Hartfield Securities Plc
LSE : HASP

April 28, 2011 02:00 ET

Interim Results to 31 January 2011

HARTFIELD SECURITIES PLC (the "Company")

INTERIM RESULTS

CHAIRMAN'S STATEMENT

To accompany the accounts for the six months ended 31 January 2011.

OVERVIEW

Throughout the period under review, the Company remained a cash shell and the Directors were actively

seeking new opportunities to enhance shareholder value.

In December 2010, the Directors identified such an opportunity in Ceres Media Plc ("Ceres"). Ceres was

formed to identify and develop natural sustainable environmental advertising and marketing products for

companies looking to promote their products, brands and corporate social responsibility through the use of

natural materials. Ceres is the holding company for its wholly-owned subsidiary Natural AdCampaign. Natural

AdCampaign's products include advertising, promotional and public relations products as well as a full

selection of printed products using its patent-pending

NatureWoven? range of digitally printable materials.

After undertaking due diligence and following careful consideration by the Board, it was announced on 17

March 2011 that it was the intention of the Company to make a firm offer for Ceres.

On 14 April 2011, the Company made an offer for the entire issued and to be issued share capital of Ceres.

Should the conditions of the offer be met, the Acquisition will be subject to the approval of the Company's

Shareholders at a General Meeting to be held on 9 May 2011, as detailed in the Circular issued to its

shareholders on 14 April 2011.

Shareholders will be informed of the response to the Offer and the results of the General Meeting at the

appropriate times.

FINANCIAL RESULTS

The unaudited financial results for the six months to 31 January 2011 show a loss after taxation of

£55,432; loss per share being 0.063p basic.

CASH FLOW AND FUNDING

Cash at bank at 31 January 2011 was £743,852.

The Company's resources adequately cover the Company's routine expenses and costs.

OUTLOOK

The Hartfield Board has considered several acquisition targets, however it has been discriminating in its

choice and has rejected a number of proposals. The Hartfield Board believes the acquisition of Ceres and

the proposed move to the "Standard Listing" segment of the London Stock Exchange's main market will give

Hartfield Shareholders the opportunity to share in an exciting growth business which is in the

environmental and green areas and represents the realisation of the Company's strategy as set out on

admission to PLUS, particularly in respect of the potential for future growth and profitability.

N Fetterman

Chairman

28 April 2011

The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Hartfield Securities Plc 020 7251 3762

N Fetterman

Fisher Corporate Plc 020 7388 7000

Gary Miller

HARTFIELD SECURITIES PLC

Profit & Loss Account

for the six months ended 31 January 2011

Unaudited Unaudited Audited

6 Months 6 Months

ended ended Year ended

31 January 2011 31 January 2010 31 July

2010

Note £ £ £

Administrative expenses (56,353) (17,141) (39,262)

Operating loss (56,353) (17,141) (39,262)

Other interest receivable and similar

income 921 1,106 1,973

(Loss) on ordinary activities before

taxation (55,432) (16,035) (37,289)

Taxation - - 980

(Loss) on ordinary activities

after taxation (55,432) (16,035) (36,309)

(Loss) per share: basic 2 (0.063p) (0.018p) (0.041p)

There were no recognised gains or losses other than those recognised in the profit and loss account.

HARTFIELD SECURITIES PLC

Balance Sheet as at 31 January 2011

Unaudited Unaudited Audited

As at As at As at

31 January 31 January 31July

2011 2010 2010

£ £ £

FIXED ASSETS

Fixed asset investment 2 - 2

CURRENT ASSETS

Debtors 5,869 5,723 3,522

Cash at bank and in hand 743,852 791,210 779,343

749,721 796,933 782,865

Creditors: amounts falling due

within one year (31,691) (3,195) (9,403)

NET CURRENT ASSETS 718,030 793,738 773,462

NET ASSETS 718,032 793,738 773,464

CAPITAL AND RESERVES

Called up share capital 885,000 885,000 885,000

Other reserves 27,200 27,200 27,200

Profit and loss account (194,168) (118,462) (138,736)

Equity shareholders' funds 718,032 793,738 773,464

HARTFIELD SECURITIES PLC

Consolidated Cash Flow Statement

for the six months ended 31 January 2011

Unaudited Unaudited Audited

6 Months 6 Months Year ended

ended ended 31 July

Note 31 January 2011 31 January 2010 2010

£ £ £

Cash (outflow) from operating

activities 3 (36,412) (29,608) (42,342)

Returns on investments and servicing of

finance

Interest received 921 1,106 1,973

Taxation - - -

_______ _______ _______

Cash (decrease) in the period

(35,491) (28,502) (40,369)

Reconciliation of Net Cash Flow to Movement in Net funds

£ £ £

(Decrease) in cash in the period (35,491) (28,502) (40,369)

_______ _______ _______

Movement in net funds in the period (35,491) (28,502) (40,369)

Net cash as at the start of the period 779,343 819,712 819,712

_______ _______ _______

Net cash as at the end of the period

743,852 791,210 779,343

HARTFIELD SECURITIES PLC

NOTES TO THE INTERIM REPORT

1. Accounting Policies

The interim report has been prepared using accounting policies consistent with those set out in the

Company's Annual Report and Accounts for the year ended 31 July 2010.

The interim report for the six months to 31 January 2011 was approved by the Board on [?] April 2011.

2. Earnings per Share

Unaudited Unaudited Audited

6 Months 6 Months

ended ended Year ended

31 January 31 January 31 July

2011 2010 2010

Pence Pence Pence

( Loss) per share: basic (0.063p) (0.018p) (0.041p)

Loss per ordinary share is based on the Company's loss for the financial period of £55,432 (January 2010 -

loss £16,035; July 2010- loss £36,309).

The weighted average number of shares used in the calculation is:

Number Number Number

Shares 88,500,000 88,500,000 88,500,000

3. Reconciliation of operating loss to net outflow from operating activities

Unaudited Unaudited Audited

6 Months 6 Months

ended ended Year ended

31 January 31 January 2010 31 July

2011 2010

£ £ £

Operating loss (56,353) (17,141) (39,262)

(Increase)/Decrease in debtors (2,347) (3,210) (50)

Increase/(Decrease) in creditors 22,288 (9,257) (3,030)

Net outflow from operating activities (36,412) (29,608) (42,342)

HARTFIELD SECURITIES PLC

NOTES TO THE INTERIM REPORT

contd.

3. Post Balance Sheet Events

On 12 April 2011, 1,333,333 Ordinary Shares of 1p each were issued to HBJ Gateley Wareing (Manchester)

LLP to satisfy an outstanding liability in respect of legal fees.

On 14 April 2011, the Company made an offer for the entire issued and to be issued share capital of

Ceres Media Plc. Should the conditions of the offer be met, the Acquisition will be subject to the

approval of the Company's Shareholders at a General Meeting to be held on 9 May 2011.

4. The information for the year ended 31 July 2010 has been extracted from the audited accounts for that

period, which have been delivered to the Registrar of Companies and received an unqualified audit

opinion and did not contain statement under Section 498 to 502 of Companies Act 2006. The unaudited

results for the six months period have been prepared on basis consistent with the Accounting Policies

disclosed in the Company's 2010 accounts and do not constitute statutory accounts within the meaning

of Section 435 of the Companies Act 2006.

5. Copies of the interim statement are available from the company at its Registered Office, at Finsgate,

5-7 Cranwood Street, London, EC1V 9EE.

Contact Information

  • Hartfield Securities Plc