Dimension Resources Limited
Chairman's Statement
Six Months Ended 30 June 2007
I would like to start by welcoming Jonathan Morley-Kirk to the Board. He became a director on 1 June. Jonathan is particularly experienced in evaluating and funding natural resource projects.
During the period under review the Directors continued to seek a suitable company or business for acquisition. Negotiations relating to a possible opportunity to enter the field of oil for bio-diesel took up much of the period but it proved impossible to conclude an agreement. Nevertheless, the Directors remain confident that they will be able to acquire a suitable business in due course.
The loss for the period of £21,568 (2005 - £20,155) represents the minimum costs of maintaining the Company's admission to AIM. The quarries, while still operational, did not generate any income for the Company during the period.
Since the end of June there have been two significant events:
In July 2007 Dimension placed 64,500,000 new ordinary shares for cash at 0.25p per share, slightly above the then market price, to raise £161,250 before expenses. This cash is being used to assist the Company in evaluating new projects, as well as providing general working capital.
In August 2007 the Company completed its new web site in compliance with AIM Rule 26. This can be accessed with the address www.dimensionresources.biz
I look forward to updating shareholders over the next few months.
Brian Moritz
(Chairman)
28 September 2007
| |
6 Months ended |
6 Months ended |
| |
30 June |
30 June |
| |
2007 |
2006 |
| Note |
GBP |
GBP |
| Turnover |
- |
- |
| Cost of sales |
- |
- |
| Gross profit |
- |
- |
| Administrative expenses |
(21,575) |
(20,166) |
| Operating loss |
(21,575) |
(20,166) |
| Interest receivable and similar income |
7 |
11 |
| Interest payable and similar charges |
- |
- |
| Net loss before taxation |
(21,568) |
(20,155) |
| Taxation |
- |
- |
| Net loss for the period 2 |
(21,568) |
(20,155) |
| (Loss) per share 3 |
(0.011p) |
(0.010p) |
DIMENSION RESOURCES LIMITED
Balance sheet at 30 June 2006
| |
30 June |
30 June |
| |
2007 |
2006 |
ASSETS |
GBP |
GBP |
| Non-current assets |
91,986 |
391,986 |
| Investments |
91,986 |
391,986 |
| Current assets |
6,541 |
9,591 |
| Trade and other receivables |
3,825 |
3,255 |
| Cash at bank and in hand |
2,716 |
6,336 |
| Total assets |
98,527 |
401,577 |
EQUITY AND LIABILITIES
| Shareholders' funds |
(33,605) |
298,867 |
| Called up share capital |
6,803,644 |
6,799,000 |
| Share premium account |
11,942,813 |
11,932,457 |
| Revaluation of investment reserve |
(300,000) |
|
| Profit and loss account |
(18,480,062) |
(18,432,590) |
| Current liabilities |
132,132 |
102,710 |
| Trade and other payables |
132,132 |
102,710 |
| Total equity and liabilities |
98,527 |
401,577 |
DIMENSION RESOURCES LIMITED
Cash flow statement for the six months ended 30 June 2006
| |
Six months ended |
Six months ended |
| |
30 June |
30 June |
| |
2007 |
2006 |
| |
GBP |
GBP |
| CASH FLOWS FROM OPERATING ACTIVITIES |
7 |
(4,527) |
| Cash absorbed by operations |
- |
(4,538) |
Interest received
CASH FLOWS FROM INVESTING ACTIVITIES |
7 |
11 |
| Loans repaid by subsidiary companies |
- |
8,014 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
7 |
3,487 |
| Cash and cash equivalents at the beginning of the period |
2,709 |
2,849 |
| Cash and cash equivalents at the end of period |
2,716 |
6,336 |
Notes
- The financial statements, which are unaudited, have been drawn up using accounting policies applicable to the year ended 31 December 2006. They do not constitute statutory accounts.
- No dividend is payable for the period.
- The loss per share is based on losses of £21,568 (2005 - £20,155), and on a weighted average of 197,450,758 (2006: 197,042,498) ordinary shares in issue.
