RNS Number:7834R
G.R. Holdings PLC
23 February 2007
G.R. (Holdings) plc
Interim Report
for the six months to 31 December 2006
The unaudited profit and loss account, statement of total recognised gain and
losses,, balance sheet, and cash flow statement of the group for the six months
ended 31 December 2006 together with those of the corresponding six months in
2005 and for the year ended 30 June 2006
Profit and Loss Account
For the 6 months ended 31 December 2006
Six months ended Six months ended Year Ended
31 December 2006 31 December 2005 30 June
2006
# # #
Turnover 450,739 556,597 1,037,090
Operating profit
Operating loss (141,464) (190,601) (258,243)
Profit on disposal of US investments 9,377 63,441 214,924
Profit on disposal of investments 165,988 - 44,963
Release of provision against investments - - 245,130
Profit / (loss) on ordinary activities before 33,901 (127,160) 246,774
interest
Interest receivable and similar income 59,779 296,703 529,552
Interest payable and similar charges (668) (362) (1,754)
Dividends paid on preference shares (81,381) (81,381) (162,761)
(22,270) 214,960 365,037
Profit on ordinary activities before taxation 11,631 87,800 611,811
Tax on profit on ordinary activities - - 119,789
Profit for the financial year 11,631 87,800 731,600
Earnings per share 0.1p 0.7p 5.5p
Statement of Total Recognised Gains and Losses
For the 6 months ended 31 December 2006
Six months Six months Year Ended
ended ended
31 December 31 December 30 June 2006
2006 2005
# # #
Profit for the financial year 11,631 87,800 731,600
(Realised) / unrealised surplus on (165,988) - 446,182
revaluation of properties
Foreign exchange adjustments (27,874) (43,556) (21,273)
Total (losses) / profits recognised in the (182,231) 44,244 1,159,509
year
G.R. (Holdings) plc
Consolidated Balance Sheet
31 December 31 December 30 June
2006 2005 2006
# # #
Fixed assets
Intangible assets 1 1 1
Tangible assets 539,978 380,576 542,329
Investments 1,205,572 873,606 1,245,318
1,745,551 1,254,183 1,787,648
Current assets
Stocks 60,433 74,211 81,929
Debtors 161,303 162,149 123,043
Cash at bank and in hand 3,001,451 12,332,108 3,218,046
3,223,187 12,568,468 3,423,018
Creditors : amounts falling due
within one year 284,206 308,279 210,674
Net current assets 2,938,981 12,260,189 3,212,344
Total assets less current liabilities 4,684,532 13,514,372 4,999,992
Provision for liabilities and charges
Deferred taxation - 143,000 -
Creditors: amounts falling due after more than 1,556,114 1,550,108 1,557,662
year
1,556,114 1,693,108 1,557,662
3,128,418 11,821,264 3,442,330
Capital and reserves
Called up share capital 658,405 658,405 658,405
Capital redemption reserve 425,000 425,000 425,000
Revaluation reserve 889,538 606,344 1,055,526
Share premium account 198,396 198,396 198,396
Profit and loss account 957,079 9,933,119 1,105,003
Shareholders funds 3,128,418 11,821,264 3,442,330
Reconciliation of Movement in Shareholders Funds
Share Revaluation Capital Share Profit and Total
capital reserve redemption premium Loss
reserve account account
# # # # # #
Balance as at 30 June 658,405 1,055,526 425,000 198,396 1,105,003 3,442,330
2006
Profit for the year - - - - 11,631 11,631
Reduction on - (165,988) - - - (165,988)
realisation of fixed
assets and investments
Equity dividends paid - - - - (131,681) (131,681)
Foreign exchange - - - - (27,874) (27,874)
adjustments
Balance as at 31 658,405 889,538 425,000 198,396 957,079 3,128,418
December 2006
G.R. (Holdings) plc
Cash flow Statement for the period
31 December 31 December 30 June
2006 2005 2006
# # #
Reconciliation of operating loss to net cash inflow
from operating activities
Operating profit / (loss) 33,901 (127,160) 246,774
Depreciation 3,213 5,242 7,359
Reduction in provision against investments - - (245,130)
Profit on disposal of tangible fixed assets - - (9,963)
Profit on disposal of investments (175,465) (63,441) (249,924)
Decrease / (increase) in stocks 21,496 5,537 (2,181)
Increase in debtors (38,260) (12,442) (6,448)
Increase /(decrease) in creditors 71,984 88,133 (1,918)
Net cash outflow from operating activities (83,031) (104,131) (261,431)
Net cash outflow from operating activities (83,031) (104,131) (261,431)
Returns from investment and servicing of finance (22,270) 214,960 365,037
Taxation - - (2,994)
Capital expenditure and financial investments 48,261 636,745 1,004,817
Equity dividend paid (131,681) (131,681) (9,625,881)
(Decrease) / increase in cash for the period (188,721) 615,893 (8,520,452)
Reconciliation of net cash flow to movement in net
funds
(Decrease) / increase in cash for the period (188,721) 615,893 (8,520,452)
Exchange movements (27,874) (43,556) (21,273)
Movement in net funds for the period (216,595) 572,337 (8,541,725)
Net funds as at 30 June 2006 3,218,046 11,759,771 11,759,771
Net funds as at 31 December 2006 3,001,451 12,332,108 3,218,046
G.R (Holdings) plc
Notes:
1 This interim report was neither audited nor reviewed by
the auditors. It was authorised for issue by the board on 23 February 2007. It
has been prepared using accounting policies that are consistent with those
adopted in the statutory accounts for the year ended 30 June 2006.
2 The calculation of earnings per share is based on a profit
of #11,631 (2005: #87,800) being the profit after taxation and after deducting
preference dividends, and on 13,168,100 ordinary shares of 5p each (2005:
13,168,100).
3 This statement is being sent to shareholders in due
course. Further copies are available from the Company's registered office at 7
Queripel House, 1 Duke of York Square, London SW3 4LY.
4 The interim results do not constitute the statutory
accounts within the meaning of s240 of the Companies Act 1985.
5 The board is advised that as at 31 December 2006 the
company was a close company within the meaning of the Income and Corporation
Taxes Act 1988..
G.R (Holdings) plc
The pre-tax profit of the group for the period was #11,631 (#87,800 - 2005). The
operating loss of the trading operations was #141,464 (#190,601 2005 - loss).
During the period, the group was engaged in (a) the manufacture and sale of
Morlands footwear, sheepskin car rugs, and other products, (b) transactions
involving property and (c) investments.
At 31 December 2006, we were still involved as a limited partner in seven
partnerships in land in the USA. In the six months to 31 December 2006, one
partnership disposed of the entirety of its holding, of which partial sales had
been made in previous years. The disposal resulted in a net profit of #9,377
(#63,441 -2005).
As mentioned in the Chairman's previous statement released on 20 September 2006,
a sale was completed by a property company in which Mintbay Limited, a group
subsidiary, has a 50% interest. This sale resulted in a profit of #165,988; and
the sales value having already been reflected in the revaluations of fixed
assets and investments in the accounts to 30 June 2006.
Overall, I am still pessimistic regarding the trading position of the group, as
I indicated in my previous statement.
The board has decided not to declare an interim dividend (2005 - nil).
AD Stalbow
Chairman
7 Queripel House
1 Duke of York Square
London SW3 4LY
020 7730 8799
23 February 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
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