Final Results
August 15 2003 - 1:13PM
UK Regulatory
RNS Number:7553O
Tom Hoskins PLC
15 August 2003
PRELIMINARY ANNOUNCEMENT OF THE RESULTS OF TOM HOSKINS PLC FOR THE YEAR ENDED 28
FEBRUARY 2003
Tom Hoskins plc, the AIM listed Investment Company, today issued its annual
results for the year ended 28 February 2003.
CHAIRMAN'S STATEMENT
The year ended 28 February 2003 was a fairly uneventful one for your company,
because throughout that year the CVA was still in progress, which severely
curtailed the ability of your board to seek either any fundraising or
acquisitions.
The CVA was eventually concluded on 17 April 2003 and since then your board has
been more actively looking for an acquisition. Several companies have been
looked at and your board is hopeful that a suitable acquisition can be
identified.
When I was first appointed to your board in September 2000, my principal task
was to oversee the disposal of the last of the company's public houses and "tidy
up" the company, so that it could look for acquisitions in other areas. The
sales of the last pubs took much longer than was anticipated, with the
consequence that the company had to enter into a CVA to deal with the
consequences of those delays. Since the CVA was concluded in April, I now
believe that my role has largely been fulfilled and it is my intention to stand
down as chairman and a director at the conclusion of the AGM.
The loss for the year both pre and post tax was #40,137, and this is
attributable to the general administration costs which, of necessity, a company
which is quoted on AIM will incur in fulfilling its obligations. Our ongoing
funding, pending the identification of a suitable acquisition, has been
guaranteed by our largest shareholder for at least the next twelve months.
J A Dudgeon
15 August 2003
TOM HOSKINS PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2003
2003 2002
# #
Turnover - 66,204
Cost of sales - 38,605
_____ ______
Gross profit - 27,599
Administrative expenses
Exceptional item - 197,266
Other (38,999) (220,901)
(38,999) (23,635)
________ ________
Operating (loss)/profit (38,999) 3,964
Interest receivable 172 1,131
Interest payable and similar charges (1,310) (4,388)
_________ ________
(Loss)/profit on ordinary activities before and after taxation (40,137) 707
________ ________
Pence Pence
(Loss)/earnings per share - basic and diluted (0.160) 0.004
All amounts relate to discontinued activities
TOM HOSKINS PLC
BALANCE SHEET AT 28 FEBRUARY 2003
2003 2002
# #
Current assets
Debtors 1,501 11,347
Cash at bank and in hand 4,529 124,712
_______ ________
Creditors: amounts falling due within one year 6,030 136,059
(67,574) (180,998)
_______ ________
Net liabilities (61,544) (44,939)
________ ________
Capital and reserves
Called up share capital 2,184,636 2,182,282
Share premium account 467,421 446,243
Profit and loss account (2,713,601) (2,673,464)
__________ _________
Shareholders' funds - equity interests (in deficit) (61,544) (44,939)
__________ _________
TOM HOSKINS PLC
CASH FLOW STATEMENT AT 28 FEBRUARY 2003
2003 2002
# # # #
Net cash (outflow)/inflow from operating activities (119,045) 247,104
Return on investments and servicing of finance
Interest received 172 1,131
Interest paid (1,310) (4,388)
_______ _______
Cash outflow from returns on investments and servicing of
finance (1,138) (3,257
______ ______
Cash (outflow)/inflow before financing (120,183) 243,847
Financing
Finance lease repayments - (7,596)
Proceeds from issue of ordinary shares (net of issue costs) - 114,056
Repayment of loans - (237,938)
________ _______
Cash inflow/(outflow) from financing - (131,478)
_______ ________
(120,183) 112,369
________ ________
TOM HOSKINS PLC
NOTES
1. The financial information set out above does not constitute
the company's statutory accounts for the years ended 28 February 2003 or 2002,
but is derived from those accounts. Statutory accounts for 2002 have been
delivered to the Registrar of Companies and those for 2003 will be delivered
following the company's annual general meeting. The auditors have reported on
those accounts; their reports were unqualified and did not contain statements
under the Companies Act 1985, s 237(2) or (3).
2. Earnings per ordinary share is based on a loss of #40,137
(2002: profit of #707) and a weighted average number of shares of 25,036,468
(2002: 15,809,909).
3. Copies of the accounts for the year ended 28 February 2003
will be sent to all shareholders. Additional copies will be available from the
company secretary, J.A.Dudgeon, 8/9 Lambton Place, London, W11 2SH.
4. The accounts had been drawn up on the going concern basis
despite a loss on ordinary activities after taxation of #40,137 and a deficit on
shareholders' funds of #61,544. The major shareholder, Hoodless Brennan &
Partners Plc has agreed to make available a working capital facility in the
maximum principal sum of #100,000 at 3% over the sterling base rate published by
HSBC plc to enable the company to meet its ongoing funding requirements for the
12 months from 8 August 2003.
5. The directors do not propose the payment of a dividend.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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