Annual report 2004 - Torotrak

accounts 2004Consolidated profit and loss accountfor the year ended 31 March 2004Balance sheetsas at 31 March 2004 Group Group Company CompanyNotes 2004 2003£000 £000Turnover 1 244 145Development expenses (5,758) (5,205)Administrative expenses (2,033) (2,084)Operating loss (7,547) (7,144)Net interest receivable 6 522 764Loss on ordinary activities before taxation 2 (7,025) (6,380)Taxation 7 859 800Loss on ordinary activities after taxationretained for the financial year 17 (6,166) (5,580)Loss per share 9 (5.36p) (4.88p)Diluted loss per share 9 (5.36p) (4.88p)All of the results derive from continuing operations during the current and previous year.There were no recognised gains and losses in the current and previous year other than those reported above.The accounting policies and notes on pages 29 to 39 form part of these financial statements.Notes 2004 2003 2004 2003£000 £000 £000 £000Fixed assetsIntangible assets - Patents 10 877 863 – -Tangible assets 11 6,044 6,524 – -Investments 12 – – 9,270 9,2706,921 7,387 9,270 9,270Current assetsDebtors 13 1,251 2,372 48,632 43,370Investments - Money market deposits 10,031 15,279 10,031 15,279Cash at bank and in hand 1,698 1,040 – 112,980 18,691 58,663 58,650CreditorsAmounts falling due within one year 14 (543) (718) (2,879) (2,893)Net current assets 12,437 17,973 55,784 55,757Total assets less current liabilities 19,358 25,360 65,054 65,027Capital and reservesCalled up share capital 16 11,718 11,707 11,718 11,707Share premium account 17 47,997 47,986 47,997 47,986Other reserve 17 (3,807) (4,571) (3,807) (4,571)Profit and loss account 17 (36,550) (29,762) 9,146 9,905Equity shareholders' funds 18 19,358 25,360 65,054 65,027The accounting policies and notes on pages 29 to 39 form part of these financial statements.The financial statements were approved by the board of directors on 24 May 2004 and signed on its behalf by:Rebecca JoyceFinance director26 Torotrak annual report & accounts 2004 Torotrak annual report & accounts 2004 27