RNS Number:9608I
All Points North Plc
03 December 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 2007.
Chairman's Statement
I am pleased to announce the interim results for the six month period ended 30th
September 2007.
Turnover was #427,168 (2006: #125,430) resulting in an operating profit of
#143,743 (2006: operating loss of #237,146). Additional annual rental income
exceeding #60,000 per annum has been generated producing a total in excess of
#320,000 per annum.
The net assets of the Company as at 30th September 2007 were #2,000,276.
Although the net asset position has reduced slightly since the year end (31st
March 2007: #2,024,811), this is due to many factors, including our taking a
prudent view of general market conditions and temporarily not having a long term
tenant at 47-51 Highgate, Kendal, I expect the net asset position to make a
satisfactory improvement over the second half of the financial year.
In my statement for the year ended 31st March 2007, I reported that our tenant
at 47-51 Highgate, Kendal had entered into administration. We subsequently
rented the property on a temporary basis from October 2007 until January 2008
and are currently negotiating the terms of a new lease, which hopefully will
commence in February.
In line with our intended dividend policy the Directors have declared an interim
dividend for the period of 0.5p per ordinary share payable on 11th January 2008
to shareholders on the register as at 14th December 2007.
Since 30th September 2007 the sale, at valuation, of another flat at Gatesgarth
has been completed. One of the two flats at 45 Highgate, Kendal has also been
sold at valuation and the sale of the remaining flat should complete during
December.
Further to our announcement of 5th November 2007, regarding the disputed fire
insurance claim, our brokers have notified us that Norwich Union have agreed to
pay the claim in full and have appointed a loss adjustor to negotiate the
settlement which the Directors believe will be in the region of #300,000 -
#500,000.
Several enquiries to rent space at College House, Barrow and Cumbria House,
Penrith have been received which we anticipate will lead to leases being
completed before the end of the financial year and I look forward with optimism
to reporting the final year figures.
Keith Chadwick
Chairman
30 November 2007
All Points North PLC
Profit and loss Accounts
6 months to 6 months to Year ended 31
30/09/07 30/09/06 /03/07
# # #
TURNOVER 427,168 125,430 459,399
Cost of sales (197,574) (81,561) (311,076)
GROSS PROFIT 229,594 43,869 148,323
Administrative expenses (85,851) (284,140) (282,681)
Other operating income - 3,125 -
OPERATING PROFIT/(LOSS) 143,743 (237,146) (134,358)
Profit on sale of investment property - 50,000 158,516
Amounts written off investments - - (1,580)
PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE INTEREST 143,743 (187,146) 22,578
Interest receivable and similar income 18,183 224 455
Interest payable and similar charges (202,360) (151,164) (367,978)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (40,434) (338,086) (344,945)
Tax on loss on ordinary activities - - -
LOSS FOR THE FINANCIAL PERIOD AFTER TAXATION (40,434) (338,086) (344,945)
All Points North PLC
Balance sheets
6 months to 6 months to Year ended 31
30/09/07 30/09/06 /03/07
# # #
FIXED ASSETS
Tangible assets 6,325,122 6,628,144 6,248,142
CURRENT ASSETS
Stocks 1,462,461 1,789,297 1,679,296
Debtors 302,416 503,978 140,274
Cash at bank 29,383 - -
1,794,260 2,293,275 1,819,570
CREDITORS:
Amounts falling due within one year (6,119,106) (6,360,072) (6,042,901)
NET CURRENT LIABILITIES (4,324,846) (4,066,797) (4,223,331)
TOTAL ASSETS LESS CURRENT LIABILITIES 2,000,276 2,561,347 2,024,811
CREDITORS:
Amounts falling due after more than one year - (399,104) -
NET ASSETS 2,000,276 2,162,243 2,024,811
CAPITAL AND RESERVES
Called up share capital 73,958 99 73,958
Share premium 312,723 50,000 312,723
Revaluation reserve 1,362,783 1,807,529 1,346,884
Profit and loss account 250,812 304,615 291,246
SHAREHOLDERS' FUNDS 2,000,276 2,162,243 2,024,811
All Points North PLC
Cash Flow Statements
6 months to 6 months to Year ended
30/09/07 30/09/06 31/03/07
# # #
Reconciliation of operating loss to net cashflow
from operating activities
Operating profit/(loss) 143743 (237,146) (134,358)
Profit on disposal of fixed assets (196) - (3,122)
Depreciation 616 1,162 1,990
Provision for impairment of fixed assets - - 63,367
(Increase)/Decrease in stock 216,835 (615,000) (504,999)
(Increase)/Decrease in debtors (162,142) (146,703) 215,421
(Decrease)/Increase in creditors (153,893) 397,881 34,440
Net cashflow from operating activities 44,963 (599,806) (327,261)
Cashflow statement:
Net cashflow from operating activities 44,963 (599,806) (327,261)
Returns on investments and servicing of finance:
Interest received 18,183 224 455
Interest paid (202,360) (151,164) (367,978)
(184,177) (150,940) (367,523)
Taxation - (15,008) (15,008)
Capital expenditure and financial investment:
Sale of tangible fixed assets 3,000 645,000 1,317,516
Purchase of tangible fixed assets (64,501) (1,572,085) (2,143,030)
(61,501) (927,085) (825,514)
Cashflow before financing (200,715) (1,692,839) (1,535,306)
Financing: - - 275,301
Issue of ordinary shares
Bank loan repayments - (12,500) (3,693,295)
- (12,500) (3,471,994)
Decrease in cash in the period (200,715) (1,705,339) (4,953,300)
Net debt at beginning of period (4,993,841) (3,733,836) (3,733,836)
Decrease in cash from decrease in debt - 12,500 3,693,295
Net debt at end of period (5,194,556) (5,426,675) (4,993,841)
Net debt comprises:
Cash at bank 29,383 - -
Bank overdraft falling due within one year (5,223,939) (5,026,261) (4,993,841)
Bank loan - (400,414) -
(5,194,556) (5,426,675) (4,993,841)
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 2007
and are un-audited. The interim financial statements were approved by a duly
appointed and authorised committee of the Board of Directors on 30 November
2007.
2 Loss per Ordinary Share
6 months to 6 months to Year ended
30/09/07 30/09/06 31/03/07
Loss on ordinary activities after tax #(40,434) #(338,086) #(344,945)
Average number of shares in issue 7,395,813 6,138,000 6,609,680
Loss per ordinary share (0.55)p (5.51)p (5.22)p
There is no dilution of the basic loss per share.
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 2007 1,346,884 291,246
Loss for the period - (40,434)
Revaluation of fixed assets 15,899 -
Transfer between reserves - -
At 30 September 2007 1,362,783 250,812
4 Dividend
The Directors have declared an interim dividend of 0.5p per ordinary share
payable on 11 January 2008 to shareholders on the register as at 14 December
2007.
5 Events since the period end
It was reported in the financial statements for the year to 31 March 2007 that
following damage to a property by fire, the insurance Ombudsman had
provisionally ruled in favour of the Company but that the ruling could have been
subject to an appeal. Since then, as per our announcement of 5 November 2007,
the Ombudsman upheld the Company's complaint and required that Norwich Union pay
compensation of #100,000 (the maximum enforceable by the Ombudsman plus interest
at 8% p.a. from the date of the fire) which has been included in the six months
figures and in addition, recommended that the claim be paid in full. The
Company's brokers have since notified the Directors that Norwich Union have
agreed to pay the claim in full and have appointed a loss adjuster to negotiate
the settlement which the Directors believe will be in the region of #300,000 -
#500,000.
6 Copies of the Interim Report
Copies of the Interim report are available to the public from the
Company's head office: Cumbria House, Gilwilly Road, Penrith, Cumbria CA11 9FF.
Enquiries:
Keith Chadwick, All Points North plc Tel: 01768 865959
Alex Clarkson/Nick Cowles, Zeus Capital Limited Tel: 0161 831 1512
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DBLFXDFBEFBQ
All Points North (LSE:APNO)
Historical Stock Chart
From Apr 2024 to May 2024
All Points North (LSE:APNO)
Historical Stock Chart
From May 2023 to May 2024
