Annual Report 30 June 2007 - One Horizon Group

Recommendations

Info

6 REPORT OF THE DIRECTORS The Directors present their report and the audited accounts of the Group and Company for the year ended 30 June 2007. Principal activity The principal activity of the Company is that of a holding company, and the principal activity of the Group during the year was distributing satellite communication equipment and airtime. Results and dividends The retained profit for the year of $2,959,000 (2005: $1,981,000) was transferred to reserves. During the year dividends of $235,000 were paid (2006: $78,000). A final dividend of 0.33 cents per ordinary share (2006: 0.25 cents) will be proposed at the forthcoming Annual General Meeting to be held on 19 December 2007. Subject to approval at the Annual General Meeting, the dividend will be payable on 21 December 2007 to those shareholders on the register of members on 30 November 2007. Review of the business and future developments The Directors are required to present an extended business review, reporting on the development and performance of the Group and the Company during the year and their positions at the end of the year. The requirement is met by the Chairman’s and Chief Executive’s Statements on pages 2 and 3. Directors and their interests The Directors of the Company who held office at the date of this report are shown on page 4. The following changes to the composition of the Board were made during the year: Director Date of resignation Date of appointment David Hickey 31 October 2006 – Stephen Austin – 8 January 2007 The interests of the Directors in office, at 30 June 2007 in the issued share capital of the Company, were as follows: Number of shares Number of shares 2007 2006 2007 2006 Ordinary shares Ordinary shares Deferred shares Deferred shares Mark White 16,473,000 16,473,000 17,000 17,000 Martin Ward 10,659,000 10,659,000 11,000 11,000 Alexandra Johnson 10,659,000 10,659,000 11,000 11,000 Richard Vos 33,334 33,334 – –
Share options No Directors had interests in options over the share capital of the Company as at the year end. Political and charitable contributions The amount paid by the Group to charitable bodies was $1,000 (2006: $Nil). The Group made no political contributions during the year (2006: $Nil). Third party indemnity provision for directors Qualifying third party indemnity provision for all Directors was in force during the year. Creditor payment policy It is the Group’s policy that payments to suppliers are made in accordance with all relevant terms and conditions. Creditor days for the Group have been calculated at 56 days (2006: 69 days). Risk factors Details of financial risks are as set out in note 32 to the accounts. Substantial shareholdings As at the date of these Accounts, the Company is aware of the following material interests, representing 3% or more of the issued ordinary share capital of the Company. Percentage Number of issued share Shareholder of shares capital Mark White 16,490,000 27.6% Martin Ward 10,670,000 17.9% Alexandra Johnson 10,670,000 17.9% Adam Thompson 10,670,000 17.9% Going concern The Board, after making suitable enquiries, is satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Board continues to adopt the going concern basis in preparing the financial statements. Subsequent events There have been no reportable events subsequent to the year end. 7
Page 1 and 2: Annual Report 30 June 2007 SatCom G
Page 3 and 4: CONTENTS Chairman’s statement 2 C
Page 5 and 6: CHIEF EXECUTIVE’S STATEMENT Highl
Page 7: DIRECTORS, OFFICERS AND ADVISERS Di
Page 11 and 12: ut not absolute, assurance with reg
Page 13 and 14: INDEPENDENT AUDITORS’ REPORT to t
Page 15 and 16: GROUP BALANCE SHEET As at 30 June 2
Page 17 and 18: GROUP CASH FLOW STATEMENT Year ende
Page 19 and 20: 1. Accounting policies (continued)
Page 21 and 22: 4. Operating profit 30 June 2007 30
Page 23 and 24: 8. Earnings per share Basic earning
Page 25 and 26: 13. Tangible fixed assets Short Lea
Page 27 and 28: 15. Stocks Group Company 30 June 20
Page 29 and 30: 21. Deferred taxation The movement
Page 31 and 32: 24. Share capital Authorised share
Page 33 and 34: 27. Reconciliation of movements in
Page 35 and 36: HORIZON MOBILE COMMUNICATIONS HORIZ

Annual Report 30 June 2007 - One Horizon Group

Create successful ePaper yourself

Delete template?

Save as template?