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PROFIT AND LOSS ACCOUNT

2002 (£)

2001 (£)


Turnover

6,003,036

4,708,585

Cost of Sales

(3,459,869)

(2,738,430)

 

Gross Profit

2,543,167

1,970,155

Administrative expenses

(1,737,755)

(1,356,096)

 

Operating Profit

805,412

614,059

Exceptional items

(168,904)

-

Interest payable and similar charges

(6,823)

(18,282)

Interest receivable and similar income

4,848

6,233

 

Profit on ordinary activities before taxation

634,533

602,010

Tax on profit on ordinary activities

(168,290)

(160,866)

 

Profit after taxation

466,243

441,144

Dividends

(28,800)

-

 

Retained profit for year

437,443

441,144

Retained profit brought forward

817,345

376,201

 
Retained profit carried forward 1,254,788 817,345

 


EXCEPTIONAL ITEM
The exceptional item arose from the acquisition and closure during the year of the trading activities of Star Kids Limited ("Star Kids"). The business of Star Kids was acquired by Contender Limited on 31 July 2001, including stock, work-in-progress, intellectual property rights and the liabilities relating to the remaining employees. It was decided that the operations of Star Kids would not be continued autonomously and, as a result, the existing stock was sold off and the employees made redundant. The exceptional item relates to the acquisition, net stock write-off, redundancy and associated costs incurred.

The intellectual property rights are now part of Contender Limited where they are being reworked to be launched as wholly-owned entertainment brands within the Contender Entertainment Group catalogue.

BALANCE SHEET AT 31 MARCH 2002

2002 (£)

2001 (£)


Fixed assets

 

 

Intagible assets

332,616

185,152

Tangible assets 87,475 76,406
 

Current assets

420,091 261,558

Stocks

1,291,677

740,262

Debtors 1,697,589 1,168,062

Cash at bank and in hand

4,517

105,235

 


 

2,993,783

2,013,559

Creditors: amounts falling due within one year

(1,967,323)

(1,264,864)

 
Net current assets 1,026,460 748,695
 

Total assets less current liabilities

1,446,551

1,010,253

Creditors: amounts falling due after more than one year

(2,500)

(47,500)

Provisions for liabilities and charges (43,845) -
 

Net assets

1,400,206

962,753

 


Capital and reserves    

Called up share capital

83,210

83,200

Share premium account

62,208

62,208

Profit and loss account 1,254,788 817,345
 
Equity shareholders’ funds 1,400,206 962,753