London : 18 December 2003. The directors release the results for the third quarter of 2003. During this period the company disposed of its final stocks of stones and at the end of the period was a shell. Since the end of the third quarter the company has successfully obtained subscriptions for new shares and this money provided working capital so that the new board can seek new ventures.
Richard Newstone
Finance director
2.30 GMT 17th December 2003
The Directors of the issuer accept responsibility for the content of this announcement.
QUARTERLY REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2003
Consolidated Profit and Loss Account
|
|
9 Months ended
30 Sep 2003
Unaudited
GBP
|
9 Months ended
30 Sep 2002
Unaudited
GBP
|
| Turnover |
44,790
|
50,845
|
| Cost of sales |
43,555
|
164,074
|
| . |
|
|
| GROSS PROFIT/LOSS |
1,235
|
(113,229)
|
| . |
|
|
Administrative & establishment
expenses |
28,277
|
84,117
|
|
----------
|
----------
|
| OPERATING LOSS |
(27,042)
|
(197,346)
|
| . |
|
|
| Interest receivable |
--
|
425
|
|
----------
|
----------
|
|
(27,042)
|
(196,921)
|
| Loss on sale of investment |
--
|
6,719
|
|
|
(27,042)
|
(203,640)
|
| Interest payable |
--
|
1,500
|
Loss on ordinary activities before
taxation |
(27,042)
|
(205,140)
|
| Taxation |
--
|
--
|
Loss on ordinary activities after
taxation |
(27,042)
|
(205,140)
|
| Equity minority interests |
--
|
--
|
| Loss for the period |
(27,042)
|
(205,140)
|
| Basic loss per share |
(0.05)p
|
(0.41)p
|
| Diluted loss per share |
(0.05)p
|
(0.41)p
|
|
The company has no recognised gains or losses other than the loss for the periods
|
No dividends were proposed.
Notes
1. The financial information for the period ended 30 September 2003 has not been audited and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.
2. Basic loss per share and diluted loss per share have been calculated using the weighted average number of shares of 52,535,463.
INDEPENDENT REVIEW REPORT TO AGRICOLA RESOURCES PLC
Introduction
We have been instructed by the company to review the financial information for the nine months ended 30 September 2003 which comprises summarised profit and loss account and associated notes. We have read the other information contained in the quarterly report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information.
DIRECTORS' RESPONSIBILITIES
The quarterly report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the quarterly report in accordance with the OFEX Rule Book which require that the accounting policies and presentation applied to the quarterly figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed.
REVIEW WORK PERFORMED
We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom.
A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information.
REVIEW CONCLUSION
On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the nine months ended 30 September 2003.
Wilson Wright & Co
Chartered Accountants
71 Kingsway
London, WC2B 6ST
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