RNS Number:9047O
All Points North Plc
03 January 2007
All Points North plc
Unaudited Interim Results
All Points North plc (the "Company"), the property development company operating
principally in the North of England, is pleased to announce its interim results
for the six months ended 30 September 2006.
The key highlights are:
* Net Assets of #2.162 million at 30 September 2006 which had
increased from #1.392 million as at 30 September 2005
* Admission to AIM and a placing to raise net proceeds of #250,000
Enquiries:
Keith Chadwick, All Points North plc Tel: 01768 865959
Alex Clarkson/Nick Cowles, Zeus Capital Limited Tel: 0161 831 1512
Chairman's Statement
I am pleased to report our maiden interim results for the six months ended 30
September 2006 after our successful flotation on AIM on 19 December 2006.
All Points North plc is a property development company operating principally in
the North of England with a board of considerable experience in the sector.
Turnover represents rental income and income derived from the sale of
development properties. Due to its nature, development income can vary
significantly between comparable periods. This variation is compounded by the
relatively small number of development projects that the Company owns at any one
time. Rental income is also subject to variation since it is the Company's
policy to sell investment properties once it is deemed that maximum value has
been added.
In order to consider the performance of the Company it is therefore important to
consider net assets and the growth in net assets as well as the profit and loss
account for each financial period. The net assets of the Company have
substantially increased from #35,936 as at 31 March 1996 to #1,940,329 as at 31
March 2006, equivalent to an average historical compound annual growth rate of
approximately 49 per cent. Net assets as 30 September 2006 had risen to
#2,162,243.
As at 30 September 2006, the fixed asset properties were independently valued by
Peill & Co. Limited, giving rise to an increase in valuations over either cost
or previous valuation which are reflected in the balance sheet set out in these
interim results.
I would like to draw your attention to the more recent independent valuation
performed by Robert Pinkus and Co as part of our flotation due diligence, as set
out in our first day dealing announcement dated 19 December 2006, which refers
to all properties in the Company's portfolio as at 8 December 2006 together with
an independent valuation as at 20 October 2006; and also the post balance sheet
events note to these interim results.
In addition, by a letter dated 17 October 2006 from Clydesdale Bank plc to the
Company, Clydesdale made available a revolving overdraft credit facility of #5.5
million of which #4.47 million had been utilised as at 28 November 2006. Certain
of the Directors including myself have provided personal guarantees to
Clydesdale Bank plc in relation to the above facilities and have entered into an
agreement with the Company that we will not for a period of 15 months from
Admission terminate or withdraw the guarantees they have given to Clydesdale
Bank plc. The board of Directors have agreed that we will not dispose of
4,437,488 Ordinary Shares (representing 60 per cent. of the enlarged share
capital) for a period of 24 months following Admission and thereafter for a
further 12 months we have agreed to only dispose of shares through All Points
North's broker in an orderly manner.
Since 30 September 2006 the Company has completed a number of significant
transaction which are summarised under the post balance sheet event note.
Trading is in line with our expectations and we consider that this will be the
case for the remainder of the financial year.
B K Chadwick
Chairman
3 January 2007
All Points North plc
Profit and loss Accounts
6 months to 6 months to Year ended 31
30/09/06 30/09/05 /03/06
# # #
TURNOVER 125,430 96,934 196,437
Cost of sales (81,561) (66,828) (146,821)
GROSS PROFIT 43,869 30,106 49,616
Administrative expenses (284,140) (126,789) (222,989)
(240,271) (96,683) (173,373)
Other operating income 3,125 1,164 1,634
OPERATING LOSS (237,146) (95,519) (171,739)
Profit on sale of investment property 50,000 - 74,649
(187,146) (95,519) (97,090)
Interest receivable and similar income 224 - -
(186,922) (95,519) (97,090)
Amounts written off investments - (17,335) (18,681)
(186,922) (112,854) (115,771)
Interest payable and similar charges (151,164) (161,878) (321,995)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (338,086) (274,732) (437,766)
Tax on loss on ordinary activities - - 2,780
LOSS FOR THE FINANCIAL PERIOD AFTER TAXATION (338,086) (274,732) (434,986)
All Points North plc
Balance sheets
6 months to 6 months to Year ended 31
30/09/06 30/09/05 /03/06
# # #
FIXED ASSETS
Tangible assets 6,628,144 4,347,843 5,172,221
CURRENT ASSETS
Stocks 1,789,297 1,156,559 1,174,297
Debtors 503,978 420,294 357,275
Cash at bank - 66,761 -
2,293,275 1,643,614 1,531,572
CREDITORS
Amounts falling due within one year (6,360,072) (4,197,053) (4,376,720)
NET CURRENT LIABILITIES (4,066,797) (2,553,439) (2,845,148)
TOTAL ASSETS LESS CURRENT LIABILITIES 2,561,347 1,794,404 2,327,073
CREDITORS
Amounts falling due after more than one year (399,104) (402,116) (386,744)
NET ASSETS 2,162,243 1,392,288 1,940,329
CAPITAL AND RESERVES
Called up share capital 99 99 99
Share premium 50,000 50,000 50,000
Revaluation reserve 1,807,529 949,254 1,657,549
Profit and loss account 304,615 392,935 232,681
SHAREHOLDERS' FUNDS 2,162,243 1,392,288 1,940,329
All Points North plc
Cash Flow Statements
6 months to 6 months to Year ended
30/09/06 30/09/05 31/03/06
# # #
Reconciliation of operating loss to net cashflow
from operating activities
Operating loss (237,146) (95,519) (171,739)
Depreciation 1,162 2,808 5,616
Increase in stock (615,000) (27,930) (45,668)
(Increase)/Decrease in debtors (146,703) 165,005 225,261
Increase in creditors 397,881 111,983 37,451
Net cashflow from operating activities (599,806) 156,347 50,921
Cashflow statement:
Net cashflow from operating activities (599,806) 156,347 50,921
Returns on investments and servicing of finance:
Interest received 224 - -
Interest paid (151,164) (161,878) (321,995)
(150,940) (161,878) (321,995)
Taxation (15,008) (41,831) (39,051)
Capital expenditure and financial investment:
Sale of tangible fixed assets 645,000 - 196,181
Purchase of tangible fixed assets (1,572,085) (88,909) (329,331)
Amounts written off investments - (17,335) (18,681)
(927,085) (106,244) (151,831)
Cashflow before financing (1,692,839) (153,606) (461,956)
Financing:
Bank loan repayments (12,500) (12,500) (25,000)
Capital repayments - (6,672) (20,095)
Other loan repayments - - (15,000)
Amounts repaid to directors - (40,119) (37,356)
(12,500) (59,291) (97,451)
Decrease in cash in the period (1,705,339) (212,897) (559,407)
Net debt at beginning of period (3,733,836) (3,248,857) (3,271,880)
Decrease in cash from decrease in debt 12,500 59,291 97,451
Net debt at end of period (5,426,675) (3,402,463) (3,733,836)
Net debt comprises:
Cash at bank - 66,761 -
Bank overdraft falling due within one year (5,026,261) (3,043,941) (3,320,922)
Bank loan (400,414) (425,283) (412,914)
(5,426,675) (3,402,463) (3,733,836)
All Points North plc
Notes to the interim financial statements
1 Preparation of the financial statements
The interim results have been prepared in accordance with the
accounting policies set out in the Company's annual accounts to 31 March 2006
and are un-audited. The interim financial statements were approved by a duly
appointed and authorised committee of the Board of Directors on 2 January 2007.
The cash flow statement for the year to 31 March 2006 did not form part of the
audited financial statements and has been prepared subsequently.
2 Loss per Ordinary Share
6 months to 6 months to Year ended 31
30/09/06 30/09/05 /03/06
Loss on ordinary activities after tax #(338,086) #(274,732) #(434,986)
Average number of shares in issue 6,138,000 6,138,000 6,138,000
Loss per ordinary share (5.51)p (4.48)p (7.09)p
The number of shares used in the above calculations were the number of
shares in issue immediately prior to the placing and admission of the company to
AIM on 19 December 2006.
3 Movement in capital and reserves
The movement in capital and reserves during the period was as follows:
Revaluation Profit and
reserve loss account
# #
At 1 April 2006 1,657,549 232,681
Loss for the period - (338,086)
Revaluation of fixed assets 560,000 -
Transfer between reserves (410,020) 410,020
At 30 September 2006 1,807,529 304,615
4 Dividend
The Directors have not declared an interim dividend.
5 Post balance sheet events
On 4 October 2006 the Company purchased a property, the Kendal Bowman for
#475,000, plus purchase costs of #14,581 totalling #489,581. It is the
Directors' intention to obtain planning permission and then sell the property.
It is not the intention that this property will at any stage be rented out. This
property will therefore, in the financial accounts for the year to 31 March
2007, be treated as stock rather than as a tangible fixed asset.
On 22 November 2006 the Company completed the disposal of 33-35 Highgate,
Kendal. The property was sold for #700,000 which was its carrying value in the
financial accounts as at 31 March 2006.
On 20 November 2006 the Company disposed of its subsidiary, Belmont Hall
Developments (Great Budworth) Limited ("BHD"). The consideration for this
disposal is #1 together with 95 per cent. of any amount received from BHD in
respect to a disposal of assets or on a winding up or on disposal of the shares
in the ten year period from the date of this agreement. The Directors do not
however expect any significant further consideration.
6 Copies of the Interim Report
Copies of the Interim report are available to the public from the
Company's head office: Manelli House, 4 Cowper Road, Gilwilly, Penrith, Cumbria
CA11 9BN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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