Fast Bet Solutions Plc
LSE : FBSP

February 28, 2012 10:25 ET

Statement re (insert appropriate text)

                                           Fast Bet Solutions Plc
                                        ("Fast Bet" or the "Company")


UNAUDITED FINANCIAL ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2011

CHAIRMAN'S STATEMENT

I am pleased to present the financial results for Fast Bet Solutions PLC for the 12 month period ending 30
September 2011.

The loss for the 12 month period is £50,695 (12 month period to 2010 - £613,293).  This is a result that
reflects the costs of maintaining the Company's quote on PLUS during a year in which no trading income was
received and no clear direction had been established. At the Annual General Meeting held in 2011,
Shareholders approved the new business strategy which is now being pursued vigorously by the current Board.

During the year, the Company changed its name from Silvanus One Plc to Fast Bet Solutions PLC.  Following the
Annual General Meeting held on 1st August 2011, Nick Woolard and Jennifer Allsop were appointed as directors
of the Company and Marcus Yeoman and Mark Battles resigned.


POST-BALANCE SHEET EVENTS

Andy  Gilbert  joined  the  Board as Executive Chairman on 26th October 2011 and Roger  Bennett  resigned  as
director  on  31st  October 2011.  Since being appointed to Board, the new Directors have agreed  to  receive
their  remuneration  for their services in shares in the Company, in order to keep  the  cash  outflow  to  a
minimum.

Following  the end of the accounting period the Company has acquired the entire share capital of a  UK  based
company,  Fast Bet Limited, which is now the trading subsidiary of Fast Bet Solutions PLC. Since  then,  Fast
Bet  Limited  has  commenced working in cooperation with Gaming Media Solutions ("GMS") the leading  industry
specialists. GMS provided Fast Bet with its expertise on various projects and assist the Company in  securing
partnerships  with suitable businesses within the industry. The Company also received very positive  feedback
and  results from the trial of Fast Bet's non-automated software undertaken by Star Sports, which took  place
from September 2011 to January 2012.

More recently, Harris & Trotter LLP have resigned as auditors to the Company and Welbeck Associates have been
appointed as auditors.

The  Board  believes  that 2012 will be a more positive year for the Company, given  the  new  direction  and
strategy, and the continued progress of the Company's subsidiary, Fast Bet Limited.


Andy Gilbert
Chairman



INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2011

                                                                      2011               2010
                                                                         £                  £
                                                                                             
Continuing operations                                                                        
                                                                                             
Revenue                                                                  -                  -
Gain on disposal of investment                                           -                  -
                                                                         -                  -
Cost of sales                                                            -                  -
Administrative expenses                                            (49,615)          (78,911)
                                                                                             
Operating loss from continuing operations                          (49,615)          (78,911)
                                                                                             
Finance income                                                           -              7,992
Finance costs                                                       (1,080)                 -
Other income                                                             -                  -
Loss from continuing operations                                    (50,695)          (70,919)
Loss from discontinued operations                                        -          (542,374)
                                                                                             
(Loss)/Profit before taxation                                      (50,695)         (613,293)
Taxation                                                                 -                  -
(Loss)/Profit for the financial year                               (50,695)         (613,293)
                                                                                             
Attributable to:                                                                             
Equity holders of the Company                                      (50,695)         (613,293)
                                                                                             
Loss per share attributable to equity holders:                                               
Basic and diluted (pence per share)                                 (0.09p)           (1.18p)




BALANCE SHEET
AS AT 30 SEPTEMBER 2011


                                                          2011                       2010
                                                          £                             £
ASSETS                                                                                   
                                                                                         
Non current assets                                                                       
Investments                                               45,000           -
                                                          45,000           -
                                                                           
Current assets                                                             
Trade and other receivables                               5,397            58
Cash and cash equivalents                                 2,297            20,322
                                                          7,694            20,380
                                                                           
TOTAL ASSETS                                              52,694           20,380
                                                                           
EQUITY AND LIABILITIES                                                     
                                                                           
Equity attributable to equity holders                                      
of the Company
Share capital                                             606              468
Share premium account                                     441,898          397,036
Loan note equity reserve                                  3,404            -
Capital redemption reserve                                404              404
Retained earnings                                         (436,223)        (385,528)
Total equity                                              10,089           12,380
                                                                           
Current liabilities                                                        
Trade and other payables                                  19,929           8,000
                                                          19,929           8,000
                                                                           
Non-current liabilities                                                    
Convertible loan notes                                    22,676           -
                                                          22,676           -
                                                                           
TOTAL EQUITY AND LIABILITIES                              52,694           20,380





The  financial information contained in these results is not audited has not been reviewed or agreed by the Company's auditor.

The directors do not propose to pay a dividend for the year ended 30 September 2011.

The directors believe that due to the nature of the business being with limited funds available, it is likely
that additional fundraisings will be needed for the 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 directors of the issuer accept responsibility for this announcement.

                                                      
                                                   --END-

Enquiries:
FAST BET SOLUTIONS PLC
Jennifer Allsop
+44 77 88 45 17 44

RIVINGTON STREET CORPORATE FINANCE
Fungai Ndoro/ Eran Zucker
+44 20 7562 3373
      

Contact Information

  • Fast Bet Solutions Plc