Yellow Cat Uranium Plc
Yellow Cat Uranium Plc:
Yellow Cat Uranium Plc / Final Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Yellow Cat Uranium plc Results for the year ended 31 December 2008 Managing Director's statement Dear Shareholders The Directors are pleased to present the annual report and audited accounts for Yellow Cat Uranium plc covering the year to 31st December 2008. The results show a loss of £431,857 for the year to 31 December 2008. Since the exploration of the properties in Utah and Colorado in 2007 had produced inconclusive results and in view of the fall in uranium prices and the difficulty of raising finance for exploration at present, Directors decided to look for other methods of continuing to develop the properties in Utah and Colorado. Accordingly, in July 2008, the Company entered into a heads of agreement with Global Uranium Limited under which Global Uranium has agreed to spend up to USD 750,000 over the next 3 years on the properties in Utah and Colorado in order to earn up to a 50% interest in these properties, with the option to increase this interest to 75% by spending a further USD 1,250,000 over the subsequent 2 years. As announced in the interim report to June 2008, the Company is in talks to acquire coal properties in the USA. An independent engineering firm was commissioned to report on the properties. As this report was favourable, further discussions are now underway to complete the acquisition and a further announcement will be made in due course. George Heard Managing Director 18th June 2009 Group profit and loss account for the year ended 31 December 2008 Year ended 31 Year ended 31 December 2008 December 2007 £ £ Turnover - - Cost of sales - - Gross profit - - Administrative expenses 229,947) (259,924) Impairment charge (213,007) - Currency gain/(loss) 8,948 (6,145) Operating loss (434,006) (266,069) Interest receivable 2,149 7,694 Interest payable - (211) Loss on ordinary activities before taxation (431,857) (258,586) Taxation - - Loss on ordinary activities after taxation (431,857) (258,586) Dividends - - Retained loss for the period attributable to Shareholders of the Company (431,857) (258,586) Loss per share - basic (0.09)pence (0.06) pence All the operations are considered to be continuing. The Directors do not recommend the payment of a dividend. Group Statement of Total Recognised Gains and Losses for the year ended 31 December 2008 Year ended 31 Year ended 31 December 2008 December 2007 £ £ Loss for the year (431,857) (258,586) Unrealised gain/(loss) on foreign exchange 23,413 (1,010) Total recognised gains and losses related to the year (408,444) (259,596) Group balance sheet As at 31 December 2008 Fixed assets Intangible assets 44,200 257,207 Current assets Debtors 22,305 76,986 Cash at bank 40,913 181,225 63,218 258,211 Creditors - amounts due within one year (31,482) (31,038) Net current assets 31,736 227,173 Net assets 75,936 484,380 Share capital and reserves Called-up share capital 93,000 93,000 Share premium account 700,602 700,602 Treasury shares reserve (4,000) (4,000) Foreign exchange reserve 22,403 (1,010) Profit and loss account (736,069) (304,212) Total shareholders' funds 75,936 484,380 The auditors of the company, Chapman Davis LLP, have in their report made the following statement: 'Emphasis of matter - Going concern In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in the statement of accounting policies to the financial statements concerning the Company's ability to continue as a going concern. The group incurred a net cash decrease of £163,725 during the year ended 31 December 2008. These conditions, along with the other matters explained in the statement of accounting policies to the financial statements, indicate the existence of a material uncertainty, which may cast significant doubt about the Company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern.' The consolidated results for the period have been extracted from the audited financial statements of the group for the period and do not constitute full statutory accounts for the group. The financial statements were approved by the Board of Directors on 18th June 2009. 24.06.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found