RNS Number:6094E
All Points North Plc
27 September 2007
All Points North PLC
27 September 2007
All Points North PLC
Chairman's Statement
Results for the year ended 31 March 2007
This is my first Chairman's Statement since the Company was admitted to AIM on
19 December 2006 and I am pleased to report that the financial year ended 31
March 2007 was another satisfactory year in the progress of the Company.
Turnover for the year was #459,399 (2006 #196,437) and the operating loss was
#134,358 (2006 #171,739). However, as a property development company, our
success should not simply be measured by the profit and loss account because all
costs are charged to the profit and loss account each year, whereas the
properties are revalued annually and any increase/decrease is reflected in the
revaluation reserves and therefore profits are only shown when a property is
sold.
Our main performance indicator is the growth in net assets which, over the
years, have increased from #35,936 as at 31 March 1996 to #2,024,811 as at 31
March 2007 equivalent to an average historical compound growth rate of
approximately 44 per cent per annum. This demonstrates the value which we
continue to add to our property portfolio.
It is also worth highlighting that the stock figure in the balance sheet is
stated at the lower of cost and net realisable value. Included within stock
were our seven flats at Keswick and Kendal which are currently on the market for
sale. The market valuations for these flats are approximately #200,000 greater
than the stated stock figure.
The rental income (which primarily drives valuation) at the year end for the
five properties where it is our intention to maximise the rent roll before
selling, was #255,000 per annum. We have the potential to double this figure by
utilising our recently developed available space whilst only incurring
additional capital development costs of approximately #400,000.
Just before the year end our tenant at 47-51 Highgate, Kendal went into
administration. Our subsequent temporary loss of #34,000 per annum rent is
expected to be recovered later this year.
In our AIM admission document we stated "it is the Directors' intention to
introduce a progressive dividend policy and to consider the payment of
dividends, if appropriate and when commercially prudent." The Directors have
proposed a final dividend for the year of 1p per ordinary share payable on 2
November 2007 to shareholders on the register as at 5 October 2007.
The strategy of the Company has been and still is to identify suitable
properties to acquire which have the potential for development, obtaining
planning permission where necessary, developing the site, letting and either
selling immediately or retaining for future sale. Once sites are developed,
further borrowing is generally sought against the asset to enable the Company to
acquire additional sites/properties with a view to the cycle being repeated.
Our principal objective remains therefore, to trade; ie to buy, add value and
sell and not to become an investment company.
In the current financial period trading got off to a good start and since the
year end new tenancies together with rental increases have produced additional
rental income for the Company in excess of #60,000 per annum.
The Directors believe that using their experience and expertise in the property
sector, All Points North can build a successful and profitable property
development company, primarily in the north of England.
B K Chadwick
Chairman
Date 27 September 2007
Managing Directors Report
I am pleased to present an update on our portfolio which currently comprises of
nine properties:
College House, Barrow in Furness, Cumbria
A former college purchased in 2001. The property comprises of 37,848 sq ft over
three floors. Since purchase the property has been extensively refurbished and
currently 26,455 sq ft is occupied. A further 11,393 sq ft is available for
occupation. There is potential to add an additional 2,073 sq ft by installing a
mezzanine floor to the gym area.
45 Highgate, Kendal, Cumbria
A former Booths supermarket comprising of approximately 15,300 sq ft of retail
space on ground and lower ground floors. Frontage at ground floor level is to
the main shopping street in Kendal and at lower ground level to one of the main
town car parks. There are three further floors on the main street frontage
which have been converted into two flats, one two bedroom and one three bedroom
and sales have been agreed for each. The property is fully let apart from 2,550
sq ft at lower ground floor level which could form either one or two units.
47-51 Highgate, Kendal, Cumbria
A former children's wear outlet on the main shopping street of Kendal with two
floors of offices above. Our agents are currently in negotiation with a
national retail operator to lease the ground floor. The upper floors are
capable of conversion to residential units and it is our intention to submit a
planning application later this year.
Gatesgarth, Keswick, Cumbria
This is a new build development comprising of six two-bedroom apartments. Each
flat is approximately 1,000 sq ft with two flats per floor in the three-storey
development. The flats are set in landscaped gardens and have extensive views
over Skiddaw. Two have been sold and Cumbria Properties Estate Agents are
currently marketing the four remaining units.
Botchergate, Carlisle, Cumbria
A former supermarket of approximately 10,700 sq ft situated on the main '
leisure' street in central Carlisle. Wetherspoons, Walkabout and an Ibis hotel
are all adjacent. Our agents are in discussion with national leisure operators
with regard to leasing the unit. The site also has potential for hotel or
residential development with an element of leisure at ground floor level.
Cumbria House, Penrith, Cumbria
An office development on two floors providing circa 6,000 sq ft of surface area.
The property has been fully converted into nine serviced offices with ample
parking, air conditioning and broadband supply. There is also a large
conference room available to hire by tenants. At present 2,250 sq ft is let
with a further 620 sq ft under offer and interest is being shown in an
additional 1,800 sq ft.
The Kendal Bowman, Kendal, Cumbria
This property is a former hotel on the main street of Kendal. A planning
application for eight flats on upper floors and a retail unit at ground floor
level has been submitted. There is further potential in the former car park for
four town houses. In addition there may be potential to join together with an
adjoining owner to provide a larger overall scheme.
Duke Street, Barrow-in-Furness, Cumbria
A former Barclays Bank premises on a main street in the centre of Barrow. The
ground floor has been converted into a wine bar which has been let and planning
permission has recently been received for seven flats on the upper floors.
Prices are currently being sought for the conversion work to the upper floors.
Concorde House, Blackpool, Lancashire
This is a former Co-op distribution warehouse and is laid out over three floors
in typical Victorian warehouse style with cast iron columns supporting concrete
floors with an ornate brick built exterior. The whole of the property is let to
a furniture retailer but has capabilities for many other uses including 'loft
style' apartments. The property is situated close to Blackpool Tower.
J M Elliott
Managing Director
Date: 27 September 2007
All Points North Plc
Directors Report
For the year ended 31 March 2007
The directors present their report and the financial statements for the year
ended 31 March 2007.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the annual report and the financial
statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each
financial year. Under that law the directors have elected to prepare the
financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
The financial statements are required by law to give a true and fair view of the
state of affairs of the company and of the profit or loss of the company for
that period. In preparing these financial statements, the directors are required
to:
* select suitable accounting policies and then apply them consistently;
* make judgments and estimates that are reasonable and prudent;
* state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed
and explained in the financial statements;
* prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business.
The directors are responsible for keeping proper accounting records that
disclose with reasonable accuracy at any time the financial position of the
company and enable them to ensure that the financial statements comply with the
Companies Act 1985. They are also responsible for safeguarding the assets of the
company and hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate
and financial information included on the company's website. Legislation in the
United Kingdom governing the preparation and dissemination of financial
statements and other information included in annual reports may differ from
legislation in other jurisdictions.
So far as each of the directors is aware at the time the report is approved:
* there is no relevant audit information of which the company's auditors are unaware, and
* the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit
information and to establish that the auditors are aware of that information.
PRINCIPAL ACTIVITY
The principal activity of the company is that of property development.
On 20 November 2006 the company changed its name from Cabinguild Limited and
subsequently was admitted to AIM on 19 December 2006.
BUSINESS REVIEW
The results for the year are discussed in the Chairman's Statement and the
properties are discussed in the Managing Director's Report.
As highlighted in the Chairman's Statement the key performance indicator used by
the company to measure its success is the growth in the net asset value which in
the year to 31 March 2007 was #84,482 (2006 #273,309).
A further measure key to the success of the company is its ability to acquire
further properties as and when opportunities arise. At the year end the company
had unutilised facilities available to it in excess of #1,100,000.
PRINCIPAL RISKS AND UNCERTAINTIES
There are two major risks facing the company. Firstly there is the risk that
property prices might fall and the rental market crashes. Secondly there is the
risk that the cost of bank borrowing could increase significantly as a
consequence of an interest rate increase.
The directors are fully aware of these risks and have a considerable amount of
experience in dealing with property matters over many years, including periods
of falling property prices and high interest rates.
In addition, as evidenced in the Business Review, the company aims to operate
well within its facilities.
ENVIRONMENT
The company recognises the importance of its environmental responsibilities,
monitors its impact on the environment, and designs and implements policies to
reduce any damage that might be caused by the company's activities. Initiatives
designed to minimise the company's impact on the environment include the safe
disposal of waste and reducing energy consumption.
RESULTS
The loss for the year, after taxation, amounted to #344,945 (2006 - Loss #434,986).
DIRECTORS
The directors who served during the year were:
B K Chadwick (Chairman)
J M Elliott (Managing Director)
J A Lyons (Non-Executive Director)
K Philbin (Non-Executive Director) (appointed 08/11/06)
SUBSTANTIAL SHAREHOLDINGS
At 31 March 2007 the following interests of three percent or more of the issued
ordinary share capital had been notified to the company:
% Shares Held
B K Chadwick 24.3 1,798,000
J M Elliott 27.7 2,046,000
J A Lyons 27.7 2,046,000
EVENTS SINCE THE END OF THE YEAR
During the year to 31 March 2006 one of the company's properties was fire
damaged. The subsequent insurance claim was disputed by the insurers. The
insurance Ombudsman has, since 31 March 2007, provisionally ruled in favour of
the company but that ruling may be the subject of an appeal. The amount to be
claimed by the company has not as yet been fully quantified. No amount for
insurance recovery has been recognised in the accounts.
FINANCIAL INSTRUMENTS
It is the company's policy to fund itself through an appropriate mix of debt and
equity. The company does not operate outside the UK and therefore foreign
exchange risk is not applicable.
Company policy determines that liquidity risk is managed through the review of
regularly prepared cash flow forecasts and the maintenance of sufficient banking
facilities to meet both expected requirements and an appropriate level of
headroom.
As at the year end the company had bank overdraft facilities of up to #7,500,000
subject to a maximum of 75% of valuation. At the year end 75% of valuation of
all property assets amounted to #6,095,000, of which #4,993,841 was utilised.
The company manages interest rate risk by reviewing its borrowing facilities on
a regular basis and sourcing the most attractive debt products to fund its
requirements.
COMPANY'S POLICY FOR PAYMENT OF CREDITORS
It is the company's policy to set the terms of payment with creditors when
agreeing the terms of each transaction and to abide by the creditor's terms of
payment. Trade creditors at the year end amounted to 38 days (2006: 15 days) of
average supplies for the year.
AUDITORS
The auditors, Bowmans, have transferred their business to Tenon Audit Limited.
In accordance with Section 26 of The Companies Act 1989, Tenon Audit Limited has
been appointed as auditor to succeed Bowmans, and will be proposed for
reappointment at the Annual General Meeting in accordance with Section 385 of
The Companies Act 1985.
This report was approved by the board on 27 September 2007 section and signed on
its behalf.
K Philbin
Secretary
All Points North Plc
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF ALL POINTS NORTH PLC
We have audited the financial statements of All Points North Plc for the year
ended 31 March 2007 which comprise the Profit and Loss Account, the Balance
Sheet, the Cash Flow Statement, the Statement of Total Recognised Gains and
Losses and the related notes. These financial statements have been prepared in
accordance with the accounting policies set out therein.
This report is made solely to the company's members, as a body, in accordance
with Section 235 of the Companies Act 1985. Our audit work has been undertaken
so that we might state to the company's members those matters we are required to
state to them in an auditors' report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the company and the company's members as a body, for our audit work,
for this report, or for the opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
The directors' responsibilities for preparing the Annual Report and the
financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are
set out in the Statement of Directors' Responsibilities.
Our responsibility is to audit the financial statements in accordance with
relevant legal and regulatory requirements and International Standards on
Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true
and fair view and are properly prepared in accordance with the Companies Act
1985. We also report to you whether in our opinion the information given in the
Directors' Report is consistent with the financial statements. The information
given in the Directors' Report includes that specific information presented in
the Chairman's Statement and the Managing Director's Report that is cross
referenced from the Business Review of the Directors' Report.
In addition we report to you if, in our opinion, the company has not kept proper
accounting records, if we have not received all the information and explanations
we require for our audit, or if information specified by law regarding
directors' remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report and consider whether it
is consistent with the audited financial statements. This other information
comprises only the Directors' Report, the Chairman's Statement and the Managing
Director's Report. We consider the implications for our report if we become
aware of any apparent misstatements or material inconsistencies with the
financial statements. Our responsibilities do not extend to any other
information.
BASIS OF AUDIT OPINION
We conducted our audit in accordance with International Standards on Auditing
(UK and Ireland) issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements. It also includes an assessment of the
significant estimates and judgments made by the directors in the preparation of
the financial statements, and of whether the accounting policies are appropriate
to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the financial statements.
OPINION
In our opinion:
* the financial statements give a true and fair view, in accordance with
United Kingdom Generally Accepted Accounting Practice, of the state of the
company's affairs as at 31 March 2007 and of its loss for the year then
ended;
* the financial statements have been properly prepared in accordance with
the Companies Act 1985; and
* the information given in the Directors' Report is consistent with the
financial statements.
TENON AUDIT LIMITED
Registered Auditor
88-96 Market Street West
Preston
PR1 2EU
Date: 27 September 2007
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2007
2007 2006
Note # #
TURNOVER 1,2 459,399 196,437
Cost of sales (311,076) (146,821)
------------ ------------
GROSS PROFIT 148,323 49,616
Administrative expenses (282,681) (222,989)
Other operating income 3 - 1,634
---- --------
OPERATING LOSS 4 (134,358) (171,739)
Profit on sale of investment property 158,516 74,649
Amounts written off investments (1,580) (18,681)
----------- ------------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE
INTEREST 22,578 (115,771)
Interest receivable 455 -
Interest payable 8 (367,978) (321,995)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (344,945) (437,766)
------------ ------------
Tax on loss on ordinary activities 9 - 2,780
---- --------
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION 18 (344,945) (434,986)
------------- -------------
Earnings Per Share -basic 26 #(0.05) #(0.07)
-diluted 26 #(0.05) #(0.07)
All amounts relate to continuing operations.
The notes on pages 13 to 24 form part of these financial statements.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2007
2007 2006
Note # #
LOSS FOR THE FINANCIAL YEAR (344,945) (434,986)
Unrealised surplus on revaluation of investment
properties 154,126 708,295
--------- ---------
TOTAL RECOGNISED GAINS AND LOSSES RELATING TO
THE YEAR (190,819) 273,309
----------- ---------
NOTE OF HISTORICAL COST PROFITS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2007
2007 2006
# #
REPORTED LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (344,945) (437,766 )
Realisation of valuation gains taken directly to
reserves in previous periods 464,791 -
----------- ----
HISTORICAL COST PROFIT/(LOSS) ON ORDINARY ACTIVITIES
BEFORE TAXATION 119,846 (437,766)
------------ -----------
HISTORICAL PROFIT/(LOSS) FOR THE YEAR AFTER TAXATION 119,846 (434,986)
---------- -----------
The notes on pages 13 to 24 form part of these financial statements.
BALANCE SHEET
AS AT 31 MARCH 2007
2007 2006
Note # # # #
FIXED ASSETS
Tangible fixed assets 10 7,175 29,216
Investment property 12 6,240,967 5,143,005
----------- -----------
6,248,142 5,172,221
CURRENT ASSETS
Stocks 13 1,679,296 1,174,297
Debtors 14 140,274 357,275
--------- ---------
1,819,570 1,531,572
CREDITORS: amounts falling due
within one 15 (6,042,901) (4,376,720)
year ------------- -------------
NET CURRENT LIABILITIES (4,223,331) (2,845,148)
------------- -------------
TOTAL ASSETS LESS CURRENT LIABILITIES 2,024,811 2,327,073
CREDITORS: amounts falling due
after more 16 - (386,744)
than one year ---- -----------
NET ASSETS 2,024,811 1,940,329
----------- ------------
CAPITAL AND RESERVES
Called up share capital 17 73,958 99
Share premium account 18 312,723 50,000
Revaluation reserve 18 1,346,884 1,657,549
Profit and loss account 18 291,246 232,681
--------- ---------
SHAREHOLDERS' FUNDS 19 2,024,811 1,940,329
------------ ------------
The financial statements were approved and authorised for issue by the board and
were signed on its behalf on 27 September 2007
B K Chadwick
Chairman
The notes on pages 13 to 24 form part of these financial statements.
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2007
2007 2006
Note # #
Net cash flow from operating activities 20 (327,261) 29,305
Returns on investments and servicing of 21 (367,523) (321,995)
finance
Taxation (15,008) (24,043)
Capital expenditure and financial investment 21 (825,514) (133,150)
------------ ------------
CASH OUTFLOW BEFORE FINANCING (1,535,306) (449,883)
Financing 21 (3,417,994) 512,440
-------------- -----------
(DECREASE)/INCREASE IN CASH IN THE YEAR (4,953,300) 62,557
--------------- ----------
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/DEBT
FOR THE YEAR ENDED 31 MARCH 2007
2007 2006
# #
(Decrease)/Increase in cash in the year (4,953,300) 62,557
Cash outflow/(inflow) from decrease/(increase) in 3,693,295 (512,440)
debt and lease financing ------------ ------------
MOVEMENT IN NET DEBT IN THE YEAR (1,260,005) (449,883)
Net debt at 1 April 2006 (3,733,836) (3,283,953)
-------------- --------------
NET DEBT AT 31 MARCH 2007 (4,993,841) (3,733,836)
--------------- ---------------
The notes on pages 13 to 24 form part of these financial statements.
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost
convention as modified by the revaluation of freehold investment property
and in accordance with applicable accounting standards.
The financial statements do not include the results of its subsidiary
during the year as the directors do not consider it to be material for
the purpose of giving a true and fair view.
1.2 Turnover
Turnover represents rental income receivable and sales of development
property. Property sales are recognised at exchange or legal completion
dependent upon the circumstances of each sale.
1.3 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation.
Depreciation is provided at rates calculated to write off the cost or
valuation of fixed assets, less their estimated residual value, over their
expected useful lives on the following bases:
Plant & machinery - 33% and 25% reducing balance
Motor vehicles - 25% reducing balance
1.4 Investments
Investments held as fixed assets are shown at cost less provisions for
their impairment.
1.5 Investment properties
Investment properties are included in the balance sheet at their open
market value in accordance with Statement of Standard Accounting Practice
No.19 and are not depreciated. This treatment is contrary to the
Companies Act 1985 which states that fixed assets should be depreciated
but is, in the opinion of the directors, necessary in order to give a
true and fair view of the financial position of the company.
If the Companies Act had been followed the operating profit for the year
would have been reduced by #127,119 (2006: #102,860).
1.6 Stocks
The stock figure consists of properties purchased for development and
sale. Costs include all direct costs. The properties are valued at the
lower of cost and net realisable value.
1.7 Deferred taxation
Full provision is made for deferred tax assets and liabilities arising
from all timing differences between the recognition of gains and losses
in the financial statements and recognition in the tax computation other
than for timing differences arising from the revaluation of fixed assets
in the financial statements for which no provision is made.
A net deferred tax asset is recognised only if it can be regarded as more
likely than not that there will be suitable taxable profits from which
the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates
expected to be effective at the time the timing differences are expected
to reverse.
Deferred tax assets and liabilities are not discounted.
2. TURNOVER
An analysis of turnover by class of business is as follows:
2007 2006
# #
Rent receivable 235,899 196,437
Property sales 223,500 -
----------- -----
459,399 196,437
------------ ------------
All turnover arose within the United Kingdom.
Profits and net assets by class of business are not analysed because the two
activities are inextricably linked.
3. OTHER OPERATING INCOME
2007 2006
# #
Other operating income - 1,634
---- --------
4. OPERATING LOSS
The operating loss is stated after charging:
2007 2006
# #
Depreciation of tangible fixed assets:
- owned by the company 1,990 743
- held under finance leases - 4,873
Provision for diminution in value of investment 63,367 -
properties --------- ----
5. AUDITORS' REMUNERATION
2007 2006
# #
Fees payable to the
company's auditor for the
audit of the company's
annual accounts 8,000 3,500
Fees payable to the company's auditor and its
associates in respect of:
Other services relating to taxation 1,000 -
Services relating to flotation 12,500 -
--------- ----
6. STAFF COSTS
Staff costs, including directors' remuneration, were as follows:
2007 2006
# #
Wages and salaries 95,452 116,658
Social security costs 11,029 11,199
--------- ---------
106,481 127,857
------------ -----------
The average monthly number of employees, including the directors, during the
year was as follows:
2007 2006
No. No.
Management 4 3
---- ----
7. DIRECTORS' REMUNERATION
2007 2006
# #
Emoluments 86,826 105,131
---------- ------------
8. INTEREST PAYABLE
2007 2006
# #
On bank loans and overdrafts 317,478 221,669
On other loans 50,500 100,326
--------- -----------
367,978 321,995
------------ ------------
9. TAXATION
2007 2006
# #
UK corporation tax charge/(credit) on profit/ - (2,780)
(loss) for the year ----- -----------
Factors affecting tax charge for the year
The tax assessed for the year is higher than the standard rate of corporation
tax in the UK (19%). The differences are explained below:
2007 2006
# #
Loss on ordinary activities before tax (344,945) (437,766)
------------- -------------
Loss on ordinary activities multiplied by
standard
rate of corporation tax in the UK of 19% (2006 - (65,540) (83,176)
19%)
Effects of:
Expenses not deductible for tax purposes 13,572 6,119
Capital allowances for year in excess of (36,492) (19,597)
depreciation
Utilisation of tax losses 32,743 21,786
Losses carried forward 55,717 74,868
Adjustments to tax charge in respect of prior - (2,780)
periods ---- ----------
Current tax charge/(credit) for the year (see
note - (2,780)
above) ----- ------------
Factors that may affect future tax charges
There were no factors that may affect future tax charges other than tax losses
carried forward.
10. TANGIBLE FIXED ASSETS
Plant and Motor Total
machinery vehicles
# # #
Cost or valuation
At 1 April 2006 19,531 39,362 58,893
Additions 3,790 - 3,790
Disposals - (29,290) (29,290)
Transfer to investment property (12,963) - (12,963)
---------- --- -----------
At 31 March 2007 10,358 10,072 20,430
-------- -------- --------
Depreciation
At 1 April 2006 4,934 24,743 29,677
Charge for the year 1,053 937 1,990
On disposals - (18,412) (18,412)
--- ----------- ----------
At 31 March 2007 5,987 7,268 13,255
------- ------- ---------
Net book value
At 31 March 2007 4,371 2,804 7,175
-------- -------- --------
At 31 March 2006 14,597 14,619 29,216
---------- ---------- ----------
11. FIXED ASSET INVESTMENTS
Unlisted
investments
#
Cost or valuation
At 1 April 2006 510
Disposal (510)
-------
At 31 March 2007 -
----
Impairment
At 1 April 2006 510
Impairment on disposals (510)
-------
At 31 March 2007 -
----
Net book value
At 31 March 2007 -
-----
At 31 March 2006 -
-----
During the year, the company disposed of its interest in Belmont Hall (Great
Budworth) Limited for nominal value.
12. INVESTMENT PROPERTY
Property
held for
development
#
Cost and valuation
At 1 April 2006 5,143,005
Additions at cost 2,139,240
Disposals (1,145,000)
Surplus on revaluation 154,126
Transfers from tangible fixed assets 12,963
Provision for diminution in value
of
investment properties (63,367)
------------
At 31 March 2007 6,240,967
-----------
Comprising
Cost 4,910,971
Annual revaluation surplus/(deficit):
2005 467,574
2006 708,296
2007 154,126
-----------
6,240,967
------------
The properties have been valued by the directors as at the year end date. The
valuations used are those which were prepared by Peill & Co, Chartered
Surveyors, on behalf of and for the use of the company's bankers.
13. STOCKS
2007 2006
# #
Property held for resale 1,679,296 1,174,297
------------- -------------
The value of the properties held as valued by the directors was #1,840,000. The
valuations used are those which were prepared by Peill & Co, Chartered
Surveyors, on behalf of and for the use of the company's bankers.
14. DEBTORS
2007 2006
# #
Due within one year
Trade debtors 822 5,524
Other debtors 138,167 347,542
Prepayments and accrued income 1,285 4,209
-------- --------
140,274 357,275
------------ ------------
A contingent deferred tax asset amounting to #55,717 (2006: #74,867) has arisen
as a result of taxable trading losses. The asset has not been recognised as the
directors consider that the company will not make taxable trading profits in the
foreseeable future.
15. CREDITORS:
Amounts falling due within one year
2007 2006
# #
Bank loans and overdrafts 4,993,841 3,347,092
Trade creditors 98,874 6,090
Corporation tax - 15,008
Social security and other taxes 2,795 20,373
Accruals and deferred income 947,391 988,157
---------- -----------
6,042,901 4,376,720
------------- -------------
Bank loans and overdrafts are secured on freehold property.
The company has a bank facility of up to #7,500,000 subject to a maximum of 75%
of valuation of all properties. At the year end the company had unutilised
facilities of over #1,100,000 thus allowing the company to meet all liabilities
as they fall due for payment and purchase further properties.
16. CREDITORS:
Amounts falling due after more than one year
2007 2006
# #
Bank loans - 386,744
----- ------------
Creditors include amounts not wholly repayable within 5 years as follows:
2007 2006
# #
Repayable by instalments - 259,320
----- ------------
The bank loans were advanced to the company at a fixed interest rate of 7.52%.
Loans were repayable by 2012 by monthly instalments of #4,166. They were secured
by a charge over the company's freehold property.
17. SHARE CAPITAL
2007 2006
# #
Authorised
12,000,000 Ordinary shares of 1p each 120,000 1,000
------------ ---------
Allotted, called up and fully paid
7,395,813 Ordinary shares of 1p each 73,958 99
---------- ------
By way of resolutions dated 13 November 2006 the members of the company resolved
that:
each of the existing Ordinary shares of #1 each in the capital of the company be
sub-divided in to 100 Ordinary shares of 1p;
the authorised share capital of the company be increased from #1,000 to #120,000
by the creation of 11,900,000 Ordinary shares of 1p each in the capital of the
company each having the rights and being subject to the restrictions set out in
the Articles of Association as adopted by the resolutions.
On 13 November 2006, the company made a bonus issue of 619 Ordinary shares for
every Ordinary share held.
On 19 December 2006 the company issued 1,257,813 Ordinary 1p shares at 32p per
share, creating an addition to share premium reserve of #262,723 after deducting
#127,199 of flotation costs.
18. RESERVES
Share Revaluation Profit and
premium reserve loss
account account
# # #
At 1 April 2006 50,000 1,657,549 232,681
Loss retained for the year - - (344,945)
Capitalisation/bonus issue - - (61,281)
Premium on shares issued during the year (net 262,723 - -
of expenses)
Surplus on revaluation of freehold property - 154,126 -
Transfer between reserves - (464,791) 464,791
---- ----------- ----------
At 31 March 2007 312,723 1,346,884 291,246
----------- ------------ -----------
19. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
2007 2006
# #
Opening shareholders' funds 1,940,329 1,667,020
Loss for the year (344,945) (434,986)
Shares issued for cash during the year 12,578 -
Share premium on shares issued (net of expenses) 262,723 -
Other recognised gains and losses during the 154,126 708,295
year ----------- -----------
Closing shareholders' funds 2,024,811 1,940,329
------------- -------------
20. NET CASH FLOW FROM OPERATING ACTIVITIES
2007 2006
# #
Operating loss (134,358) (171,739)
Amounts written off investment - (18,681)
Depreciation of tangible fixed assets 1,990 5,616
Impairments of fixed assets 63,367 -
Profit on disposal of tangible fixed assets (3,122) -
Increase in stocks (504,999) (45,668)
Decrease in debtors 215,421 228,024
Increase in creditors 34,440 31,753
--------- ---------
Net cash (outflow)/inflow from operations (327,261) 29,305
------------- ----------
21. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW STATEMENT
2007 2006
# #
Returns on investments and servicing of finance
Interest received 455 -
Interest paid (367,978) (321,995 )
------------ ------------
Net cash outflow from returns on investments and
servicing of finance (367,523) (321,995)
------------- -------------
2007 2006
# #
Capital expenditure and financial investment
Purchase of tangible fixed assets (3,790) (13,090)
Sale of tangible fixed assets 14,000 -
Purchase of investment properties (2,139,240) (316,241)
Sale of investment properties 1,303,516 196,181
------------ -----------
Net cash outflow from capital expenditure (825,514) (133,150)
------------- -------------
2007 2006
# #
Financing
Issue of ordinary shares 275,301 -
New secured loans - 532,535
Repayment of loans (3,693,295) -
Repayment of finance leases - (20,095)
--- ------------
Net cash (outflow)/inflow from financing (3,417,994) 512,440
-------------- -----------
22. ANALYSIS OF CHANGES IN NET DEBT
1 April Cash flow Other 31 March
non-cash
changes
2006 2007
# # # #
Bank overdraft (40,541) (4,953,300) - (4,993,841)
------------ ------------- ---- -------------
(40,541) (4,953,300) - (4,993,841)
Debt:
Debts due within one
year (3,306,551) 3,693,295 (386,744) -
Debts falling due
after more than one
year (386,744) - 386,744 -
----------- ---- ----------- ----
Net debt (3,733,836) (1,260,005) - (4,993,841)
-------------- -------------- ----- --------------
23. TRANSACTIONS WITH DIRECTORS
At the year end the company was owed #nil (2006: #98) by J A Lyons and #nil
(2006: #722) by J M Elliott. The maximum amounts outstanding during the year
were #98 and #722 respectively.
During the year a motor vehicle was sold to J A Lyons for consideration of
#14,000. This was the vehicle's market value.
B K Chadwick, J A Lyons and J M Elliott had an agreement with the Clydesdale
Bank plc that they would guarantee amounts owing by the company to the bank up
to a maximum of #nil each (2006 - #200,000 each).
24. RELATED PARTY TRANSACTIONS
During the prior year the company rented two of its properties to Elliotts
Outdoor Limited, a company controlled by the wife of J M Elliott, a director.
One of the properties was leased for #8,165 and the other for 8% of the shop's
net sales.
During the year and in prior years, Dovelow Limited, a company controlled by B K
Chadwick, carried out the building work on a company property. The charge to the
company for the year was #81,500 for work done (2006 - #nil), together with
interest on the unpaid work done to date, of #50,500 (2006 - #nil) in accordance
with the contract. The amount outstanding at the year end was #632,000 (2006 -
#850,000).
At the year end a loan to Dovelow Limited amounting to #nil (2006: #100,000) was
outstanding.
A loan to Ibisgate (Keswick) Limited, a company which is under the common
control of the directors, of #nil (2006: #234) was outstanding at the year end.
At the year end the company was owed #25,000 (2006 #25,000) by Belmont Hall
Developments (Great Budworth) Limited. The company's interest in Belmont Hall
Developments (Great Budworth) Limited was disposed of in the year to the partner
of B K Chadwick (a director) for the consideration of #1, together with 95% of
any amount received in respect of a disposal of assets, or on a winding up or on
disposal of shares in the ten year period from 20 November 2006. The directors
do not, however, expect any significant further receipt over and above the
#25,000 above mentioned loan.
25. CONTROLLING PARTY
There is no controlling party.
26. LOSS PER SHARE
Basic loss per share has been calculated on the loss for the financial year
of #344,945 (2006: #434,986) and on the weighted average number of shares
in issue during the year of 6,609,680 (2006: 6,138,000). The weighted
average number of shares for 2006 has been calculated taking account of the
division of the shares and bonus issue made in the year ended 31 March 2007
in accordance with FRS 14. There is no dilution of the basic loss per
share.
2007 2006
# #
Basic and diluted loss per share (0.05) (0.07)
Copies of the 2007 Annual Report will be despatched to shareholders today.
They will also be available at the following address:
Cumbria House
Gilwilly Road
Penrith
Cumbria
CA11 9FF
For further information please contact:
Alex Clarkson/Nick Cowles, Zeus Capital Limited Tel: 0161 831 1512
Keith Chadwick, All Points North plc Tel: 01768 865959
This information is provided by RNS
The company news service from the London Stock Exchange
END
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