Silvanus One Plc
LSE : WMSP

February 28, 2011 04:43 ET

Final Results

                                                                                                                     
                                                  Silvanus One Plc
                                            ("Silvanus" or the "Company")
                                                          
                          UNAUDITED FINANCIAL ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2010

CHAIRMAN'S STATEMENT
I am pleased to present the financial results for Silvanus One Plc for the 12 month period ending 30 September 2010.

The loss for the 12 month period is £613,294(12 months to 2009 - £68,351 loss).

This year has been a year of consolidation and preparation for the coming financial year.

Company highlights for the period under review:
  *      The  Company disposed of certain assets (including the Company's name) together with all liabilities of  the
         Company, to WMS Limited, a private limited company owned by Fundy Minerals ("Fundy"), Walton Asset
         Management, Aureum Investment, and Daniel Vanrenen (the "Consortium").
  *     The Company became an investment vehicle under the PLUS Rules. The Company's Investment Strategy changed to be
        a generalist one with no specific sector, national or regional focus.
  *     The Company's name changed from World Mining Services Limited to Silvanus One Plc
      

During  the  period  the Company announced its intention to delist its shares from the PLUS Markets.  Following  this
announcement, several shareholders indicated to the Board that they were strongly opposed to the proposed  delisting,
which  they viewed as inevitably leading to reduced liquidity in the Company's shares and that the retention  of  the
Company's  PLUS  quote  offered a more stable, viable and attractive platform for the  Company  to  potentially  seek
alternative  investment  opportunities.  The  Board  considered these  representations  and  presented  them  to  the
Consortium.  The Consortium in response proposed to the Board that, together, it would purchase, certain  assets  and
liabilities  of  the  Company in exchange for shares in the Company, held by Consortium members,  leaving  all  other
shareholders  with  a  much  larger share of a public entity, free from liabilities,  allowing  them  to  seek  other
opportunities. Under the PLUS Rules, the disposal was deemed to be a related party transaction and therefore required
shareholders approval.

Following a General Meeting held on 11 August 2010, Marcus Yeoman joined the Board as Executive Chairman and  Jeffrey
Michel, Dan Vanrenen and Roy Harding resigned as directors of the Company. Mark Battles joined the Board as Executive
Director on 15 October 2010.

The  Directors are currently reviewing strategic options for the Company that will maximise shareholders' value going
forward.


Marcus Yeoman
Chairman

Date: 24 February 2011
                                                          
                                                          
                                                          
                                            GROUP PROFIT AND LOSS ACCOUNT
                                        FOR THE YEAR ENDED 30 SEPTEMBER 2010

                                                          


                                                     2010                                      2009
                                                        £                                         £
Discontinued operations                                                                            
                                                                                                   
Revenue                                           257,863                                    59,979
Gain on disposal of                                     -                                   218,399
investment
                                                  257,863                                   278,378
                                                                        
Cost of sales                                   (314,886)                                  (89,123)
                                                                        
Administrative expenses                         (386,371)                                 (279,778)
                                                                                                   
Operating (loss)/profit                         (443,394)                                  (90,523)
                                                                                                   
Finance (expense)/income                         (61,109)                                   (9,030)
Other income / (losses)                             3,281                                  (13,000)
Expenses for share based                                -                                       124
payment reserve
Amortisation of negative                                -                                    80,404
goodwill
Share of operating loss in                              -                                  (36,326)
associate
Loss on disposal of the                         (112,072)                                         -
business
                                                                                                   
                                                                                                   
(Loss)/profit before                            (613,294)                                  (68,351)
taxation
Taxation                                                -                                         -
                                                                                                   
Loss for the year from                          (236,581)                                  (68,351)
continuing operations
                                                                                                   
Loss for the year from                          (376,713)                                         -
discontinued operations
                                                                                                   
                                                                                                   
(Loss)/profit for the                           (613,294)                                  (68,351)
financial year


(Loss)/Profit per share                                         
attributable to equity
holders
                                                                                                   
Basic                                                  (0.01p)                              (0.09p)
Diluted                                                (0.01p)                              (0.09p)

                                                          
                                                          
                                                          
                                                 GROUP BALANCE SHEET
                                               AS AT 30SEPTEMBER 2010

                                                      Company                  Company                     Group
                                                         2010                     2009                      2009
                                                           £                        £                         £
Assets                                                                                              
Non current assets                                                                                  
Plant & Machinery                                       -                         -                      423,191
Intangible assets                                       -                         -                      16,363
Investment in subsidiary                                -                      239,737                      -
Total non-current assets                                -                      239,737                   439,554
                                                                                                            
                                                                                                            
Current Assets                                                                                              
Trade and other receivables                             58                     233,351                   62,996
Available for sales financial assets                    -                       53,991                   53,991
Inventories                                             -                         -                      66,959
Cash and cash equivalents                             20,322                    49,230                   79,231
                                                                                                            
Total current assets                                  20,380                   336,572                   263,177
                                                                                                            
TOTAL ASSETS                                          20,380                   576,309                   702,731
                                                                                                            
EQUITY & LIABILITIES                                                                                        
Equity attributable to equity holders                                                                       
of the Company                                                                                              
Share capital                                          468                       582                       582
Share premium                                        397,037                   307,314                   307,314
Capital redemption reserve                             404                        -                         -
Share based payments reserve                            -                       9,802                     9,802
Minority interest                                       -                         -                      42,719
Retained earnings                                   (385,529)                  217,963                   137,965
                                                                                                            
Total equity                                          12,380                   535,661                   498,382
                                                                                                            
Current Liabilities                                                                                         
Trade and other payables                              8,000                     40,648                   204,349
                                                                                                            
Total liabilities                                     8,000                     40,648                   204,349
                                                                                                            
TOTAL EQUITY AND LIABILITIES                          20,380                   576,309                   702,731
                                                          

The  directors believe that due to the nature of the business being a cash shell with limited funds available, it  is
likely that additional fundraisings will be needed for this company to be a going concern for the foreseeable future.
This  issue  will  be clarified as and when the Final Accounts are audited. The directors will therefore  update  the
market accordingly.

The  financial information contained in these results has not been agreed with an auditor. The Final Results have  not
been audited.

The Directors do not propose to pay a dividend for the year ended 30 September 2010.

The directors of the issuer accept responsibility for this announcement.


                                                       --END--


Enquiries:
Silvanus One Plc                Tel:  +44(0)797 002 8442
Marcus Yeoman

Rivington Street Corporate Finance Ltd   Tel: +44(0)20 7562 3373
Eran Zucker
Eran@rs-cf.com



Contact Information

  • Silvanus One Plc