet Ventures plc
LSE : TITP

November 28, 2014 06:13 ET

Announcement of Audited Final Results for the Year ended 30 June 2014

27 November 2014

                                              Titania Internet Ventures Plc

                                              ('Titania' or the 'Company')

                          Announcement of Audited Final Results for the Year ended 30 June 2014


MANAGING DIRECTOR'S STATEMENT

The board of Titania (the "Board") today announces the Company's audited results for the year ended 30 June 2014. These
results show a loss for the financial period of GBP 73,923 (2013: GBP 620,794).

During the year ended 30 June 2014 the Board continued to undertake initiatives to strengthen the Company balance sheet
and as such, continued to operate on a limited 'care and maintenance' basis.  During this period Titania raised a total
of GBP 25,000 through placings of 25,000,000 ordinary shares. During the year ended 30 June 2013, the Company raised a
combined total approximately GBP 75,000 through placings of 1,875,000 ordinary shares.

As previously communicated on the 15 October Press Release, the Company has undertaken successfully a share
reorganisation and a placing of GBP 63,000 of convertible loan notes.  The proceeds of the placing were applied towards
working capital.

Whilst the Board is disappointed with the results for this reported financial year of the Company, it is reasonably
confident that the changes that occurred in the last few months will see positive benefits in the longer run.

The Board would like to thank the shareholders in Titania Internet Ventures Plc for their ongoing support of the
Company.

On behalf of the Board.

Pasi Marjanen

Managing Director
Titania Internet Ventures Plc



                                 TITANIA INTERNET VENTURES PLC
                                    PROFIT AND LOSS ACCOUNT
                            PERIOD FROM 1 JULY 2013 TO 30 JUNE 2014
                                                                                                
                                                        Year to 30 Jun 14      Year to 30 Jun 13
                                                                                                
                                                                      GBP                    GBP
TURNOVER                                                                -                180,002
                                                                                                
Administrative expenses                                          (73,924)              (799,949)
                                                               ----------             ----------
OPERATING LOSS                                                   (73,924)              (619,947)
                                                              ===========            ===========
Attributable to:                                                                                
Operating (loss)/profit before exceptional items                                                
                                                                 (73,924)            126,585
                                                                                                
Exceptional items                                                       -              (746,532)
                                                               ----------             ----------
                                                                 (73,924)              (619,947)
                                                                                                
Interest receivable                                                     1                      9
Amounts written off investments                                         -                  (856)
                                                               ----------             ----------
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                                     
                                                                 (73,923)              (620,794)
Tax on loss on ordinary activities                                      -                      -
                                                               ----------             ----------
LOSS FOR THE FINANCIAL YEAR                                      (73,923)              (620,794)
                                                                                                
Balance brought forward                                       (2,384,533)            (1,763,739)
                                                               ----------             ----------
Balance carried forward                                       (2,458,456)            (2,384,533)
                                                              ===========            ===========
Loss per share (pence)                                                                          
                                                                                                
Basic                                                              (0.08)                 (0.85)
                                                                =========              =========
Diluted                                                            (0.08)                 (0.85)
                                                                =========              =========


All  of  the activities of the Company are classed as continuing, however the activities of the subsidiary have  ceased.
The Company has no recognised gains or losses other than the results for the year as set out above.


                                     TITANIA INVESTMENTS PLC
                                          BALANCE SHEET
                                       AS AT 30 JUNE 2014
                                                                                                 
                                                          As at 30 Jun 14         As at 30 Jun 13
                                                                      GBP                     GBP
FIXED ASSETS                                                            -                       -
                                                                                                 
CURRENT ASSETS                                                                                   
Debtors                                                             5,534                   4,860
Cash at bank                                                        4,189                  10,693
                                                              -----------             -----------
                                                                    9,723                  15,553
                                                                                                 
CREDITORS: Amounts falling due within one year                                                   
                                                                 (82,555)                (39,462)
                                                              -----------             -----------
NET CURRENT LIABILITIES                                          (72,832)                (23,909)
                                                              -----------             -----------
TOTAL ASSETS LESS CURRENT LIABILITIES                                                            
                                                                 (72,832)                (23,909)
                                                                 ========                ========
                                                                                                 
                                                                                                 
CAPITAL AND RESERVES                                                                             
Called-up equity share capital                                    979,265                 954,265
Share premium account                                           1,406,359               1,406,359
Profit and loss account                                       (2,458,456)             (2,384,533)
                                                               ----------              ----------
(DEFICIT)/SURPLUS                                                (72,832)                (23,909)
                                                                 ========                ========


Notes:

Note 1 - Loss per share

The basic loss per share figure is calculated using the weighted average number of shares in issue in the year ended 30
June 2014, which was 90,654,663 (2013:73,428,840).

The diluted loss per share figure is calculated using the weighted average number of shares in issue in the year ended
30 June 2014, which was 90,654,663 (2013:73,428,840).

Note 2 - Accounting policies

There have been no changes to the accounting policies adopted by the Company during the year to 30 June 2014 and the
year to 30 June 2013.

Note 3 - Going concern

The Company's balance sheet at the year ended 30 June 2014 shows a deficit of GBP 72,832 (2013: deficit of GBP 23,909).
Since the year ended 30 June 2013, the Company's main trading subsidiary Playasol Ltd has ceased activities and as a
result the Company's operational costs have been reduced to the minimum levels required to maintain the Company's quote
on the ISDX Growth Market.  Post year ended 30 June 2014 the company has undertaken a share reorganisation and raised
convertible loan notes amounting to GBP 63,000.  Based on this the directors are therefore of the opinion that it is
appropriate to prepare the financial statements on a going concern basis.

Note 4 - Announcement information

The information contained within this announcement has been agreed with the Company's auditor.

Note 5 - Dividend

The Board of the Company does not recommend the payment of a dividend for the year ended 30 June 2014 (2013: Nil).

Note 6 - GUIDANCE NOTE 69.1 OF ISDX GROWTH MARKET - RULES FOR ISSUERS

During the year ended 30 June 2014 the Company did comply with Guidance Note 69.1
of the  ISDX  Growth Market - Rules for Issuers (as amended on 9 July 2013).


The Directors of the Company accept responsibility for this announcement.

--ENDS--

Enquiries:

TITANIA INTERNET VENTURES PLC
Pasi Marjanen
Tel: +35 799 381 927
pasi.marjanen@titaniaplc.com

SVS Securities plc - ISDX Corporate Adviser
Kulvir Virk
Tel: +44 (0)20 3700 0100

Contact Information

  • Titania Internet Ventures plc