FreshTL plc
LSE : GHIP

September 30, 2010 08:38 ET

Unaudited Interim Financials of Fresh T Limited

                                               FRESH TL PLC
                                                     
                                                     
                              UNAUDITED INTERIM FINANCIALS OF FRESH T LIMITED


Further  to  the completion of the recent reverse takeover of Fresh T Limited by Greener House  Investments
plc  ("the Reverse"), set out below are the interim results of Fresh T Limited for the six months ended  30
June 2010.

The  Company reports a loss for the six months ended 30 June 2010 of GBP 160,781 (six months ended 30  June
2009, GBP 19,103).

Stephen Blank, Finance Director, commented, "I am pleased to present the Company's interim results for  the
six  months  ended  30  June 2010.  During this period the company completed its acquisition  of  Teampoint
Systems  Limited and received a £600,000 equity investment under the Investment Agreement  dated  26  March
2010  between the company, funds managed by YFM and Greener House Investments plc ("GHI").  Further details
may  be  found in the Admission Document dated 13 September 2010.  Operating expenses therefore consist  of
costs  relating  to  this stage of the Reverse and running costs from 26 March 2010 onwards.   Revenue  and
expenditure were both in line with management expectations."


Fresh T Limited

Consolidated profit and loss account for the six months ended 30 June 2010

                                                    Six months       Six months    Twelve months
                                                         ended            ended            ended
                                                  30 June 2010     30 June 2009      31 December
                                                   (Unaudited)      (Unaudited)             2009
                                                                                       (Audited)
                                                             £                £                £
Turnover                                                10,166                -            4,448
Operating expenses                                     172,179           19,103           52,924
                                                 ------------------------------------------------
Operating loss                                       (162,013)         (19,103)         (48,476)
Interest receivable less payable                         1,232                -                -
                                                 ------------------------------------------------
Loss before taxation                                 (160,781)         (19.103)         (48,476)
Taxation                                                     -                -                -
                                                 ------------------------------------------------
Loss for the financial period                        (160,781)         (19,103)         (48,476)
                                                 ------------------------------------------------


Consolidated Balance Sheet as at 30 June 2010

                                                         As at            As at            As at
                                                  30 June 2010     30 June 2009      31 December
                                                   (Unaudited)      (Unaudited)             2009
                                                                                       (Audited)
                                                             £                £                £
                                                                                                
Fixed assets                                                                                    
Intangible assets                                      118,688                -                -
Tangible assets                                          7,373            1,312            2,045
                                                 ------------------------------------------------
                                                       126,061            1,312            2,045
                                                 ------------------------------------------------
Current assets                                                                                  
                                                                                                
Debtors                                                 42,949              950           10,202
Cash and cash equivalents                              449,058           42,174           19,296
                                                 ------------------------------------------------
                                                       492,007           43,124           29,498
Creditors-amounts falling due within one year        (109,325)         (62,589)         (79,019)
                                                 ------------------------------------------------
Net current assets (liabilities)                       382,682         (19,465)         (49,521)
                                                 ------------------------------------------------
                                                                                                
                                                 ------------------------------------------------
Total assets less current liabilities                  508,743         (18,153)         (47,476)
                                                 ------------------------------------------------
                                                                                                
                                                                                                
Capital and reserves                                                                            
Share capital                                            1,960              950            1,000
Share premium                                          716,040                -                -
Profit & loss account                                (209,257)         (19,103)         (48,476)
                                                 ------------------------------------------------
Shareholders' funds (note 3)                           508,743         (18,153)         (47,476)
                                                 ------------------------------------------------




Notes to the accounts:

1.  The unaudited interim results have been prepared in accordance with the accounting policies adopted  in
drawing up the financial statements of Fresh T Limited for the year ended 31 December 2009. The acquisition
method  of  accounting has been applied in accounting for the acquisition of the whole of the issued  share
capital of Teampoint Limited in March 2010.

2. The unaudited interim results set out above are not the company's statutory accounts. Statutory accounts
for  the  six months ended 30 June 2010 have not been delivered to the Registrar of Companies and no  audit
report has been issued thereon.  Statutory accounts for the year ended 31 December 2009 have been delivered
to  the Registrar of Companies. The auditors have reported on the statutory accounts for the year ended  31
December 2009 and their report was unqualified and did not include a reference to any matters to which  the
auditor drew attention by way of emphasis without qualifying the report; neither did it contain a statement
under  section  498  (2)  (accounting records or returns inadequate or accounts or directors'  remuneration
report  not agreeing with records and returns), or Section 498 (3) (failure to obtain necessary information
and explanations).

3. Movement in Shareholders' Funds
                                                         As at            As at            As at
                                                  30 June 2010     30 June 2009      31 December
                                                   (Unaudited)      (Unaudited)             2009
                                                                                       (Audited)
                                                             £                £                £
                                                                                                
Loss for the period                                  (160,781)          (19103)         (48,476)
Net proceeds of equity share issue                     717,000              950            1,000
                                                 ------------------------------------------------
Net additions to shareholders' funds                   556,219         (18,153)         (48,476)
Opening shareholders' funds                           (47,476)                -                -

                                                 ------------------------------------------------                     
Closing shareholders' funds                            508,743         (18,153)         (47,476)
                                                 ------------------------------------------------
                                                                                                

Change of Accounting Reference Date

The Company has changed its accounting reference date to 31 December.


The directors of the Company take responsibility for this announcement.

Enquiries:

FreshTL plc                                              0161 408 0962
Stephen Blank, Finance Director

Daniel Stewart & Co Plc
Oliver Rigby                                             020 7776 6550

Contact Information

  • FreshTL plc