Titania Internet Ventures plc
LSE : TITP

November 30, 2015 08:09 ET

Audited Final Results for the Year ended 30 June 2015

30 November 2015

                                              Titania Internet Ventures Plc

                                              ('Titania' or the 'Company')

                          Announcement of Audited Final Results for the Year ended 30 June 2015


MANAGING DIRECTOR'S STATEMENT

The board of Titania (the "Board") today announces the Company's audited results for the year ended 30 June 2015. 
These results show a loss for the financial period of GBP 64,443 (2014: GBP 73,923).

As previously reported in the interim results to 31st December 2014 the Board has continued to undertake 
initiatives to strengthen the Company balance sheet and as such, continued to operate on a limited 'care and 
maintenance' basis.

As previously communicated in the announcement dated 15 October 2014, 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.

As previously communicated in the announcement dated 27 November 2015, the Company has undertaken successfully a 
placing of GBP 25,200 of convertible loan notes. The proceeds of the placing were applied towards working capital.

Whilst the Board is disappointed not to be able to announce more positive results for this reported financial year 
of the Company, it is reasonably confident that the changes that occurred in the last 12 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 2014 TO 30 JUNE 2015
                                                                                                
                                                        Year to 30 Jun 15      Year to 30 Jun 14
                                                                                                
                                                                      GBP                    GBP
TURNOVER                                                                -                      -
                                                                                                
Administrative expenses                                          (64,447)               (73,924)
                                                               ----------             ----------
OPERATING LOSS                                                   (64,447)               (73,924)
                                                                                                
Interest receivable                                                     4                      1
                                                               ----------             ----------
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                      (64,443)               (73,923)
Tax on loss on ordinary activities                                      -                      -
                                                               ----------             ----------
LOSS FOR THE FINANCIAL YEAR                                      (64,443)               (73,923)
                                                                                                
Balance brought forward                                       (2,458,456)            (2,384,533)
                                                               ----------             ----------
Balance carried forward                                       (2,522,899)            (2,458,456)
                                                              ===========            ===========
Loss per share (pence)                                                                          
                                                                                                
Basic                                                              (0.21)                 (0.25)
                                                                =========              =========
Diluted                                                            (0.21)                 (0.25)
                                                                =========              =========


All of the activities of the Company are classed as continuing.
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 2015
                                                                                                 
                                                          As at 30 Jun 15         As at 30 Jun 14
                                                                      GBP                     GBP
FIXED ASSETS                                                                                     
Investments                                                             -                       -
                                                                                                 
CURRENT ASSETS                                                                                   
Debtors                                                             1,326                   5,534
Cash at bank                                                       13,722                   4,189
                                                              -----------             -----------
                                                                   15,048                   9,723
                                                                                                 
CREDITORS: Amounts falling due within one year                   (23,067)                (82,555)
                                                              -----------             -----------
NET CURRENT LIABILITIES                                           (8,019)                (72,832)
                                                              -----------             -----------
CREDITORS: Amounts falling due after  more  than                 (90,356)                       -
one year
                                                                                                 
NET ASSETS                                                       (98,375)                (72,832)
                                                                 ========                ========
                                                                                                 
                                                                                                 
CAPITAL AND RESERVES                                                                             
Called-up equity share capital                                    980,043                 979,265
Share premium account                                           1,444,481               1,406,359
Profit and loss account                                       (2,522,899)             (2,458,456)
                                                               ----------              ----------
(DEFICIT)/SURPLUS                                                (98,375)                (72,832)
                                                                 ========                ========


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 2015, which was 29,983,882 (2014:29,983,882).

The diluted loss per share figure is calculated using the weighted average number of shares in issue in the year 
ended 30 June 2015, which was 29,983,882 (2014:29,983,882).

Note 2 - Accounting policies

There have been no changes to the accounting policies adopted by the Company during the year to 30 June 2015 and 
the year to 30 June 2014.

Note 3 - Going concern

The Company's balance sheet at the year ended 30 June 2015 shows a deficit of GBP 98,375 (2015: deficit of GBP 
72,832). The Company's operational costs continued to be at the minimum levels required to maintain the Company's 
quote on the ISDX Growth Market.  During the year ended 30 June 2015 the company has undertaken a share 
reorganisation and raised convertible loan notes amounting to GBP 63,000.

Post year ended 30 June 2015, the Directors have raised funds of £25,200 by way of an issue of convertible notes 
as announced on 27 November 2015.  In addition the directors of the company are owed a total of £27,356, and will 
not demand repayment in the short term.

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 2015 (2014: Nil).

The Directors of the Company accept responsibility for this announcement.

--ENDS--

Enquiries:

TITANIA INTERNET VENTURES PLC
Pasi Marjanen
Tel: +44 (0) 20 3289 7145
pasi.marjanen@titaniaplc.com

Alexander David Securities Ltd - ISDX Corporate Adviser

David Scott

Tel: +44 (0)20 7448 9820

David.scott@ad-securities.com

Contact Information

  • Titania Internet Ventures plc