Final Results

LONDON--(BUSINESS WIRE)--

WHEELSURE HOLDINGS PLC
CHAIRMAN'S REPORT
for the Year Ended 31August 2010

The results for the year ending 31 August 2010 show a loss on ordinary activities before taxation of £430,365 compared to a loss of £322,777 for the previous year. Your Board believes that the impact of the recent recession upon the UK economy has contributed to the group not being able to improve upon the results for the previous year. However we also believe that the group's products are gaining recognition in their respective potential markets, a belief which is supported by the recent announcement that Tracksure had secured "Authorised for Use" status from Transport for London for the group's patented locking device for four specialist track applications within London Underground.

Tracksure

Having achieved "Authorised for Use" status with Transport for London, we will continue our efforts to gain this status for additional applications within the underground network and will attempt to secure similar approvals from organisations within the UK and overseas.

In the UK, discussions continue with Network Rail and a business case is currently being prepared for submission to support Tracksure's application for product approval made earlier this year. Overseas activities are also progressing with encouraging results with trials currently taking place in Italy, Hungary and the United States. Interest has also been received from other companies in Holland, Romania, Italy and Germany which may result in trials in the near future.

As reported previously, formal sales agreements have been established with specialist third parties in Holland and Italy. Further, a distribution term sheet has been signed with a large organisation in the United States and heads of agreement have been signed with companies in Spain and Hungary.

Wheelsure

I am pleased to report that, despite the recent economic climate, Wheelsure has recently secured an order from a large bus/coach operator to commence retrofitting its fleet of 80 vehicles with the Wheelsure device. Several operators have advised of nut loosening problems on a particular vehicle fitted with a standard nut and bolt and, as a result, the manufacturer concerned has been contacted by Wheelsure to encourage the fitting of our device at the build stage.

We believe that the cost of bolts from original equipment manufacturers is a major concern to all users and we have therefore identified an overseas bolt manufacturer which will enable us to offer a retrofit kit consisting of the Wheelsure locking device and a modified bolt at a competitive price.

The long awaited Department of Transport report has now been published and although not conclusive in its final recommendation it does nevertheless comment on the value of using wheel nut locking devices. Whilst we were hoping for more we do see this as a positive in that it adds to the credibility of fitting such systems.

Fundraising

Following the announcement made on 26 November 2010 I am pleased to advise that the company has now raised gross proceeds of £497,150 by way of a placing of 9,943,000 new ordinary shares at 5p per share for working capital purposes.

Your Board is most encouraged with the developments that have taken place since my last report, particularly within the rail industry which is now beginning to indicate strong interest in the products we can offer. I look forward to reporting more success in our activities in the coming year.

To conclude, I would like to thank all those shareholders who participated in the recent placing and our staff whose efforts are now finally being recognised.

J E S Shuttleworth
Chairman
21 December 2010

WHEELSURE HOLDINGS PLC

CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the Year Ended 31 August 2010

	2010	2009
	£	£
TURNOVER	92,325	126,246
Cost of sales	(46,422)	(62,644)
GROSS PROFIT	45,903	63,602
Administrative expenses	(470,935)	(359,014)
OPERATING LOSS	(425,032)	(295,412)
Interest receivable and similar income	815	643
	(424,217)	(294,769)
Interest payable and similar charges	(6,148)	(28,008)
LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION	(430,365)	(322,777)
Tax on loss on ordinary activities	(441,951)	67,570
LOSS FOR THE FINANCIAL YEAR
AFTER TAXATION	(872,316)	(255,207)

CONTINUING OPERATION
None of the group's activities were acquired or discontinued during the current and previous years.

TOTAL RECOGNISED GAINS AND LOSSES
The group has no recognised gains or losses other than the losses for the current year or previous year.

WHEELSURE HOLDINGS PLC

CONSOLIDATED BALANCE SHEET
31 August 2010

		2010			2009
	£		£	£		£
FIXED ASSETS
Intangible assets			52,454			51,975
Tangible assets			16,308			23,857
Investments			-			-
			68,762			75,832
CURRENT ASSETS
Stocks	11,153			16,474
Debtors	42,244			21,697
Deferred tax	-			450,474
Cash at bank	118,755			14,413
	172,152			503,058
CREDITORS
Amounts falling due within one year	(57,306)			(396,935)
NET CURRENT ASSETS			114,846			106,123
TOTAL ASSETS LESS CURRENT
LIABILITIES			183,608			181,955
CAPITAL AND RESERVES
Called up share capital		440,066		259,816
Share premium		2,755,604		2,104,189
Profit and loss account		(3,012,062)		(2,182,050)
SHAREHOLDERS' FUNDS		183,608		181,955

The financial statements were approved by the Board of Directors on 21 December 2010 and were signed on its behalf by:

G Dodl - Director

NOTES TO THE FINANCIAL STATEMENTS

1. PUBLICATION OF NON-STATUTORY ACCOUNTS

The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in the Companies Act 2006.

The financial information for the year ended 31 August 2010 has been extracted from the audited financial statements to that date, which were prepared in accordance with UK GAAP and in accordance with the requirements of the Companies Act 2006. These financial statements have yet to be delivered to the Registrar of Companies. The financial statements for the year ended 31 August 2009, which received an unqualified auditors' report, have been delivered to the Registrar of Companies.

2. ACCOUNTING POLICY – GOING CONCERN

The financial statements have been prepared on a going concern basis which assumes that the group will continue to trade, without significant curtailment, for the foreseeable future.

Since the year end and before approval of the financial statements the company has completed an equity placing to raise £447,150 (net of expenses). On this basis there will be sufficient working capital for the group to continue to trade for at least twelve months from the date of approval of the financial statements.

The directors have concluded that, after considering the financial position of the company, they have reasonable expectations that it will have adequate resources to continue in operational existence and for this reason, they continue to adopt the going concern basis in preparing the financial statements.

3. LOSS PER ORDINARY SHARE

Loss per ordinary share is based on the loss for the financial year ended 31 August 2010 of £872,316 (2009: £255,207) and 40,642,548 (2009: 23,453,039) ordinary shares being the weighted average number of ordinary shares in issue during the period.

	Loss	Number of	Loss per share
	£	shares	Pence
2010
Basic loss per share	872,316	40,642,548	2.15
2009
Basic loss per share	255,207	23,453,039	1.09

4. DIVIDENDS

No dividends are proposed for the year ended 31 August 2010.

5. Copies of the Report and Accounts will be sent to shareholders shortly and will be available from the registered office of the company, 8 Woburn Street, Ampthill, Bedfordshire, MK45 2HP.

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