RNS Number : 2200E
All Points North Plc
25 September 2008
ALL POINTS NORTH PLC
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2008
Against a background of negative sentiment for the whole of the property sector our company has turned in a creditable set of results.
Turnover for the year was �1,086,369 [2007 �459,399] resulting in an operating profit of �282,739 [2007 �134,358 loss]. Rent receivable
increased from �236,000 per annum for 2007 to in excess of �336,000 per annum whilst still retaining sufficient spare capacity to increase
the rent roll by a further 50%. We still have an unutilised bank facility in excess of �2m subject to the bank's valuation criteria.
When I reported in our interims last November I was expecting an improvement in our net asset position by the year end. However, due to
our biannual revaluation being revised downwards together with dividend payments, net assets have in fact reduced by 10.1% to �1,820,529
since the end of the last financial year. I still believe that by the end of the current period this position should be reversed although
the economic climate may have an effect.
In line with our dividend policy the Directors recommend that the Company maintains its final dividend of 1p per ordinary share payable
on the 3rd November 2008 to shareholders on the register as at 3rd October 2008. This dividend, together with the interim payment made of
0.5p, represents an increase of 50% over last year. The Directors have each waived their entitlement to receive this dividend prior to it
being declared and propose to waive future dividends until net assets increase to in excess of �2m.
During the second half of the year our insurance claim against Norwich Union for the fire at 45 Highgate, Kendal was settled in full at
�318,915 at the lower end of our expectations.
We entered into a 50-50 joint venture with APMW Limited, a specialist land remediation and development company based in Cumbria, by
forming 5North Developments Limited. The first project undertaken was to purchase an Option over a 5.6 acre site at Flimby in Cumbria and
since the year end detailed discussions are underway with the planners for a scheme comprising 70 residential and 21,000 sq.ft. of
commercial units.
Also in the current financial period we have purchased 17 acres of land and buildings in Wigton, Cumbria for �370,000. Our agents are
currently marketing the site which has been divided into small parcels. We have also purchased for �100,000 an option over a 4 acre site
identified in the current Local Development Framework as suitable for 70 dwellings.
I look forward to reporting our progress in my next interim statement later this year.
B K Chadwick
Chairman
Date: 24 September 2008
ALL POINTS NORTH PLC
MANAGING DIRECTOR'S REPORT
My annual update on our property portfolio as at 31 March 2008 follows:
College House, Barrow in Furness, Cumbria
Approximately 10,000 sq.ft. of space is still available for occupation with the ability to further increase this to 13,200 sq.ft. by
expending capital on installing a mezzanine floor to the gym area.
45 Highgate, Kendal, Cumbria
The upper floors were converted into two flats which were subsequently sold for a combined total of �300,000. At this point we still
had two retail units available on the ground floor which have subsequently been let.
47-51 Highgate, Kendal, Cumbria
As reported in the Chairman's Statement for the interim period to 30 September 2007, our tenant went into administration. We negotiated
with William Hill Organization Limited for a 20 year lease at an initial rent of �27,000 per annum which, after the year end, was entered
into. We have obtained planning approval to convert the upper floors into three flats and intend to start work later this year.
Gatesgarth, Keswick, Cumbria
Three of the six flats have now been sold and it is our intention to auction two of the properties at the end of September unless
previously sold by Private Treaty.
Botchergate, Carlisle, Cumbria
We have still not found a suitable tenant at an acceptable level of rent and term of lease but are in discussions with a Car Park
operator who wishes to lease the site. Should this lead to a satisfactory agreement being reached we would need to apply for the appropriate
planning approval.
Cumbria House, Penrith, Cumbria
Approximately 52% percent of the lettable space is tenanted and our agents are seeking tenants for the remaining units.
Kendal Bowman, Kendal, Cumbria
A planning application was submitted to build eight flats (subject to a section 106 agreement) and a retail unit at ground level. (Since
the year end this has been granted). We intend to submit a further planning application for permission to build four townhouses on the car
park and are negotiating with an adjacent owner to potentially put together our sites which would, if successful, allow us to develop a
further twenty five flats.
Concorde House, Blackpool, Lancashire
On 1st October 2007 our existing tenant assigned his lease with our consent to another furniture retailer and we negotiated a rental
increase of 17%.
ALL POINTS NORTH PLC
MANAGING DIRECTOR'S REPORT
Duke Street, Barrow in Furness, Cumbria
The property was sold during the year for �301,000 some �100,000 above valuation.
J M Elliott
Managing Director
Date: 24 September 2008
ALL POINTS NORTH PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2008
The directors present their report and the financial statements for the year ended 31 March 2008.
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 the 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 and 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 judgements 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 if that information.
PRINCIPAL ACTIVITY
The principal activity of the company is that of property development.
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 performance is the change in
the net asset value which in the year ended 31 March 2008 was a reduction of �204,282.
ALL POINTS NORTH PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2008
PRINCIPAL RISKS AND UNCERTAINTIES
There are two major risks facing the company. Firstly there is the risk that property prices may fall and the rental market crashes.
Secondly there is the risk that the cost of bank borrowing could increase significantly as the 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.
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 profit for the year, after taxation, amounted to �350 (2007 Loss �344,945).
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)
SUBSTANTIAL SHAREHOLDINGS
At 31 March 2008 the following interests of three percent or more of the issued ordinary share capital of the company 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
ALL POINTS NORTH PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2008
EVENTS SINCE THE YEAR END
In the current financial period the company has purchased 17 acres of land in Wigton, Cumbria for �370,000. Additionally an option over
a 4 acre site identified in the Local Development Framework as suitable for 70 dwellings has been purchased for �100,000.
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 a 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 70% or 75% of valuation,
dependent on the property. At the year end the relevant proportion of all property assets amounted to �5,233,750, of which �5,170,842 had
been used.
The company managed 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 amounted to 16 days (2007 38 days) of average supplies for the year.
AUDITORS
The auditors, Tenon Audit Limited, 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 24 September 2008 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 2008 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 auditor's report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the
company and the company's members as a body, for our audit work, for this report, or for any 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 on 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 Report and the Managing Director's Report. We consider the
implications for our report if we become aware of any apparently 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 judgements 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.
ALL POINTS NORTH PLC
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
ALL POINTS NORTH PLC
OPINION
In our opinion:
* the financial statements give a true and fair view, in accordance with United Kingdon Generally Accepted Accounting Practice, of
the state of the company's affairs as at 31 March 2008 and of its profit 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
24 September 2008
ALL POINTS NORTH PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2008
2008 2007
Note � �
TURNOVER 1,2 1,086,369 459,399
Cost of sales (691,520) (311,076)
GROSS PROFIT 394,849 148,323
Administrative expenses (357,833) (282,681)
Other operating income 3 245,723 0
OPERATING PROFIT/(LOSS) 4 282,739 (134,358)
Profit on sale of investment property 93,695 158,516
Amounts written off investments 0 (1,580)
PROFIT ON ORDINARY ACTIVITIES 376,434 22,578
BEFORE INTEREST
Interest receivable 19,905 455
Interest payable 8 (395,989) (367,978)
PROFIT/(LOSS) ON ORDINARY ACTIVITIES 350 (344,945)
BEFORE TAXATION
Tax on Profit/(Loss) on ordinary activities 9 0 0
PROFIT/(LOSS) ON ORDINARY ACTIVITIES 17 350 (344,945)
AFTER TAXATION
Earnings per share basic 25 �0.00 �(0.05)
diluted 25 �0.00 �(0.05)
All amount relate to continuing operations.
The notes on pages 13 to 23 form part of these financial statements.
ALL POINTS NORTH PLC
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2008
2008 2007
� �
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 350 (344,945)
Unrealised (deficit)/surplus on revaluation of investment properties (93,695) 154,126
TOTAL RECOGNISED GAINS AND LOSSES RELATING TO THE YEAR (93,345) (190,819)
NOTE OF HISTORICAL COST PROFITS AND LOSSES
FOR THE YEAR ENDED 31 MARCH 2008
2008 2007
� �
REPORTED PROFIT/(LOSS) ON ORDINARY ACTIVITIES 350 (344,945)
BEFORE TAXATION
Realisation of valuation gains taken directly to reserves 103,624 464,791
in previous periods
HISTORICAL COST PROFIT ON ORDINARY 103,974 119,846
ACTIVITIES BEFORE TAXATION
HISTORICAL PROFIT FOR THE YEAR 103,974 119,846
AFTER TAXATION
ALL POINTS NORTH PLC
BALANCE SHEET
AS AT 31 MARCH 2008
2008 2007
Note � �
FIXED ASSETS
Tangible fixed assets 10 4,686 7,175
Investment property 12 5,920,967 6,240,967
Investments 11 50 0
5,925,703 6,248,142
CURRENT ASSETS
Stocks 13 1,120,629 1,679,296
Debtors 14 402,478 140,274
Bank and cash balances 20,858 0
1,543,965 1,819,570
CREDITORS: amounts falling due within
one year 15 (5,649,139) (6,042,901)
NET CURRENT LIABILITIES (4,105,174) (4,223,331)
NET ASSETS 1,820,529 2,024,811
CAPITAL AND RESERVES
Called up share capital 16 73,958 73,958
Share premium account 17 312,723 312,723
Revaluation reserve 17 1,149,565 1,346,884
Profit and loss account 17 284,283 291,246
SHAREHOLDERS FUNDS 18 1,820,529 2,024,811
The financial statements were approved and authorised for issue by the board and were signed on its
behalf on 24 September 2008.
B K Chadwick
Chairman
The notes on pages 13 to 23 form part of these accounts
ALL POINTS NORTH PLC
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2008
2008 2007
Note � �
Net cash flow from operating activities 19 196,082 (327,261)
Returns on investments and servicing of finance 20 (376,084) (367,523)
Taxation 0 (15,008)
Capital expenditure and financial investment 20 134,796 (825,514)
Dividends paid (110,937) 0
CASH OUTFLOW BEFORE FINANCING (156,143) (1,535,306)
Financing 20 0 (3,417,994)
DECREASE IN CASH IN THE YEAR (156,143) (4,953,300)
RECONCILIATION OF NET CASH FLOW
TO MOVEMENTS IN NET FUNDS/DEBT
FOR THE YEAR ENDED 31 MARCH 2008
2008 2007
� �
Decrease in cash in year (156,143) (4,953,300)
Cash outflow from decrease
in debt and lease financing 0 3,693,295
MOVEMENT IN NET DEBT IN THE YEAR (156,143) (1,260,005)
Net debt at 1 April 2007 (4,993,841) (3,733,836)
NET DEBT AT 31 MARCH 2008 (5,149,984) (4,993,841)
The notes on pages 13 to 23 form part of these financial statements.
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2008
* ACCOUNTING POLICIES
* Basis of preparing 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.
* Turnover
Turnover represents rental income receivable and sales of development property. Property sales are recognised at exchange or legal
completion upon the circumstances of each sale.
* 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 and machinery 33% and 20% reducing balance
Motor vehicles 25% reducing balance
* Investments
Investments held as fixed assets are shown at cost less provisions for their impairment.
* 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 of the company would have been reduced by �118,419 (2007: �127,119).
* 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.
* 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 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.
* Joint ventures
An entity is treated as a joint venture where the company holds a long term interest and shares control under a contractual interest.
The investment in the joint venture is shown at cost.
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2008
1. ACCOUNTING POLICIES (continued)
1.9 Financial instruments
Financial instruments are recognised when the company becomes a party to the contractual provisions of the instrument. The principal
financial assets and liabilities are as follows:
* Trade debtors - Trade debtors are recognised at fair value.
* Cash - Cash is carried at fair value. For the purposes of the cash flow statement, cash comprises cash at bank and in hand
together with bank overdraft as these items are an integral part of the company's cash management.
* Trade creditors - Trade creditors are recognised at fair value.
* Bank loans and other borrowings - Interest bearing bank loans, overdrafts and other loans are recognised at fair value.
2. TURNOVER
An analysis of turnover by class is as follows:
2008 2007
� �
Rent receivable 336,369 235,899
Property sales 750,000 223,500
1,086,369 459,399
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
2008 2007
� �
Insurance proceeds 241,736 0
Other operating income 3,987 0
245,723 0
During the year the insurance claim for the fire at 45, Highgate, Kendal was settled in full.
4. OPERATING PROFIT/(LOSS)
The operating profit or loss is stated after charging:
2008 2007
� �
Depreciation of tangible fixed assets:
Owned by the company 1,351 1,990
Provision for diminution in value of investment properties 136,537 63,367
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2008
5. AUDITORS' REMUNERATION
2008 2007
� �
Fees payable to the company's auditor for the audit of the 16,000 8,000
company's annual accounts
Fees payable to the company's auditor and its associates
in respect of:
Other services relating to taxation 9,000 1,000
Services relating to flotation 0 12,500
6. STAFF COSTS
Staff costs, including directors' remuneration, were as follows:
2008 2007
� �
Wages and salaries 87,231 95,452
Social security costs 9,129 11,029
96,360 106,481
The average monthly number of employees, including the directors, during the year was as follows:
2008 2007
� �
No No
Management 4 4
7. DIRECTORS' REMUNERATION
2008 2007
� �
Emoluments 83,579 86,826
8. INTEREST PAYABLE
2008 2007
� �
On bank loans and overdrafts 365,276 317,478
On other loans 30,713 50,500
395,989 367,978
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2008
9. TAXATION
2008 2007
� �
UK corporation tax charge/(credit) on profit/(loss) for the year 0 0
Factors affecting the tax charge for the year
The tax assessed for the year is lower (2007 higher) than the standard rate of corporation tax in the UK (20%)
(2007 19%). The differences are explained below:
2008 2007
� �
Profit/(Loss) on ordinary activities before tax 350 (344,945)
Loss on ordinary activities multiplied by the standard rate 70 (65,540)
of corporation tax in the UK of 20% (2007-19%)
Effects of:
Expenses not deductible for tax purposes 11,224 13,572
Capital allowances for the year in excess of depreciation (3,844) (36,492)
Utilisation of tax losses (7,450) 32,743
Losses carried forward 0 55,717
Current tax charge/(credit) for the year (see note above) 0 0
Factors that may affect future charges
There were no factors that may affect future tax charges other than tax losses carried forward.
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2008
10. TANGIBLE FIXED ASSETS
Plant and Motor
Machinery vehicles Total
� � �
Cost or valuation
At 1 April 2007 10,358 10,072 20,430
Additions at cost 1,666 0 1,666
Disposals 0 (10,072) (10,072)
At 31 March 2008 12,024 0 12,024
Depreciation
At 1 April 2007 5,987 7,268 13,255
Charge for the year 1,351 0 1,351
On disposals 0 (7,268) (7,268)
At 31 March 2008 7,338 0 7,338
Net book value
At 31 March 2008 4,686 0 4,686
At 31 March 2007 4,371 2,804 7,175
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2008
11. FIXED ASSET INVESTMENTS
Unlisted
Investments
Cost or valuation �
At 1 April 2007 0
Additions 50
At 31 March 2008 50
Impairment
At 1 April 2007 0
Impairment 0
At 31 March 2008 0
Net book value
At 31 March 2008 50
At 31 March 2007 0
During the year the company was involved in setting up, and holds, a 50% stake in a new company, 5North
Development Limited, a company registered in England and Wales, as a joint venture. In the period that
company incurred losses of �1,431 and at the year end shareholders' funds showed a deficit of �1,331.
5North Development Limited is a company formed to deal in land and property.
The company's share of the joint venture is as follows:
�
Turnover 0
Loss before taxation (765)
Taxation 0
Loss after taxation (765)
Fixed assets 0
Current assets 51,605
Liabilities due within one year (52,270)
Liabilities due after more than one year 0
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2008
12. INVESTMENT PROPERTY
Property
held for
develop-
ment
�
Cost or valuation
At 1 April 2007 6,240,967
Additions at cost 111,822
Disposals (201,590)
Deficit on revaluation (93,695)
Provision for diminution in value (136,537)
of investment properties
5,920,967
Comprising
Cost 4,771,402
Annual revaluation surplus/(deficit):
2005 and earlier 722,441
2006 368,296
2007 152,523
2008 (93,695)
5,920,967
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
2008 2007
� �
Property held for resale 1,120,629 1,679,296
The value of the properties held as valued by the directors was �1,225,000. 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.
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2008
14. DEBTORS
2008 2007
� �
Due within one year
Trade debtors 557 822
Other debtors 394,258 138,167
Prepayments and accrued income 7,663 1,285
402,478 140,274
A contingent deferred asset amounting to �36,200 (2007 �55,717) 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
2008 2007
� �
Bank loans and overdrafts 5,170,842 4,993,841
Trade creditors 59,722 98,874
Social security and other taxes 4,642 2,795
Accruals and deferred income 413,933 947,391
5,649,139 6,042,901
The bank overdraft is secured on freehold investment property and stock of property held for resale.
The company has a bank facility of up to �7,500,000 subject to a maximum of 70% or 75% of property
valuation dependent on the property.
16. SHARE CAPITAL
2008 2007
� �
Authorised
12,000,000 Ordinary shares of 1p each 120,000 120,000
Allotted, called up and fully paid
7,395,813 Ordinary shares of 1p each 73,958 73,958
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2008
17. RESERVES
Share
premium Revaluation Profit and
account reserve loss account
� � �
At 1 April 2007 312,723 1,346,884 291,246
Profit for the year 0 0 350
Equity dividends paid 0 0 (110,937)
Deficit on revaluation of freehold property 0 (93,695) 0
Realised on disposal of revalued properties 0 (103,624) 103,624
At 31 March 2008 312,723 1,149,565 284,283
Equity dividends paid in the year amounted to �110,937 (2007 �nil).
18. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS FUNDS
2008 2007
� �
Opening shareholders' funds 2,024,811 1,940,329
Profit/(loss) for the year 350 (344,945)
Shares issued for cash during the year 0 12,578
Share premium on shares issued (net of expenses) 0 262,723
Other recognised gains and losses during the year (93,695) 154,126
Equity dividends paid (110,937) 0
Closing shareholders' funds 1,820,529 2,024,811
19. NET CASH FLOW FROM OPERATING ACTIVITIES
2008 2007
� �
Operating profit/(loss) 282,739 (134,358)
Depreciation of tangible fixed assets 1,351 1,990
Impairments of fixed assets 136,537 63,367
Profit on disposal of tangible fixed assets (195) (3,122)
Decrease/(Increase) in stocks 558,667 (504,999)
(Increase)/Decrease in debtors (212,254) 215,421
(Decrease)/Increase in creditors (570,763) 34,440
Net cash inflow/(outflow) from operations 196,082 (327,261)
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2008
20. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW
STATEMENT
2008 2007
� �
Returns on investments and servicing of finance
Interest received 19,905 455
Interest paid (395,989) (367,978)
Net cash outflow from returns on investments and (376,084) (367,523)
servicing of cash flow
2008 2007
� �
Capital expenditure and financial investment
Purchase of tangible fixed assets (1,666) (3,790)
Sale of tangible fixed assets 3,000 14,000
Purchase of investment properties (111,822) (2,139,240)
Sale of investment properties 295,284 1,303,516
Loan to joint venture (49,950) 0
Investment in joint venture (50) 0
Net cash inflow/(outflow) from capital expenditure 134,796 (825,514)
2008 2007
� �
Financing
Issue of ordinary shares 0 275,301
Repayment of loans 0 (3,693,295)
Net cash inflow/(outflow) from financing 0 (3,417,994)
21. ANALYSIS OF CHANGES IN NET DEBT
1 April Cash flow 31 March
2007 2008
� � �
Bank overdraft (4,993,841) (177,001) (5,170,842)
Bank and cash balances 0 20,858 20,858
Net debt (4,993,841) (156,143) (5,149,984)
22. TRANSACTION WITH DIRECTORS
During the year a motor vehicle was sold to J M Elliott for consideration of �3,000. This was the vehicle's market value.
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2008
23. RELATED PARTY TRANSACTIONS
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 �nil for work done (2007 - �81,500), together with interest on the unpaid work, of �30,713 (2007 - �50,500)
in accordance with the contract. The total amount outstanding at the year end was �262,713 (2007 - �632,000).
At the year end the company was owed �25,000 (2007 - �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 preceding 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 20th November 2006. The directors do not, however, expect further receipt over and above the
�25,000 above mentioned loan.
During the year the company loaned to and at the year end was owed by the joint venture, 5North Development Limited, the sum of
�49,950.
24. CONTROLLING PARTY
There is no controlling party.
25. PROFIT/(LOSS) PER SHARE
Basic profit/(loss) per share has been calculated on the profit for the financial year �350 (2007 - Loss �344,945). There is no dilution
of the basic profit/(loss) per share.
2008 2007
� �
Basic and diluted profit/(loss) per share 0.00 (0.05)
26. FINANCIAL INSTRUMENTS
Financial instruments are recognised when the company becomes a party to the contractual provisions of the instrument. The principal
financial assets and liabilities are as follows:
* Trade debtors - Trade debtors are recognised at fair value.
* Cash - Cash is carried at fair value. For the purposes of the cash flow statement, cash comprises cash at bank and in hand
together with bank overdraft as these items are an integral part of the company's cash management.
* Trade creditors - Trade creditors are recognised at fair value.
* Bank loans and other borrowings - Interest bearing bank loans, overdrafts and other loans are recognised at fair value.
As the company's financial instruments consist of a bank overdraft and trade creditors the directors are of the opinion that the fair
value of financial instruments is not subject to changes due to changing market conditions.
As regards capital management, the directors regard only the share capital of �73,958 and share premium account of �312,723 as the
company's capital and there have been no changes in the year.
Certain debtors, amounting to �21,000, were overdue for payment at 31 March 2008 but have not been provided against. The average age of
those debtors was 170 days.
ALL POINTS NORTH PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2008
Copies of the 2008 Annual Report will be despatched to shareholders today and will also be available on the Company's website
(www.allpointsnorthplc.com)
They will also be available at the following address;
Cumbria House
Gilwilly Road
Penrith
Cumbria
CA11 9FF
For further information please contact:
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
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