RNS Number : 4560X
Dimension Resources Ld
27 June 2008
Dimension Resources Limited
Chairman's Statement
Year Ended 31 December 2007
I regret that I remain unable to report positively on progress towards the acquisition of a new business to be combined with the Company's existing stone quarrying activity. This is despite substantial efforts by the board.
We had agreed in principle to acquire a diamond mining business operating in South Africa. Unfortunately it proved impossible to obtain the approval from the South African Reserve Bank to complete this acquisition. Subsequently the Directors looked at a producer of oil for bio-diesel manufacture. Once more we were unable to complete the acquisition due to matters outside the Company's control, in this case title to the target's assets.
We continue to examine projects which can be brought into Dimension for the benefit of shareholders.
During the year the Company placed ordinary shares to raise £160,000 before expenses. This is being used for working capital and in particular for due diligence into proposed acquisitions.
The loss for the year was £84,000 (2006 - £46,000), representing the minimum costs of maintaining the listing on AIM. The increase over the previous year is due primarily to a payment of £35,000 in respect of legal due diligence on a proposed acquisition.
Finally, Geoffrey Hoodless has indicated that increased responsibilities at Hoodless Brennan mean that he has to divest himself of other directorships. He has therefore decided not to offer himself for re-election at the forthcoming Annual General Meeting. I would like to thank Geoffrey for all his efforts on behalf of Dimension through such a difficult period.
Brian Moritz
(Chairman)
27 June 2008
DIMENSION RESOURCES LIMITED
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Income statement for the year ended 31 December 2007
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2007
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2006
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GBP
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GBP
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Turnover
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-
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-
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Cost of sales
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-
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-
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Gross profit
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-
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-
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Administrative expenses
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(84,466)
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(46,095)
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Operating loss
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(84,466)
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(46,095)
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Interest receivable and similar income
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45
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36
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Interest payable and similar charges
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-
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-
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Net loss before taxation
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(84,421)
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(46,059)
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Taxation
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-
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-
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Net loss for the year
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(84,421)
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(46,059)
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DIMENSION RESOURCES LIMITED
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Balance sheet at 31 December 2007
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2007
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2006
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GBP
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GBP
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ASSETS
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Non-current assets
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91,986
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91,986
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Investments
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91,986
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91,986
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Current assets
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76,722
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3,794
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Trade and other receivables
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1,134
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1,085
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Cash and cash equivalents
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75,588
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2,709
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Total assets
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168,708
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95,780
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EQUITY AND LIABILITIES
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Shareholders' funds
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48,541
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(27,037)
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Called up share capital
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6,868,144
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6,799,000
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Share premium account
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12,023,313
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11,932,457
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Revaluation of investments
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(300,000)
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(300,000)
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Profit and loss account
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(18,542,915)
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(18,458,494)
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Current liabilities
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120,167
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122,817
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Trade and other payables
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120,167
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122,817
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Total equity and liabilities
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168,708
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95,780
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DIMENSION RESOURCES LIMITED
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Cash flow statement for the year ended 31 December 2007
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2007
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2006
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GBP
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GBP
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CASH FLOWS FROM OPERATING ACTIVITIES
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(87,120)
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(8,155)
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Cash absorbed by operations
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987,165)
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(8,190)
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Interest received
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45
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35
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CASH FLOWS FROM INVESTING ACTIVITIES
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160,000
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8,015
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Loans to/from subsidiary companies
Issue of ordinary shares
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-
160,000
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8,015
-
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NET INCREASE (DECREASE) IN CASH AND
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CASH EQUIVALENTS
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72,880
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(140)
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Cash and cash equivalents at the beginning of
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the year
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2,709
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2,849
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Cash and cash equivalents at the end of year
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75,589
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2,709
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NOTES
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1
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The financial information set out above does not constitute the Company's statutory financial statements for the year ended 31 December 2007, but is derived from those statements. The auditors have reported on the financial statements to 31 December 2007 and their report was unqualified.
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2
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No dividend is proposed for the year.
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3
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The Company's annual report and accounts for the year ended 31 December 2007 will be posted to shareholders by 27 June 2008. Copies will be available at the offices of HB-corporate, 40 Marsh Wall, London, E14 9TP.
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4
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The Annual General Meeting of the Company will be held at 26 Dover Street, London W1S 4NH on Tuesday 5 August 2008 at 11:00 a.m.
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For further information please contact:
Brian Moritz, Dimension Resources Limited
(tel: 07976 994300)
Gerry Beaney/Colin Aaronson, Grant Thornton UK LLP (Nominated Adviser)
(tel: 020 7383 5100)
