Hartfield Securities Plc
LSE : HASP

December 21, 2010 07:53 ET

Final Results

                                                   
                                       HARTFIELD SECURITIES PLC
                                            (the "Company")

                                RESULTS FOR THE YEAR ENDED 31 JULY 2010
                                                   
The  Directors of Hartfield Securities Plc are pleased to announce the audited  results  for
the year ended 31 July 2010.

CHAIRMAN'S STATEMENT

Overview
The  Company  remains  an  investment vehicle, actively continuing to seek  opportunities  to  enhance
shareholder value.

The  Board maintains a very tight control of the Company's resources and expenditure. However, in  the
light of reduced interest rates there may be a small shortfall next year.

Financial results
The  audited  financial results for the year to 31 July 2010 show an operating loss of £39,262  (2009:
£29,573) and a post tax loss of £36,309 (2009: £15,627).

Cash flow and funding
Cash  at  bank  at  31 July 2010 was £779,343 (2009: £819,712) which adequately covers  the  Company's
routine running expenses and costs for the next year.

Outlook
In  June 2007 Hartfield was admitted to Plus as a newly created shell company with a view to acquiring
a  suitable  business by way of a reverse takeover. The Board's strategy, as already set  out,  is  to
consider  acquisition  targets that have revenues and which are either  profitable  or  likely  to  be
profitable  in  the  short  term.  Your  Board  has  considered  a  significant  number  of  potential
acquisitions,  some of which turned out to be of more interest than others. Each potential  target  is
given  serious  consideration by the Board and you should be aware that the  Directors,  who  are  not
remunerated,  have  spent  substantial  amounts  of time  and  effort  in  reviewing  these  potential
acquisition opportunities.

In the current difficult economic climate your Board is continuing to make every effort to conclude  a
successful acquisition but is trying to find the right transaction. Our Company is a valuable asset as
cash  is  a  rare  commodity at the current time. We are taking a cautious approach  and  have  to  be
convinced  that any transaction increases shareholder value and ultimately delivers financial  rewards
to  our shareholders. The Company's funds are on deposit with HSBC and at today's date this amount  to
approximately £750,000. At last year's AGM shareholders passed a resolution authorising the  board  to
continue their search for a suitable acquisition candidate for a further 12 months. The directors  are
pleased to announce that they have entered into an indicative offer to acquire the entire issued share
capital  of  a  company involved in the compostable print media sector. This offer is  dependent  upon
successful  legal and financial due diligence and upon obtaining the necessary shareholder  approvals.
We  will  be writing to you again shortly on this matter. Hartfield remains committed to its  strategy
and thanks you for your patience whilst a suitable acquisition target is identified.

Malcolm Coleman
Director


PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 July 2010

                                                                             Year                 Year
                                                                            ended                Ended
                                                                         31.07.10             31.07.09
                                                                        (Audited)            (Audited)
                                                                                £                    £
                                                                                                     
Administrative expenses                                                 (39,262)              (29,573)
                                                                       _________             _________
                                                                                                      
Operating loss                                                          (39,262)              (29,573)
                                                                                                      
Other interest receivable and similar income                               1,973                13,946
                                                                       _________             _________
                                                                                                     
Loss on ordinary activities before taxation                             (37,289)              (15,627)
                                                                                                      
Tax on loss on ordinary activities                                           980                     -
                                                                       _________             _________
                                                                                                     
Loss for the period                                                     (36,309)              (15,627)
                                                                       _________             _________
                                                                                                      
Basic and diluted loss per share (pence)                                 (0.04)p               (0.02)p
                                                                       _________             _________


BALANCE SHEET
                                                                         31.07.10             31.07.09
                                                                        (Audited)            (Audited)
                                                                                £                    £
FIXED ASSETS                                                                                         
Investments                                                                    2                    -
                                                                                                     
CURRENT ASSETS                                                                                       
Debtors                                                                    3,522                 2,513
Cash at bank and in hand                                                 779,343               819,712
                                                                        ________              ________
                                                                                                      
                                                                         782,865               822,225
                                                                                                        
CURRENT LIABILITIES                                                      (9,403)                (12,452)
                                                                                                        
NET CURRENT ASSETS                                                       773,462               809,773
                                                                        ________              ________
                                                                                                      
TOTAL ASSETS LESS CURRENT LIABILITIES                                    773,464               809,773
                                                                        ________              ________
                                                                                                      
CAPITAL AND RESERVES                                                                                  
Called up share capital                                                  885,000               885,000
Other reserves                                                            27,200                27,200
Profit and loss account                                                (138,736)             (102,427)
                                                                        ________              ________
                                                                                                      
SHAREHOLDERS' FUNDS                                                      773,464               809,773
                                                                        ________              ________


Notes to the financial information

1.       The  calculation of loss per share is based on the loss on ordinary activities after taxation
      of £36,309 (2009: £15,627) and the weighted average number of shares of 88,500,000 (2008: 88,500,000)
      in  issue  during the period.  Due to the loss incurred in the period under review, the dilutive
      securities have no effect as at 31 July 2010.

2.       The  financial information set out above does not constitute full accounts within the meaning
      of Section 435 of the Companies Act 2006 ('the Act').  Full accounts for the Company for the year,
      which received an unqualified auditors' report within the meaning of Section 495 and 496 of the Act
      and which will not contain a statement under Section 498 (2) or (3) of the Act, will be posted to
      shareholders as soon as is practicable.
        
3.       The  financial information in this announcement has been extracted from the Company's audited
      accounts and has been prepared under UK GAAP.

4.      The Directors have not declared a dividend for the period.

5.       This  statement was approved by the Board of Directors on 21 December 2010.  Copies  of  this
      statement will be available free of charge from the Company's Registered Office at Finsgate, 5-7
      Cranwood Street, London EC1V 9EE.


HARTFIELD SECURITIES PLC
Registered No. 05880755


The Directors of the Issuer accept responsibility for this announcement.

                                              ---ENDS---

Enquiries:

Hartfield Securities Plc                 020 7251 3762
N Fetterman

Fisher Corporate Plc                     020 7388 7000
Gary Miller

Contact Information

  • Hartfield Securities Plc