Hartfield Securities Plc
LSE : HASP

November 18, 2008 04:37 ET

Final Results

                                                   
                                       HARTFIELD SECURITIES PLC
                                            (the "Company")

                               RESULTS FOR THE PERIOD ENDED 31 JULY 2008
                                                   
The Directors of Hartfield Securities Plc are pleased to announce the audited results for
the year ended 31 July 2008.

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 2008 show an operating loss of £70,703
(2007: £66,083) and a post tax loss of £31,828 (2007: £54,972).

Cash flow and funding
Cash  at  bank  at  31 July 2008 was £870,865 (2007: £858,006) which adequately  covers  the
Company's routine running expenses and costs for the next year.

Outlook
In  June 2007 Hartfield Securities Plc was admitted to PLUS Markets as a newly created shell
company  with  a  view  to acquiring a suitable business by way of a reverse  takeover.  The
Board's strategy is to consider acquisition targets that have revenues and which are  either
profitable  or  likely  to  be  profitable in the short term. The  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
shareholders  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 February 2008 the Board identified a suitable acquisition and entered into
a period of exclusivity and appointed lawyers and accountants to undertake due diligence. As
a  result  of  this due diligence the Board decided not to proceed as it was  apparent  that
financial forecasts were not going to be met. The abortive costs of this transaction were in
the region of £42,000.

In  the  current difficult economic climate the Board is continuing to make every effort  to
conclude  a successful acquisition but is trying to find the right transaction. The  Company
is a valuable asset as cash is a rare commodity at the current time. The Board are taking  a
cautious approach and have to be convinced that any transaction increases shareholder  value
and ultimately delivers financial rewards to shareholders.

The  Company's  funds  are  on  deposit  with HSBC and  at  today's  date  this  amounts  to
approximately £834,000.

Hartfield Securities Plc remains committed to its strategy and thanks you for your  patience
whilst a suitable acquisition target is identified.


Norman Fetterman
CHAIRMAN


PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 July 2008

                                                                           Year                Period
                                                                          ended           19.07.06 to
                                                                       31.07.08              31.07.07
                                                                       (Audited)             (Audited)
                                                                              £                     £
                                                                                                     
Administrative expenses                                                 (70,703)              (66,083)
                                                                       _________             _________
                                                                                                      
Operating loss                                                          (70,703)              (66,083)
                                                                                                      
Other interest receivable and similar income                             40,456                11,581
                                                                       _________             _________
                                                                                                      
Loss on ordinary activities before taxation                             (30,247)              (54,502)
                                                                                                      
Tax on loss on ordinary activities                                       (1,581)                 (470)
                                                                       _________             _________
                                                                                                      
Loss for the period                                                     (31,828)              (54,972)
                                                                       _________             _________
                                                                                                      
Basic and diluted loss per share (pence)                                  (0.04)p               (0.22)p
                                                                       _________             _________


BALANCE SHEET
                                                                       31.07.08             31.07.07
                                                                       (Audited)            (Audited)
                                                                              £                    £
                                                                                                     
CURRENT ASSETS                                                                                       
Debtors                                                                   4,692                12,402
Cash at bank and in hand                                                870,865               858,006
                                                                        ________              ________
                                                                                                      
                                                                        875,557               870,408
                                                                                                        
CURRENT LIABILITIES                                                     (50,157)              (13,180)
                                                                        ________              ________
                                                                                                     
TOTAL ASSETS LESS CURRENT LIABILITIES                                   825,400               857,228
                                                                        ________              ________
                                                                                                      
CAPITAL AND RESERVES                                                                                  
Called up share capital                                                 885,000               885,000
Other reserves                                                           27,200                27,200
Profit and loss account                                                 (86,800)              (54,972)
                                                                        ________              ________
                                                                                                       
SHAREHOLDERS' FUNDS                                                     825,400               857,228
                                                                        ________              ________


Notes to the financial information

1.    The  calculation of loss per share is based on the loss on ordinary activities after taxation
      of £31,828 (2007: £54,972) and the weighted average number of shares of 88,500,000 (2007: 24,564,959)
      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 2008.

2.    The  financial information set out above does not constitute full accounts within the meaning
      of Section 240 of the Companies Act 1985 ('the Act').  Full accounts for the Company for the year,
      which received an unqualified auditors' report within the meaning of Section 235 of the Act and which
      will not contain a statement under Section 237 (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 18 November 2008.  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