Storyboard Assets Plc

April 28, 2009 02:00 ET

Audited Results for the Period Ended 30 November 2008

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

                               Audited Results for the Period Ended 30 November 2008
The Directors of Storyboard Assets Plc are delighted to announce their audited results for the period ended  30
November 2008.

Chairman's Statement

The period under review has been one of significant achievement. The year to November 30th 2008 saw the Company
raise over £400,000 in investment capital, appoint an advisory panel, agree terms with an exhibition management
firm and most importantly, establish a founding portfolio of illustrative art. With respect to the latter, I am
delighted to say that our collection is already one that includes world class works, with the portfolio boasting
pieces by Beatrix Potter, Quentin Blake, EH Shepard, Cliff Wright and many others. I would encourage a visit to
the company's website, where the complete portfolio is available to view.

Storyboard's proposition has been very timely. Incorporated in November 2007, the Company acquired its first
artworks (Beatrix Potter and EH Shepard illustrations) in April 2008. In only a matter of three months, a world
record price of more than £289,000 was achieved for an original illustration (by Beatrix Potter). By that time,
Storyboard had already acquired a position of six original Beatrix Potter works. Again in December of 2008, a
world record price was achieved for an EH Shepard illustration, with an original Winnie the Pooh drawing selling
at Sotheby's for more than £115,250. Again, Storyboard Assets had anticipated the continuing correction of prices
in the illustration market and purchased a total of 5 original works by Shepard, 3 of which were published in
A.A.Milne's "Now We Are Six" and 2 in Kenneth Grahame's "Wind in the Willows". The encouraging trend witnessed in
2008 is one that Storyboard and its directors believe will continue in the coming year and beyond.

The financial results announced today, which show a loss of £116,740 reflect the costs of establishing the
business, raising the founding capital and obtaining a listing on PLUS. Going forward, aided by a low fixed cost
base and further anticipated rises in asset values, the Company is well placed to benefit from useful trading
profits as and when it makes occasional sales of works from its portfolio. Additionally, Storyboard expects to
enjoy the first fruits of its exhibition proposition before the current year is out. Indeed, to that end, interest
has been noted from a number of UK and Internationally based galleries and the directors anticipate the first of
these exhibitions will take place within the current financial year.

The Directors will not be recommending the payment of a dividend for this period.

I thank shareholders for their support of the Company to date and I look forward to reporting further developments
with both our portfolio and our plans to exhibit in due course.

Marcus Yeoman

          FOR THE PERIOD 23 NOVEMBER 2007 TO 30 NOVEMBER 2008
                         TURNOVER                                                                       -
                         Administrative expenses                                                  116,740
                          OPERATING LOSS
                         ON ORDINARY ACTIVITIES
                         BEFORE TAXATION                                                        (116,740)
                           Tax on loss on ordinary activities             -
                         LOSS FOR THE FINANCIAL PERIOD
                         AFTER TAXATION                                                         (116,740)
                         Earnings per share expressed
                         in pence per share:
                         Basic                                                                     -38.84
                         Diluted                                                                   -38.84
          None of the company's activities were acquired or discontinued during the current period.
          The company has no recognised gains or losses other than the loss for the current period.
          30 NOVEMBER 2008
                                                                                     £               £
                         FIXED ASSETS
                         Tangible assets                                                            1,519
                         Investments                                                              269,189
                         CURRENT ASSETS
                         Debtors                                                   11,693
                         Cash at bank and in hand                                  60,266
                         Amounts falling due within one year                       13,405
                         NET CURRENT ASSETS                                                        58,554
                         TOTAL ASSETS LESS CURRENT
                         LIABILITIES                                                              329,262
                         CAPITAL AND RESERVES
                         Called up share capital                                                  125,102
                         Share premium                                                            320,900
                         Profit and loss account                                                (116,740)
                         SHAREHOLDERS' FUNDS                                                      329,262
These financial statements were approved and authorised for issue by the Board of Directors on 22 April 2009 and
were signed off by the auditors on the 27 April 2009. The above figures are an abridged version of the Company's
audited accounts.
The Directors of the Issuer accept responsibility for this announcement.

Contact Information:

Storyboard Assets Plc
Luke Heron
Telephone: 07912 044 941

Corporate Advisers:
St Helen's Capital Plc
Duncan Vasey/Barry Hocken
Telephone: 020 7628 5582

Contact Information

  • Storyboard Assets Plc